REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
CITYWEST INVESTMENTS UK LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
7. | STOCKS |
31.7.23 | 31.7.22 |
£ | £ |
Stock of properties |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to participating interests | 166,989 | 166,989 |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans |
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: | £ | £ |
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. |
for and on behalf of |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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. |