ACCOUNTS - Final Accounts preparation

COMMERCIAL LAND LIMITED - Company Information

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Registered number: 02776083

Commercial Land Limited

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2020

Commercial Land Limited

Registered number: 02776083

Balance sheet

As at 31 December 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		2,400		3,201
			2,400		3,201
Current assets
Debtors: amounts falling due within one year	5	69,041		99,552
Cash at bank and in hand		1,715,010		1,055,740
		1,784,051		1,155,292
Creditors: amounts falling due within one year	6	(1,719,668)		(1,105,883)
Net current assets			64,383		49,409
Total assets less current liabilities			66,783		52,610

Net assets			66,783		52,610

Capital and reserves
Called up share capital	100	100
Profit and loss account	66,683	52,510
	66,783	52,610

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr L A Edwards

Director

Date: 24 June 2021

The notes on pages 2 to 5 form part of these financial statements.

Page 1

Commercial Land Limited

Notes to the financial statements

For the year ended 31 December 2020

1.	General information

Commercial Land Limited is a private company limited by share capital incorporated in England and Wales. The registered office is:
9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

2.3

Revenue

Turnover represents management consultancy income received, net of VAT, and maintenance fees and other expenses recharged by the company net of VAT.

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

Commercial Land Limited

Notes to the financial statements

For the year ended 31 December 2020

2.Accounting policies (continued)

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25% reducing balance
				Computer equipment	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Debtors

Short term debtors are measured at transaction price. Loans receivable are measured initially at fair
value and subsequently at amortised cost.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, are measured
initially at fair value and subsequently at amortised cost.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 6 (2019 - 6).

Page 3

Commercial Land Limited

Notes to the financial statements

For the year ended 31 December 2020

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2020	36,309
	At 31 December 2020	36,309
	Depreciation
	At 1 January 2020	33,108
	Charge for the year on owned assets	801
	At 31 December 2020	33,909
	Net book value
	At 31 December 2020	2,400
	At 31 December 2019	3,201

Debtors

					2020	2019
					£	£


Trade debtors	1,984	20,562
Other debtors	66,089	78,115
Prepayments and accrued income	968	875
	69,041	99,552

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	183	1,211
Corporation tax	3,512	1,718
Other taxation and social security	4,493	4,645
Other creditors	1,706,061	1,092,809
Accruals and deferred income	5,419	5,500
	1,719,668	1,105,883

Page 4

Commercial Land Limited

Notes to the financial statements

For the year ended 31 December 2020

7.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,164 (2019 - £1,069). Contributions totalling £227 (2019 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Related party transactions

Summary of transaction with other related parties
EOWW Ltd
(A company contolled and owned by Mr L A Edwards)
During the year the company paid consultancy fees to EOWW Ltd amounting to £nil (2019: £35,000). At the balance sheet date the amount due to EOWW Ltd was £nil (2019: £nil).
Transactions with directors
Mr C A Edwards
(Director and Shareholder)
During the year the company provided an interest free loan to the director. At the balance sheet date the amount due to the company was £271 (2019: £2,673)
Mr O M Edwards
(Director and Shareholder)
During the year the company provided an interest free loan to the director. At the balance sheet date the amount due to the company was £271 (2019: £2,673)
Ms A J Edwards
(Director and Shareholder)
During the year the company provided an interest free loan to the director. At the balance sheet date the amount due to the company was £271 (2019: £2,673)
Ms G L Edwards
(Director and Shareholder)
During the year the company provided an interest free loan to the director. At the balance sheet date the amount due to the company was £271 (2019: £2,673)

Mr L A Edwards
(Director and Shareholder)
During the year the company provided an interest free loan to the director. At the balance sheet date the amount due to the company was £271 (2019: £2,673)

Page 5