Company registration number 10011326 (England and Wales)
CHISWICK PROPERTY INVESTORS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
CHISWICK PROPERTY INVESTORS LIMITED
COMPANY INFORMATION
Directors
Mr J Oakley
Mr R Matson
Mr J McMillan
Mr C Smith
Secretary
Mr J Oakley
Company number
10011326
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
CHISWICK PROPERTY INVESTORS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Accountants' report
3
Profit and loss account
4
Balance sheet
5
Notes to the financial statements
6 - 8
CHISWICK PROPERTY INVESTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company continued to be that of an investment company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Oakley
Mr R Matson
Mr J McMillan
Mr C Smith

Directors' Responsibilities Statement

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Post reporting date events

 

Mr J Oakley, Mr J McMillan and Mr C Smith are shareholders of the company, and a related company, Oakland Residential Management Limited (ORML). On 2 September 2024, a share and loan swap transaction was completed between the shareholders of both companies.

 

Under the terms of the swap, Mr J McMillan acquired 12.5 Ordinary shares of the company and £52,600 (50%) of Mr J Oakley’s outstanding loan to the company. Mr C Smith acquired 12.5 Ordinary shares of the company and £52,600 (50%) of Mr J Oakley’s outstanding loan to the company. In return, Mr J Oakley received 1,060 Ordinary shares (530 from Mr J McMillan and 530 from Mr C Smith) of ORML and released his loan to the company.

 

The swap transaction resulted in the following shareholding and other creditor balances of the company:

 

Shareholder        Ordinary Shares, #        Other Creditors, £

Mr J Oakley        none                £nil

Mr R Matson        25.0                £105,199

Mr J McMillan        37.5                £407,499

Mr C Smith        37.5                £357,499

CHISWICK PROPERTY INVESTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr C Smith
Director
6 January 2025
CHISWICK PROPERTY INVESTORS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHISWICK PROPERTY INVESTORS LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chiswick Property Investors Limited for the year ended 28 February 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Chiswick Property Investors Limited, as a body, in accordance with the terms of our engagement letter dated 15 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Chiswick Property Investors Limited and state those matters that we have agreed to state to the board of directors of Chiswick Property Investors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chiswick Property Investors Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Chiswick Property Investors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chiswick Property Investors Limited. You consider that Chiswick Property Investors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chiswick Property Investors 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.

Bryden Johnson Limited
7 January 2025
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
CHISWICK PROPERTY INVESTORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
2024
2023
£
£
Turnover
19,200
19,200
Cost of sales
(5,987)
(4,578)
Gross profit
13,213
14,622
Administrative expenses
(1,977)
(7,962)
Profit before taxation
11,236
6,660
Tax on profit
-
0
-
0
Profit for the financial year
11,236
6,660

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CHISWICK PROPERTY INVESTORS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
2
806,249
806,249
Current assets
Cash at bank and in hand
31,433
20,618
Creditors: amounts falling due within one year
3
(2,039)
(2,460)
Net current assets
29,394
18,158
Total assets less current liabilities
835,643
824,407
Creditors: amounts falling due after more than one year
4
(870,198)
(870,198)
Net liabilities
(34,555)
(45,791)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(34,655)
(45,891)
Total equity
(34,555)
(45,791)

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 January 2025 and are signed on its behalf by:
Mr C Smith
Director
Company registration number 10011326 (England and Wales)
CHISWICK PROPERTY INVESTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
1
Accounting policies
Company information

Chiswick Property Investors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The company meets its day to day working capital requirements through the support of its directors.true

 

On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support from the company's directors.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CHISWICK PROPERTY INVESTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
806,249
3
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
373
Other creditors
2,039
2,087
2,039
2,460
4
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
870,198
870,198
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
CHISWICK PROPERTY INVESTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
6
Directors' transactions

Included in other creditors is a balance of £105,199 (2023 - £105,199) due to Mr J Oakley one of the directors of the company.

 

Included in other creditors is a balance of £105,199 (2023 - £105,199) due to Mr R Matson one of the directors of the company.

 

Included in other creditors is a balance of £354,899 (2023 - £354,899) due to Mr J McMillan one of the directors of the company.

 

Included in other creditors is a balance of £304,899 (2023 - £304,899) due to Mr C Smith one of the directors of the company.

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