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REGISTERED NUMBER: 04645256 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

CITYWEST INVESTMENTS UK LIMITED

CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CITYWEST INVESTMENTS UK LIMITED

COMPANY INFORMATION
for the year ended 31 July 2023







DIRECTORS: T M Lepsky
B C Sodha





SECRETARY: T M Lepsky





REGISTERED OFFICE: 3rd Floor Westbury House
23-25 Bridge Street
Pinner
Middlesex
HA5 3HR





REGISTERED NUMBER: 04645256 (England and Wales)





AUDITORS: Accumen Business Consultancy Limited
Coventry University
Technology Park
Puma Way
Coventry
CV1 2TT

CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

BALANCE SHEET
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Investments 6 2 2

CURRENT ASSETS
Stocks 7 854,960 854,960
Debtors 8 12,000 12,102
Cash at bank 60,230 60,136
927,190 927,198
CREDITORS
Amounts falling due within one year 9 217,731 220,426
NET CURRENT ASSETS 709,459 706,772
TOTAL ASSETS LESS CURRENT
LIABILITIES

709,461

706,774

CREDITORS
Amounts falling due after more than one year 10 547,025 544,222
NET ASSETS 162,436 162,552

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 162,336 162,452
SHAREHOLDERS' FUNDS 162,436 162,552

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 24 April 2024 and were signed on its behalf by:





B C Sodha - Director


CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023


1. STATUTORY INFORMATION

Citywest Investments Uk 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Citywest Investments Uk Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have been made by management in preparing these financial statements.

The directors have made key assumption in determining the carrying amount of balances receivable from group undertaking after giving consideration to past experience of collecting payments and the financial position of the relevant group undertaking. A different assessment of these considerations may result in different values being determined.

Stock of trading properties
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks of trading properties are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.

Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments. These include:

Other debtors
Other debtors are initially recognised at fair value at their nominal amount less impairment losses if due in less than 12 months. Subsequent to initial recognition, other receivables are valued at amortised cost less impairment losses.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. The cash and cash equivalents are stated at their nominal values, as this approximates to amortised cost.

Other financial liabilities
Other financial liabilities are subsequently measured at amortised cost using the effective interest method.

Loans and borrowings
These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method.

Other payables
Other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost.

Impairment of financial assets
For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows.

Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.


CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for trading properties sold.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.

Revenue is recognised when the company has completed the contract for sale, and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the properties and risks and rewards of ownership have transferred to them.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. AUDITORS' REMUNERATION
31.7.23 31.7.22
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

1,200

1,200

CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 2
NET BOOK VALUE
At 31 July 2023 2
At 31 July 2022 2

7. STOCKS
31.7.23 31.7.22
£    £   
Stock of properties 854,960 854,960

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 12,000 12,102

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 28,862 32,497
Trade creditors 4,532 1
Amounts owed to participating interests 166,989 166,989
Other creditors 17,348 20,939
217,731 220,426

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans 547,025 544,222

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 431,576 414,234

CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The loans are secured by a fixed charge on the properties, and by a fixed and floating charge on other assets and undertakings of the company. The loan interest is charged at the average rate of 4.64% per annum (2022 - 3.48% per annum). The directors, B C Sodha and T Lepsky have also given personal guarantees to the lenders with reference to the properties.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary shares of £1 each 1 100 100

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tejinder Saran (Senior Statutory Auditor)
for and on behalf of Accumen Business Consultancy Limited

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
B C Sodha
Balance outstanding at start of year (5,000 ) (5,000 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,000 ) (5,000 )

T M Lepsky
Balance outstanding at start of year (547 ) (547 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (547 ) (547 )

14. RELATED PARTY DISCLOSURES

Handsale Limited which owns 50% of the company's issued share capital, has granted an interest free loan to the company and the balance of the loan at the year end was £123,989 (2022 - £123,989). The director, Bharat Sodha together with his family owns the entire issued share capital of Handsale Limited.

ANBE Limited which is owned 100% by Citywest Investments UK Limited, has granted an interest free loan to the company and the balance of the loan at the year end was £43,000 (2022 - £43,000).

CITYWEST INVESTMENTS UK LIMITED (REGISTERED NUMBER: 04645256)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023


15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

16. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by the directors, Bharat Sodha through his and his family's shareholding in Handsale Limited and Tom Lepsky through his shareholding in the company.