COMMERCIAL PEOPLE LIMITED 31/12/2020 iXBRL

COMMERCIAL PEOPLE LIMITED - Company Information

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Company registration number: 08686825

COMMERCIAL PEOPLE LIMITED

Unaudited filleted financial statements

31 December 2020

Pearlman Rose

Chartered Accountants

39-40 Skylines Village

Limeharbour

London E14 9TS

COMMERCIAL PEOPLE LIMITED

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

COMMERCIAL PEOPLE LIMITED

Directors and other information


Directors	Mr Nahim Rahman
	Mr Christopher Lance May
	Mr Cassim Rashid Moosa	(Resigned 15 September 2020)
	Mr Mahomed Hussun Omar	(Resigned 15 September 2020)
	Mr Mustaqali Bhaudin Parkar	(Appointed 4 December 2020)
	Ms Alpa Pattni	(Appointed 4 December 2020)


Company number	08686825


Registered office	First Floor
	85 Great Portland Street
	London
	W1W 7LT


Accountants	Pearlman Rose
	39 - 40 Skylines Village
	Limeharbour, Docklands
	London
	E14 9TS




	Bankers	Natwest Bank

COMMERCIAL PEOPLE LIMITED

Statement of financial position

31 December 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Intangible assets	5	2,944,570		1,905,774
Tangible assets	6	10,502		14,003
		_______		_______
			2,955,072		1,919,777

Current assets
Debtors	7	58,792		26,597
Cash at bank and in hand		361,515		193,680
		_______		_______
		420,307		220,277
Creditors: amounts falling due
within one year	8	( 284,866)		( 24,710)
		_______		_______
Net current assets			135,441		195,567
			_______		_______
Total assets less current liabilities			3,090,513		2,115,344

Creditors: amounts falling due
after more than one year	9		( 1,525,261)		( 325,261)
			_______		_______
Net assets			1,565,252		1,790,083
			_______		_______

Capital and reserves
Called up share capital			153,847		136,038
Share premium account			2,946,111		2,963,920
Profit and loss account			( 1,534,706)		( 1,309,875)
			_______		_______
Shareholders funds			1,565,252		1,790,083
			_______		_______

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 10 February 2021 , and are signed on behalf of the board by:

Mr Nahim Rahman

Director

Company registration number: 08686825

COMMERCIAL PEOPLE LIMITED

Statement of changes in equity

Year ended 31 December 2020

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£


At 1 January 2019	113,207	1,986,751	( 817,852)	1,282,106

Loss for the year			( 492,023)	( 492,023)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 492,023)	( 492,023)

Issue of shares	22,831	977,169		1,000,000
	_______	_______	_______	_______
Total investments by and distributions to owners	22,831	977,169	-	1,000,000

At 31 December 2019 (as previously reported)	136,038	2,963,920	( 1,309,875)	1,790,083
Prior period adjustments	17,809	(17,809)	(-)	(-)
	_______	_______	_______	_______
At 31 December 2019 (restated) and 1 January 2020	153,847	2,946,111	( 1,309,875)	1,790,083

Loss for the year			( 224,831)	( 224,831)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 224,831)	( 224,831)

	_______	_______	_______	_______
At 31 December 2020	153,847	2,946,111	( 1,534,706)	1,565,252
	_______	_______	_______	_______

COMMERCIAL PEOPLE LIMITED

Notes to the management accounts

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor, 85 Great Portland Street, London, W1W 7LT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2019: 18 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 January 2020	1,905,774	1,905,774
Additions	1,038,796	1,038,796
	_______	_______
At 31 December 2020	2,944,570	2,944,570
	_______	_______
Amortisation
At 1 January 2020 and 31 December 2020	-	-
	_______	_______
Carrying amount
At 31 December 2020	2,944,570	2,944,570
	_______	_______
At 31 December 2019	1,905,774	1,905,774
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2020 and 31 December 2020	42,006	42,006
	_______	_______
Depreciation
At 1 January 2020	28,003	28,003
Charge for the year	3,501	3,501
	_______	_______
At 31 December 2020	31,504	31,504
	_______	_______
Carrying amount
At 31 December 2020	10,502	10,502
	_______	_______
At 31 December 2019	14,003	14,003
	_______	_______

7. Debtors

	2020	2019
	£	£
Trade debtors	4,806	6,179
Other debtors	53,986	20,418
	_______	_______
	58,792	26,597
	_______	_______

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	102,128	2,904
Social security and other taxes	151,151	-
Other creditors	31,587	21,806
	_______	_______
	284,866	24,710
	_______	_______

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	1,525,261	325,261
	_______	_______

Other creditors include a loan of £200,000 that is secured by way of a fixed and floating charge over the assets of the company. They also include convertible loans of £1,000,000.

10. Directors advances, credits and guarantees

	Balance brought forward and o/standing	Balance brought forward and o/standing
	2020	2019
	£	£
Mr Nahim Rahman	325,261	325,261
	_______	_______