Registered number
09958155
SWFS Properties Limited
Filleted Accounts
31 March 2023
SWFS Properties Limited
Registered number: 09958155
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 555,705 829,352
Current assets
Cash at bank and in hand 343,152 27,931
Creditors: amounts falling due within one year 4 (9,690) (4,012)
Net current assets 333,462 23,919
Total assets less current liabilities 889,167 853,271
Creditors: amounts falling due after more than one year 5 (808,239) (807,939)
Net assets 80,928 45,332
Capital and reserves
Called up share capital 1 1
Profit and loss account 80,927 45,331
Shareholder's funds 80,928 45,332
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sanjay Wadhia
Director
Approved by the board on 16 October 2023
SWFS Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Investment property
Investment properties are those which are held either to earn rental income or for capital appreciation or for both. Investment properties are measured at cost, including related transaction costs. After initial recognition at cost, investment properties are carried at their fair values based on market value determined by Directors annually and by professional independent valuers every three years. The difference between the fair value of an investment at the reporting date and its carrying amount prior to re-measurement is included in the income statement as a valuation surplus or deficit.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment property
£
Cost
At 1 April 2022 829,352
Additions 7,295
Disposals (280,942)
At 31 March 2023 555,705
Depreciation
At 31 March 2023 -
Net book value
At 31 March 2023 555,705
At 31 March 2022 829,352
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 8,350 3,301
Other creditors 1,340 711
9,690 4,012
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 304,050 303,750
Other creditors 504,189 504,189
808,239 807,939
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 304,050 303,750
The aggregate amount of creditors for which security has been given amounted to £304,050. These amounts have been secured against the leasehold property of the company.
7 Other information
SWFS Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
31 Tudor Manor Gardens
Watford
WD25 9TQ
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