Company Registration No. 10011326 (England and Wales)
CHISWICK PROPERTY INVESTORS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
CHISWICK PROPERTY INVESTORS LIMITED
COMPANY INFORMATION
Directors
Mr J Oakley
Mr R Matson
Mr J McMillan
Mr C Smith
Company number
10011326
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Accountants
Bryden Johnson
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
Business address
41 Chipstead Valley Road
Coulsdon
Surrey
CR5 2RB
CHISWICK PROPERTY INVESTORS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
CHISWICK PROPERTY INVESTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2018.
Principal activities
The principal activity of the company is 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
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
16 May 2018
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 2018
- 2 -
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 2018 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 http://www.icaew.com/en/members/regulations-standards-and-guidance
.
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 18 October 2017. 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 loss 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
21 May 2018
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
CHISWICK PROPERTY INVESTORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 3 -
Year
Period
ended
ended
28 February
28 February
2018
2017
Notes
£
£
Turnover
24,000
19,243
Direct costs
(9,176)
-
Gross profit
14,824
19,243
Administrative expenses
(3,313)
(14,757)
Operating profit
11,511
4,486
Interest payable and similar expenses
(19,118)
(9,769)
Loss before taxation
(7,607)
(5,283)
Tax on loss
-
-
Loss for the financial year
(7,607)
(5,283)
CHISWICK PROPERTY INVESTORS LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2018
28 February 2018
- 4 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
2
806,249
806,249
Current assets
Debtors
3
10,475
10,666
Cash at bank and in hand
5,185
12,912
15,660
23,578
Creditors: amounts falling due within one year
4
(2,689)
(3,000)
Net current assets
12,971
20,578
Total assets less current liabilities
819,220
826,827
Creditors: amounts falling due after more than one year
5
(832,010)
(832,010)
Net liabilities
(12,790)
(5,183)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(12,890)
(5,283)
Total equity
(12,790)
(5,183)
For the financial year ended 28 February 2018 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.
T
he 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 16 May 2018 and are signed on its behalf by:
Mr C Smith
Director
Company Registration No. 10011326
CHISWICK PROPERTY INVESTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
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 a
mounts
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
rent.
1.3
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 a
t
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.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
1.5
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.
CHISWICK PROPERTY INVESTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 6 -
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
paymen
ts 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.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Investment property
2018
£
Fair value
At 1 March 2017 and 28 February 2018
806,249
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
691
Other debtors
10,475
9,975
10,475
10,666
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
739
-
Other creditors
1,950
3,000
2,689
3,000
CHISWICK PROPERTY INVESTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 7 -
5
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
832,010
832,010
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
7
Related party transactions
Included in other creditors is a balance of £98,777.52 (2017 - £98,777.52) due to Mr J Oakley one of the directors of the company.
Included in other creditors is a balance of £98,777.52 (2017 - £98,777.52) due to Mr R Matson one of the directors of the company.
Included in other creditors is a balance of £98,477.52 (2017 - £98,477.52) due to Mr J McMillan one of the directors of the company.
Included in other creditors is a balance of £98,477.52 (2017 - £98,477.52) due to Mr C Smith one of the directors of the company.