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REGISTERED NUMBER: 03712752 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

CAPITALWIDE PROPERTIES LIMITED

CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 AUGUST 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,458 4,611
Investment property 5 18,768,040 18,856,951
18,771,498 18,861,562

CURRENT ASSETS
Debtors 6 837,164 1,023,270
Cash at bank 5,152 15,045
842,316 1,038,315
CREDITORS
Amounts falling due within one year 7 225,956 3,239,733
NET CURRENT ASSETS/(LIABILITIES) 616,360 (2,201,418 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,387,858

16,660,144

CREDITORS
Amounts falling due after more than one
year

8

(10,018,080

)

(6,867,647

)

PROVISIONS FOR LIABILITIES 10 (1,711,171 ) (879,917 )
NET ASSETS 7,658,607 8,912,580

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 11 5,133,512 6,139,766
Retained earnings 2,525,093 2,772,812
7,658,607 8,912,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2023


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 30 August 2024 and were signed on its behalf by:




Mr C Pishiri - Director



Mr J A Pishiri - Director


CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 AUGUST 2023

1. STATUTORY INFORMATION

Capitalwide Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03712752

Registered office: 1 Kings Avenue
London
N21 3NA

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance method

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 AUGUST 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 September 2022
and 31 August 2023 42,775
DEPRECIATION
At 1 September 2022 38,164
Charge for year 1,153
At 31 August 2023 39,317
NET BOOK VALUE
At 31 August 2023 3,458
At 31 August 2022 4,611

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 September 2022 18,856,951
Additions 86,089
Revaluations (175,000 )
At 31 August 2023 18,768,040
NET BOOK VALUE
At 31 August 2023 18,768,040
At 31 August 2022 18,856,951

Cost or valuation at 31 August 2023 is represented by:
£   
Valuation in 2019 5,094,850
Valuation in 2021 1,020,000
Valuation in 2022 904,832
Valuation in 2023 (175,000 )
Cost 11,923,358
18,768,040

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,923,358 11,837,269

Investment properties were valued on an open market basis on 31 August 2023 by the directors of the company .

CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 AUGUST 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 285,582 205,310
Other debtors 551,582 817,960
837,164 1,023,270

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 3,074,300
Trade creditors 7,473 9,491
Taxation and social security 4,344 32,614
Other creditors 214,139 123,328
225,956 3,239,733

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 10,018,080 6,867,647

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 10,018,080 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 10,018,080 9,941,947

The loans were secured by a fixed and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,711,171 879,917

Deferred
tax
£   
Balance at 1 September 2022 879,917
Provided during year 831,254
Balance at 31 August 2023 1,711,171

CAPITALWIDE PROPERTIES LIMITED (REGISTERED NUMBER: 03712752)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 AUGUST 2023

11. RESERVES
Fair
value
reserve
£   
At 1 September 2022 6,139,766
Transfer to fair value reserve (1,006,254 )

At 31 August 2023 5,133,512

12. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £485,475 (2022: £800,647) due from connected company with common control.The loan remains interest free and recoverable on demand.

Also, included in other debtors less than one year is an amount of £50,000 (2022: £Nil) due from the director of the company. Interest at the rate of 2.25% has been charged on the overdrawn balance. The loan
was repaid on 30 November 2023.

Included in other creditors less than one year is an amount of £133,564 (2022: £8,290) due to a connected company with common control. The loan was interest free and repayable on demand.