Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-312022-02-01falsebuying and renting properties11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11761490 2022-02-01 2023-01-31 11761490 2021-02-01 2022-01-31 11761490 2023-01-31 11761490 2022-01-31 11761490 c:Director1 2022-02-01 2023-01-31 11761490 d:FreeholdInvestmentProperty 2023-01-31 11761490 d:FreeholdInvestmentProperty 2022-01-31 11761490 d:CurrentFinancialInstruments 2023-01-31 11761490 d:CurrentFinancialInstruments 2022-01-31 11761490 d:Non-currentFinancialInstruments 2023-01-31 11761490 d:Non-currentFinancialInstruments 2022-01-31 11761490 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11761490 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11761490 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 11761490 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 11761490 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 11761490 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-01-31 11761490 d:ShareCapital 2023-01-31 11761490 d:ShareCapital 2022-01-31 11761490 d:RetainedEarningsAccumulatedLosses 2023-01-31 11761490 d:RetainedEarningsAccumulatedLosses 2022-01-31 11761490 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 11761490 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-01-31 11761490 c:FRS102 2022-02-01 2023-01-31 11761490 c:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 11761490 c:FullAccounts 2022-02-01 2023-01-31 11761490 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 11761490










COMPETITIVE PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
COMPETITIVE PROPERTIES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFCOMPETITIVE PROPERTIES LIMITED
FOR THE YEAR ENDED 31 JANUARY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Competitive Properties Limited for the year ended 31 January 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

This report is made solely to the director of Competitive Properties Limited in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of Competitive Properties Limited and state those matters that we have agreed to state to him in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Competitive Properties Limited and its  director for our work or for this report.
 
 
It is your duty to ensure that Competitive Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that Competitive Properties Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Competitive Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.





Shipleys Tax Planning

19 October 2023
Page 1

 
COMPETITIVE PROPERTIES LIMITED
REGISTERED NUMBER: 11761490

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
452,781
452,781

  
452,781
452,781

Current assets
  

Cash at bank and in hand
 5 
11,824
1,079

  
11,824
1,079

Creditors: amounts falling due within one year
 6 
(134,970)
(125,593)

Net current liabilities
  
 
 
(123,146)
 
 
(124,514)

Total assets less current liabilities
  
329,635
328,267

Creditors: amounts falling due after more than one year
 7 
(324,975)
(324,325)

  

Net assets
  
4,660
3,942


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
4,659
3,941

  
4,660
3,942


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.




Sajid Mahmood
Page 2

 
COMPETITIVE PROPERTIES LIMITED
REGISTERED NUMBER: 11761490

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Competitive Properties Ltd is a company domiciled in England & Wales, registration number 11761490. The registered office is 3 Hartman Place, Bradford, BD9 5DN.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 5

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Investment property


Freehold investment property

£



Valuation


At 1 February 2022
452,781



At 31 January 2023
452,781

The 2023 valuations were made by the director, Mr S Mahmood, on an open market value for existing use basis.






Page 6

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,824
1,079

11,824
1,079



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
602
406

Other creditors
131,548
124,167

Accruals and deferred income
2,820
1,020

134,970
125,593



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
324,975
324,325

324,975
324,325


Page 7

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
324,975
324,325

324,975
324,325

324,975
324,325


The first loan of £97,475 is on an interest only basis with interest rates fixed at 3.29% (2022: 12 months), followed by a variable rate of 5.08% above LIBOR. The capital element of this first loan is repayable to Precise Mortagages after a period of 28 years (2022: 29 years).
The second loan of £106,850 was on an interest only basis with interest rates fixed at 2.79%. This loan was fully repaid in the year by way of remortgage.
Following the remortgage, a loan of £107,500 was taken out in the year. Repayments are on an interest only basis with interest rates fixed at 3.33% for 5 years 
(2022: NIL). The capital element of this loan is repayable to The Mortgage Lender after a period of 23 years (2022: NIL).
The third loan of £120,000 is on an interest only basis with interest rates fixed at 3.49% for a period of 4 years 
(2022: 5 years) followed by a variable rate of 5.4% above the Bank of England base rate, which currently stands at 5.25%. The capital element of this loan is repayable to Precise Mortgages after a period of 24 years (2022: 25 years).
For all loans, a personal guarantee from the director Mr Sajid Mahmood is in place as security.


9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
11,824
1,079




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


10.


Related party transactions

During the year the director loaned the company £7,381 (2022: £119,581). At the balance sheet date other creditors included £131,548 (2022: £124,167) as amounts owed to the director.

Page 8

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Controlling party

The company is controlled by the director Mr Sajid Mahmood.


Page 9