Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-3112023-02-01false1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11761490 2023-02-01 2024-01-31 11761490 2022-02-01 2023-01-31 11761490 2024-01-31 11761490 2023-01-31 11761490 c:Director1 2023-02-01 2024-01-31 11761490 d:FreeholdInvestmentProperty 2024-01-31 11761490 d:FreeholdInvestmentProperty 2023-01-31 11761490 d:CurrentFinancialInstruments 2024-01-31 11761490 d:CurrentFinancialInstruments 2023-01-31 11761490 d:Non-currentFinancialInstruments 2024-01-31 11761490 d:Non-currentFinancialInstruments 2023-01-31 11761490 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 11761490 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11761490 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 11761490 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 11761490 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 11761490 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 11761490 d:ShareCapital 2024-01-31 11761490 d:ShareCapital 2023-01-31 11761490 d:RetainedEarningsAccumulatedLosses 2024-01-31 11761490 d:RetainedEarningsAccumulatedLosses 2023-01-31 11761490 c:FRS102 2023-02-01 2024-01-31 11761490 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11761490 c:FullAccounts 2023-02-01 2024-01-31 11761490 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11761490 e:PoundSterling 2023-02-01 2024-01-31 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 2024

 
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 2024

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 2024 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

24 October 2024
Page 1

 
COMPETITIVE PROPERTIES LIMITED
REGISTERED NUMBER: 11761490

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
452,781
452,781

  
452,781
452,781

Current assets
  

Cash at bank and in hand
 5 
26,674
11,824

  
26,674
11,824

Creditors: amounts falling due within one year
 6 
(126,785)
(134,970)

Net current liabilities
  
 
 
(100,111)
 
 
(123,146)

Total assets less current liabilities
  
352,670
329,635

Creditors: amounts falling due after more than one year
 7 
(346,000)
(324,975)

  

Net assets
  
6,670
4,660


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
6,669
4,659

  
6,670
4,660


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 24 October 2024.




Sajid Mahmood
Page 2

 
COMPETITIVE PROPERTIES LIMITED
REGISTERED NUMBER: 11761490

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 2024

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
452,781



At 31 January 2024
452,781

The 2024 valuations were made by the director, Mr S Mahmood, on an open market value for existing use basis.







5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
26,674
11,824

26,674
11,824



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
938
602

Other creditors
124,047
131,548

Accruals and deferred income
1,800
2,820

126,785
134,970



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
346,000
324,975

346,000
324,975


Page 6

 
COMPETITIVE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
346,000
324,975

346,000
324,975

346,000
324,975


There are three loans in the company.
The first loan of £97,475 was on an interest only basis with interest rates fixed at 3.29%. This loan was fully repaid in the year by way of remortgage.
Following the remortgage, a loan of £118,000 was taken out in the year with The Mortgage Lender. Repayments are on an interest only basis with interest rates fixed at 5.79% for 5 years 
(2022: NIL), followed by a variable rate of 4.96% above The Mortgage Lender But To Let Base Rate, which currently stands at 5%. The capital element of this loan is repayable to The Mortgage Lender after a period of 25 years (2023: NIL). Security has been granted in favour of The Mortgage Lender over the land and building of the property with which the loan is secured against. In addition, a personal guarantee from the director Mr Sajid Mahmood is also in place as security.
The second loan of £107,500 was taken out in 2022 with The Mortgage Lender. Repayments are on an interest only basis with interest rates fixed at 3.33% for 4 years 
(2023: 4 years). The capital element of this loan is repayable to The Mortgage Lender after a period of 22 years (2023: 23 years). A personal guarantee from the director Mr Sajid Mahmood is in place as security.
The third loan of £120,000 is on an interest only basis with interest rates fixed at 3.49% for a period of 3 years 
(2023: 4 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 23 years (2023: 24 years). A personal guarantee from the director Mr Sajid Mahmood is in place as security.


9.


Related party transactions

During the year the company repaid the director £7,501. At the balance sheet date other creditors included £124,047 (2023: £131,548) as amounts owed to the director.


10.


Controlling party

The company is controlled by the director Mr Sajid Mahmood.


Page 7