ACCOUNTS - Final Accounts

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED - Company Information

Registered number: 04649288

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

COMPANY INFORMATION

Directors	D C Phillips
	M Warner
	JCR Macleod


Company secretary	M Warner


Registered number	04649288


Registered office	C/O Bradda Capital Limited
	Chelsea House
	8-14 The Broadway
	Haywards Heath
	West Sussex
	RH16 3AP




Independent auditors	Gibson Appleby
	Chartered Accountants & Registered Auditors
	1-3 Ship Street
	Shoreham-by-Sea
	West Sussex
	BN43 5DH


Bankers	Lloyds Bank Plc
	34 Moorgate
	London
	EC2R 6PL

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Statement of financial position	8
Statement of changes in equity	9
Notes to the financial statements	10 - 12

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The directors present their report and the financial statements for the year ended 31 March 2021.

Principal activity

The principal activity of the company is that of management of real estate on a fee or contract basis.

Results and dividends

The loss for the year, after taxation, amounted to £1,801 (2020 - loss £1,519).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

D C Phillips

M Warner

JCR Macleod

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Gibson Appleby, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

M Warner

Secretary

Date: 17 December 2021

Page 2

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

Opinion

We have audited the financial statements of Commercial Management (Investments) Limited (the 'Company') for the year ended 31 March 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2021 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Page 4

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the environment in which it operates. We assessed the risk of fraud and error and designed our audit procedures accordingly. We focused on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.
Our tests included agreeing the figures and disclosures in the financial statements to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

S Johnson ACA (Senior statutory auditor)

for and on behalf of

Gibson Appleby

Chartered Accountants

Registered Auditors

1-3 Ship Street

Shoreham-by-Sea

West Sussex

BN43 5DH

20 December 2021

Page 6

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2021

	2021	2020
Note	£	£


Turnover		240,967	269,428
Cost of sales		(240,967)	(269,428)
Gross profit		-	-
Administrative expenses		(1,801)	(1,865)
Operating loss		(1,801)	(1,865)
Tax on loss	4	-	346
Loss for the financial year		(1,801)	(1,519)

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 10 to 12 form part of these financial statements.

Page 7

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

REGISTERED NUMBER: 04649288

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	325		14,849
Cash at bank and in hand		95,221		80,898
		95,546		95,747
Creditors: amounts falling due within one year	6	(3,200)		(1,600)
Net current assets			92,346		94,147
Total assets less current liabilities			92,346		94,147

Net assets			92,346		94,147

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		92,246	94,047
		92,346	94,147

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 were approved and authorised for issue by the board and were signed on its behalf on 17 December 2021.

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

D C Phillips

Director

The notes on pages 10 to 12 form part of these financial statements.

Page 8

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2019	100	95,566	95,666

Loss for the year	-	(1,519)	(1,519)

At 1 April 2020	100	94,047	94,147

Loss for the year	-	(1,801)	(1,801)
At 31 March 2021	100	92,246	92,346

The notes on pages 10 to 12 form part of these financial statements.

Page 9

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Commercial Management (Investments) Limited is a private company limited by shares and incorporated in England. Its registered office is c/o Bradda Capital Limited, Chelsea House, 8-14 The Broadway, Haywards Heath, West Sussex RH16 3AP.
The financial statements are presented in Sterling, which is the functional currency of the company.

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

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

.	Rendering of services

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

Employees

	The Company has no employees other than the directors, who did not receive any remuneration (2020 - £NIL).
	The average monthly number of employees, including directors, during the year was 0 (2020 - 0).

Page 10

COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Taxation

		2021	2020
		£	£

Corporation tax
Current tax on profits for the year	-	(325)
Adjustments in respect of previous periods	-	(21)

Total current tax	-	(346)

	Factors affecting tax charge for the year
	There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2020 - 19%).

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Debtors

					2021	2020
					£	£


Other debtors	325	14,849

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

	Accruals and deferred income	3,200	1,600

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1.00 each	100	100

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COMMERCIAL MANAGEMENT (INVESTMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8.	Other financial commitments

In its capacity as general partner of CML Investments LP only, the company has entered into a fixed loan facility with Lloyds Bank Plc until 2022. The bank loan is secured by a first charge over the Limited Partnership's investment properties.
The directors do not consider there will be any claims against this company in connection with this commitment.

9.	Related party transactions
	During the year, the company charged management & incentive fees of £240,967 (2019: £269,428) to CML Investments LP, a partnership in which the company is a partner. During the year, the company paid management & incentive fees of £240,967 (2019:£269,428) to Bradda Capital Ltd. Bradda Capital Ltd is a company under common control.

10.	Controlling party

The ultimate parent undertaking is Romac Investments Limited, a company incorporated in the Isle of Man and no one party is considered to be the ultimate controlling party.

Page 12