Commercial Property Advisors Ltd - Period Ending 2023-03-31

Commercial Property Advisors Ltd - Period Ending 2023-03-31


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Registration number: 10080078

Commercial Property Advisors Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Commercial Property Advisors Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Commercial Property Advisors Ltd

Company Information

Directors

Mr D Tanswell

Mr B J L Sayer

Registered office

2nd Floor
35-38 High Street
Bristol
BS1 2AW

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Commercial Property Advisors Ltd

(Registration number: 10080078)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

40,254

38,360

Current assets

 

Debtors

4

466,425

143,455

Cash at bank and in hand

 

625,513

134,268

 

1,091,938

277,723

Creditors: Amounts falling due within one year

5

(294,283)

(129,426)

Net current assets

 

797,655

148,297

Total assets less current liabilities

 

837,909

186,657

Creditors: Amounts falling due after more than one year

5

(124,005)

(69,371)

Provisions for liabilities

(7,643)

(657)

Net assets

 

706,261

116,629

Capital and reserves

 

Called up share capital

6

100

5

Share premium reserve

18,739

18,739

Retained earnings

687,422

97,885

Shareholders' funds

 

706,261

116,629

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

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

 

Commercial Property Advisors Ltd

(Registration number: 10080078)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 December 2023 and signed on its behalf by:
 

.........................................
Mr D Tanswell
Director

 

Commercial Property Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Commercial Property Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Commercial Property Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Commercial Property Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2022 - 20).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

19,056

39,500

58,556

Additions

16,825

-

16,825

Disposals

(2,070)

-

(2,070)

At 31 March 2023

33,811

39,500

73,311

Depreciation

At 1 April 2022

5,976

14,220

20,196

Charge for the year

6,955

6,320

13,275

Eliminated on disposal

(414)

-

(414)

At 31 March 2023

12,517

20,540

33,057

Carrying amount

At 31 March 2023

21,294

18,960

40,254

At 31 March 2022

13,080

25,280

38,360

4

Debtors

Current

2023
£

2022
£

Trade debtors

396,873

124,290

Other debtors

69,552

19,165

 

466,425

143,455

 

Commercial Property Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

40,020

19,445

Trade creditors

 

11,373

-

Taxation and social security

 

235,248

105,503

Accruals and deferred income

 

4,150

1,100

Other creditors

 

3,492

3,378

 

294,283

129,426

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

124,005

69,371

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £0.01 each

8,000

80

8,000

80

Ordinary B shares of £0.01 each

2,000

20

2,000

20

 

10,000

100

10,000

100

 

Commercial Property Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

107,088

45,995

Hire purchase contracts

16,917

23,376

124,005

69,371

2023
£

2022
£

Current loans and borrowings

Bank borrowings

36,255

15,680

Hire purchase contracts

3,765

3,765

40,020

19,445

8

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

7,697

7,697

Advanced

31,277

31,277

At end of period

38,974

38,974

2022

Key management
£

Total
£

At start of period

7,697

7,697

At end of period

7,697

7,697