2021-12-012023-03-312023-03-31false04067663John Swift Homes 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John Swift Homes Limited

Registered Number
04067663
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2023

John Swift Homes Limited
Company Information
for the period from 1 December 2021 to 31 March 2023

Director

Mr J L B S Swift

Registered Address

2 Hobson Court
Penrith 40 Business Park
Penrith
CA11 9GQ

Registered Number

04067663 (England and Wales)
John Swift Homes Limited
Statement of Financial Position
31 March 2023

Notes

31 Mar 2023

30 Nov 2021

£

£

£

£

Fixed assets
Tangible assets680,88615,276
Investments7189,329318,800
Investment property8-132,615
270,215466,691
Current assets
Stocks122,391,0482,948,339
Debtors132,172,530610,475
Cash at bank and on hand463,1382,009,177
5,026,7165,567,991
Creditors amounts falling due within one year14(618,818)(237,569)
Net current assets (liabilities)4,407,8985,330,422
Total assets less current liabilities4,678,1135,797,113
Creditors amounts falling due after one year15(27,831)-
Provisions for liabilities16(17,600)(2,902)
Net assets4,632,6825,794,211
Capital and reserves
Called up share capital300300
Profit and loss account4,632,3825,793,911
Shareholders' funds4,632,6825,794,211
The financial statements were approved and authorised for issue by the Director on 26 September 2023, and are signed on its behalf by:
Mr J L B S Swift
Director
Registered Company No. 04067663
John Swift Homes Limited
Notes to the Financial Statements
for the period ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
From 20 January 2023 the immediate and ultimate parent undertaking is Coledale Property Holdings Limited.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Investment property policy
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Research and development policy
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
5.Employee information

20232021
Average number of employees during the year22
6.Property, plant and equipment

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 December 21136,189-136,189
Additions-72,84472,844
At 31 March 23136,18972,844209,033
Depreciation and impairment
At 01 December 21120,913-120,913
Charge for year2,7794,4557,234
At 31 March 23123,6924,455128,147
Net book value
At 31 March 2312,49768,38980,886
At 30 November 2115,276-15,276
7.Fixed asset investments

Investments in groups1

Other investments2

Total

£££
Cost or valuation
At 01 December 21100318,700318,800
Additions-976,165976,165
Disposals(100)(1,105,536)(1,105,636)
At 31 March 23-189,329189,329
Net book value
At 31 March 23-189,329189,329
At 30 November 21100318,700318,800

Notes

1Investments in group undertakings and participating interests
2Other investments other than loans
8.Investment property
The director considers that the historic cost of the property is the same as the fair value.

£
Fair value at 01 December 21132,615
Disposals(132,615)
At 31 March 23-
9.Description of nature of transactions and balances with related parties
During the year the director had a loan account with the company. At the balance sheet date the company owed the director £70,927 (2021 £25,852). This loan is unsecured, interest free and repayable upon demand.
10.Directors advances, credits and guarantees
On 1 December 2021 a Director owed the Company £Nil. During the period this director was advanced a further £149,617 and repaid £149,617. As at 31 March 2023 this Director owed the Company £Nil. Interest was charged on this loan amounting to £755.
11.Further information regarding the company's financial position
The Statement of Financial Position has had £318,800 moved from current asset investments to fixed asset Investments and £172,025 moved from current asset investments to cash at bank and on hand.
12.Stocks
Stock represent work in progress property costs.

2023

2021

££
Work in progress2,391,0482,948,339
Total2,391,0482,948,339
13.Debtors

2023

2021

££
Amounts owed by group undertakings73,340100,000
Other debtors2,069,902510,475
Prepayments and accrued income29,288-
Total2,172,530610,475
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
14.Creditors within one year

2023

2021

££
Trade creditors / trade payables126,308117,715
Taxation and social security404,06859,274
Finance lease and HP contracts13,2165,978
Other creditors70,92725,852
Accrued liabilities and deferred income4,29928,750
Total618,818237,569
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. Finance lease and HP contracts are secured on the assets to which they relate.
15.Creditors after one year

2023

2021

££
Other creditors27,831-
Total27,831-
Finance lease and HP contracts equal to £27,831 (2020 - £6,458) are included within other creditors and are secured against the assets to which they relate.
16.Provisions for liabilities
The provision for deferred tax is made up of £17,600 in respect of accelerated capital allowances.

2023

2021

££
Net deferred tax liability (asset)17,6002,902
Total17,6002,902