Company registration number 14691707 (England and Wales)
CDWL SUBSIDIARY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CDWL SUBSIDIARY LIMITED
COMPANY INFORMATION
Directors
Mr S S Patel
(Appointed 27 February 2023)
Mr D Dabasia
(Appointed 27 February 2023)
Mr S Dabasia
(Appointed 27 February 2023)
Mr H S Dabasia
(Appointed 27 February 2023)
Company number
14691707
Registered office
14 Oxford Road
Wealdstone
Harrow
Middlesex
United Kingdom
HA3 7RG
Accountants
Xeinadin London Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
CDWL SUBSIDIARY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
CDWL SUBSIDIARY LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CDWL SUBSIDIARY LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cdwl Subsidiary Limited for the Period ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Cdwl Subsidiary Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cdwl Subsidiary Limited and state those matters that we have agreed to state to the board of directors of Cdwl Subsidiary Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cdwl Subsidiary Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Cdwl Subsidiary 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 loss of Cdwl Subsidiary Limited. You consider that Cdwl Subsidiary Limited is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Cdwl Subsidiary 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.
Xeinadin London Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
24 February 2025
CDWL SUBSIDIARY LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
Notes
£
£
Fixed assets
Investment property
3
9,245,456
Current assets
Debtors
4
41,909
Cash at bank and in hand
352,807
394,716
Creditors: amounts falling due within one year
5
(3,636,870)
Net current liabilities
(3,242,154)
Total assets less current liabilities
6,003,302
Creditors: amounts falling due after more than one year
6
(6,224,175)
Net liabilities
(220,873)
Capital and reserves
Called up share capital
1,000
Profit and loss reserves
(221,873)
Total equity
(220,873)
For the financial Period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
Mr S Dabasia
Director
Company registration number 14691707 (England and Wales)
CDWL SUBSIDIARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Cdwl Subsidiary Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Oxford Road, Wealdstone, Harrow, Middlesex, United Kingdom, HA3 7RG.
1.1
Reporting period
These are the first set of accounts prepare for the entity and therefore the period they are prepared for is not a year. They have been prepared to the 31 July 2024 to align with the parent companies reporting period.
1.2
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
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.
CDWL SUBSIDIARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CDWL SUBSIDIARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Total
3
Investment property
2024
£
Fair value
At 27 February 2023
Additions
9,245,456
At 31 July 2024
9,245,456
Investment property comprises flats let out on the open market. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
41,909
5
Creditors: amounts falling due within one year
2024
£
Bank loans
552,075
Amounts owed to group undertakings
3,083,295
Other creditors
1,500
3,636,870
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
6,224,175