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Registered number: 05553529
Swallow Hill Homes Limited
Unaudited Financial Statements
For The Year Ended 31 March 2022
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05553529
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 411,761 405,120
Investments 4 161 161
411,922 405,281
CURRENT ASSETS
Stocks 5 5,191,200 3,760,413
Debtors 6 123,665 213,619
Cash at bank and in hand 35,268 49,715
5,350,133 4,023,747
Creditors: Amounts Falling Due Within One Year 7 (3,371,609 ) (2,413,840 )
NET CURRENT ASSETS (LIABILITIES) 1,978,524 1,609,907
TOTAL ASSETS LESS CURRENT LIABILITIES 2,390,446 2,015,188
Creditors: Amounts Falling Due After More Than One Year 8 (986,245 ) (995,879 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (21,234 ) (43,357 )
NET ASSETS 1,382,967 975,952
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 1,382,867 975,852
SHAREHOLDERS' FUNDS 1,382,967 975,952
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Page 2
For the year ending 31 March 2022 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R J Bailey
Director
5th September 2022
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15/25/33/50% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25/33/50% straight line
Cabins and security 15/20/25% straight line
1.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
1.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 17 (2021: 18)
17 18
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3. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2021 300,000 151,086 8,800 5,161
Additions - 10,270 - 12,170
As at 31 March 2022 300,000 161,356 8,800 17,331
Depreciation
As at 1 April 2021 - 82,700 6,954 3,020
Provided during the period - 21,729 461 2,587
As at 31 March 2022 - 104,429 7,415 5,607
Net Book Value
As at 31 March 2022 300,000 56,927 1,385 11,724
As at 1 April 2021 300,000 68,386 1,846 2,141
Cabins and security Total
£ £
Cost
As at 1 April 2021 47,279 512,326
Additions 19,420 41,860
As at 31 March 2022 66,699 554,186
Depreciation
As at 1 April 2021 14,532 107,206
Provided during the period 10,442 35,219
As at 31 March 2022 24,974 142,425
Net Book Value
As at 31 March 2022 41,725 411,761
As at 1 April 2021 32,747 405,120
4. Investments
Unlisted
£
Cost
As at 1 April 2021 161
As at 31 March 2022 161
Provision
As at 1 April 2021 -
As at 31 March 2022 -
Net Book Value
As at 31 March 2022 161
As at 1 April 2021 161
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5. Stocks
2022 2021
£ £
Stock - work in progress 5,191,200 3,760,413
5,191,200 3,760,413
6. Debtors
2022 2021
£ £
Due within one year
Trade debtors 563 28,694
Prepayments and accrued income 10,582 6,319
Other debtors 66,268 152,512
VAT 46,252 26,094
123,665 213,619
7. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 340,232 425,047
Bank loans and overdrafts 2,701,500 1,930,999
Corporation tax 51,450 -
Net wages 5,860 -
Other creditors 46,303 300
Tax on interest paid 101 -
Pension Control Account 4,442 2,631
PAYE & NIC Creditor 84,570 15,807
Accruals and deferred income 7,298 3,000
Directors' loan accounts 129,853 36,056
3,371,609 2,413,840
8. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Net obligations under finance lease and hire purchase contracts 90,580 119,601
Bank loans 84,872 2,220
Other loans 723,089 748,680
Directors loan account 87,704 125,378
986,245 995,879
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9. Obligations Under Finance Leases and Hire Purchase
2022 2021
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Between one and five years 90,580 119,601
90,580 119,601
90,580 119,601
10. Share Capital
2022 2021
Allotted, Called up and fully paid 100 100
11. General Information
Swallow Hill Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05553529 . The registered office is Unit G6 Nottingham Business Park, Nottingham, NG8 6PY.
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