Hemel Commercial Properties Limited - Accounts to registrar (filleted) - small 23.2.5

Hemel Commercial Properties Limited - Accounts to registrar (filleted) - small 23.2.5

HEMEL COMMERCIAL PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 13965057 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 9 MARCH 2022 TO 31 MARCH 2023

FOR

HEMEL COMMERCIAL PROPERTIES LIMITED
HEMEL COMMERCIAL PROPERTIES LIMITED (REGISTERED NUMBER: 13965057)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 9 MARCH 2022 TO 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HEMEL COMMERCIAL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 9 MARCH 2022 TO 31 MARCH 2023







DIRECTORS: Mr P M Domb
Mr V D Goldstein





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 13965057 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA
Page 1
HEMEL COMMERCIAL PROPERTIES LIMITED (REGISTERED NUMBER: 13965057)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

Notes £    £   
FIXED ASSETS
Investments 4 -
Investment property 5 3,250,000
3,250,000

CURRENT ASSETS
Debtors 6 208,047
Cash at bank and in hand 131,153
339,200
CREDITORS
Amounts falling due within one year 7 73,271
NET CURRENT ASSETS 265,929
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,515,929

CREDITORS
Amounts falling due after more than one year 8 (1,580,933 )

PROVISIONS FOR LIABILITIES (137,500 )
NET ASSETS 1,797,496

CAPITAL AND RESERVES
Called up share capital 100
Share premium 1,889,794
Retained earnings (92,398 )
1,797,496

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

Page 2 continued...
HEMEL COMMERCIAL PROPERTIES LIMITED (REGISTERED NUMBER: 13965057)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





Mr P M Domb - Director


The notes form part of these financial statements

Page 3
HEMEL COMMERCIAL PROPERTIES LIMITED (REGISTERED NUMBER: 13965057)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 9 MARCH 2022 TO 31 MARCH 2023

1. STATUTORY INFORMATION

Hemel Commercial Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the director is satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Turnover
Turnover is measured at the fair value of net rent receivable.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

Page 4 continued...
HEMEL COMMERCIAL PROPERTIES LIMITED (REGISTERED NUMBER: 13965057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 9 MARCH 2022 TO 31 MARCH 2023

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 1,889,898
Impairments (1,889,898 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 3,250,000
At 31 March 2023 3,250,000
NET BOOK VALUE
At 31 March 2023 3,250,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 3,250,000

The investment properties were transferred in at market value on 22 November 2022 from subsidiary companies Hemel Properties Ltd and Waterhouse Street Ltd, respectively.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Amounts owed by group undertakings 180,986
Other debtors 27,061
208,047

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 33,051
Trade creditors 216
Taxation and social security 14,608
Other creditors 25,396
73,271

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
£   
Bank loans 1,580,933

Page 5 continued...
HEMEL COMMERCIAL PROPERTIES LIMITED (REGISTERED NUMBER: 13965057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 9 MARCH 2022 TO 31 MARCH 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 1,613,984

The bank loan is secured by way of fixed charge against the investment properties held in the entity.

10. RELATED PARTY DISCLOSURES

Included within debtors is an interest-free loan of £89,986 owed by Pershing Properties Limited, a company which holds 50% of the ordinary share capital of the entity.

Included within debtors is an interest-free loan of £91,900 owed by The V Fund Limited, a company which holds 50% of the ordinary share capital of the entity.

Page 6