Company No: 01952080 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	S E Johns
	J M Kingdon
	I C Rosser
	K J Rosser

SECRETARY

J M Kingdon

REGISTERED OFFICE	Hawthorn House Emperor Way
	Exeter Business Park
	Exeter
	EX1 3QS
	United Kingdom

COMPANY NUMBER

01952080 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	457		8,195
Investment property	4	12,606,244		12,606,244
		12,606,701		12,614,439
Current assets
Debtors	5	94,633		123,881
Cash at bank and in hand		4,410,508		3,830,014
		4,505,141		3,953,895
Creditors: amounts falling due within one year	6	( 705,045)		( 674,174)
Net current assets		3,800,096		3,279,721
Total assets less current liabilities		16,406,797		15,894,160
Provision for liabilities		( 195,587)		( 194,200)
Net assets		16,211,210		15,699,960
Capital and reserves
Called-up share capital	7	2,500,000		2,500,000
Profit and loss account		13,711,210		13,199,960
Total shareholders' funds		16,211,210		15,699,960

For the financial year ending 30 June 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Commercial Estates Property Company Limited (registered number: 01952080) were approved and authorised for issue by the Board of Directors on 17 October 2023. They were signed on its behalf by:

K J Rosser Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Commercial Estates Property Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hawthorn House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of rental income receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when in the period to which it relates with, accrued and deferred income being adjusted as necessary.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Vehicles	5 years straight line
Office equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Reserves

As at 30 June 2023 the profit and loss account included £1,012,161 (2022: £1,013,798) of non-distributable reserves. This relates to the revaluation surplus on investment properties.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		4

3. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 July 2022	78,375		13,852		92,227
Additions	0		465		465
At 30 June 2023	78,375		14,317		92,692
Accumulated depreciation
At 01 July 2022	70,340		13,692		84,032
Charge for the financial year	8,035		168		8,203
At 30 June 2023	78,375		13,860		92,235
Net book value
At 30 June 2023	0		457		457
At 30 June 2022	8,035		160		8,195

4. Investment property

	Investment property
	£
Valuation
As at 01 July 2022	12,606,244
As at 30 June 2023	12,606,244

Valuation

The valuation of the investment properties was undertaken during the year ended 30 June 2023 by the directors on an open market basis.

There has been no valuation of investment property by an independent valuer.

5. Debtors

	2023		2022
	£		£
Trade debtors	76,378		118,230
Amounts owed by directors	0		72
Prepayments	6,335		5,263
Other debtors	11,920		316
	94,633		123,881

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	11,050		3,641
Corporation tax	112,147		113,304
Other taxation and social security	93,604		85,986
Other creditors	488,244		471,243
	705,045		674,174

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
1,618,488 Ordinary A shares £1 each shares of £ 1.00 each	1,618,488		1,618,488
300,000 Ordinary B shares £1 each shares of £ 1.00 each	300,000		300,000
581,512 Ordinary C shares £1 each shares of £ 1.00 each	581,512		581,512
	2,500,000		2,500,000

The Ordinary A, B and C shares rank equally for capital and voting rights save that the Ordinary B and C shares shall not, without a sanction of an ordinary resolution by the holders of Ordinary A shares voting as a class, in favour, entitle the holders thereof to any dividends.