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REGISTERED NUMBER: 04216699 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

SWANSTON HOLDINGS PLC

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


SWANSTON HOLDINGS PLC

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs P C Grant
N L Grant
A L Grant





SECRETARY: N L Grant





REGISTERED OFFICE: 34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG





BUSINESS ADDRESS: Oldberrow Hall
Ullenhall Lane
Ullenhall
Henley in Arden
Warwickshire
B95 5PE





REGISTERED NUMBER: 04216699 (England and Wales)





AUDITORS: Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

The directors present their strategic report of the company and the group for the year ended 31 May 2023.

REVIEW OF BUSINESS
The group continues to own a portfolio of commercial and residential investment properties and benefits from the receipt of rental income from substantial commercial tenants, most of whom are in the retail sector. The majority of leases relating to commercial properties are in excess of 10 years.

Rental and associated income has increased from last year, as the company continues its recovery from the COVID-19 pandemic when income was impacted during this period. The company continues to undertake a program of significant refurbishment of properties during any void periods to ensure that the portfolio remains attractive to potential tenants, and this has resulted in a good level of re-letting on attractive terms.

The wholly owned subsidiary Cubberley Estates Limited continues to own a portfolio of residential properties which are let on a short term basis.

PRINCIPAL RISKS AND UNCERTAINTIES
The company derives most of its income from well known high street retailers whose financial performance fluctuated over the last year. The risk is mitigated by the overall financial strength of these tenants whose cash flows are robust.

Whilst the directors acknowledge there are greater challenges facing the UK retail sector, they consider that the varied nature of the existing tenants spreads that risk so that income streams can be maintained in the future.

Future changes in interest rates could adversely affect the company's liquidity. Cash resources however remain good and external borrowing levels represent less than 30% of the value of the property portfolio and it is therefore envisaged that any potential increase in interest rates can be absorbed without difficulty

FUTURE DEVELOPMENTS
The group will continue to manage it's property portfolio and refurbish properties as necessary to ensure that they remain competitive and attractive to potential tenants.

ON BEHALF OF THE BOARD:





N L Grant - Director


31 August 2023

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2023 will be £105,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

Mrs P C Grant
N L Grant
A L Grant

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Crombies Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N L Grant - Director


31 August 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SWANSTON HOLDINGS PLC

Opinion
We have audited the financial statements of Swanston Holdings PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SWANSTON HOLDINGS PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SWANSTON HOLDINGS PLC


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property rental sector

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
-performed analytical procedures to identify any unusual or unexpected relationships;
-tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation;
-reading the minutes of meetings of those charged with governance;
-enquiring of management as to actual and potential litigation and claims; and
-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SWANSTON HOLDINGS PLC


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Cattell FCA (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

31 August 2023

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

TURNOVER 980,906 970,539

Administrative expenses 553,952 243,318
OPERATING PROFIT 4 426,954 727,221

Interest receivable and similar income 107 3
427,061 727,224

Interest payable and similar expenses 5 249,154 158,388
PROFIT BEFORE TAXATION 177,907 568,836

Tax on profit 6 53,798 98,944
PROFIT FOR THE FINANCIAL YEAR 124,109 469,892
Profit attributable to:
Owners of the parent 124,109 469,892

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 124,109 469,892


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

124,109

469,892

Total comprehensive income attributable to:
Owners of the parent 124,109 469,892

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 409,493 433,044
Investments 10 40,755 40,755
Investment property 11 19,538,471 20,707,643
19,988,719 21,181,442

CURRENT ASSETS
Debtors 12 165,519 170,491
Cash at bank 442,881 798,987
608,400 969,478
CREDITORS
Amounts falling due within one year 13 173,250 276,849
NET CURRENT ASSETS 435,150 692,629
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,423,869

21,874,071

CREDITORS
Amounts falling due after more than one year 14 (5,809,980 ) (7,279,291 )

PROVISIONS FOR LIABILITIES 16 (28,700 ) (28,700 )
NET ASSETS 14,585,189 14,566,080

CAPITAL AND RESERVES
Called up share capital 17 51,355 51,355
Share premium 18 359,075 359,075
Fair value reserve 18 2,767,076 3,411,701
Retained earnings 18 11,407,683 10,743,949
SHAREHOLDERS' FUNDS 14,585,189 14,566,080

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:





N L Grant - Director


SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 408,571 431,893
Investments 10 401,185 401,185
Investment property 11 18,603,472 19,772,644
19,413,228 20,605,722

CURRENT ASSETS
Debtors 12 165,519 159,146
Cash at bank 441,276 796,898
606,795 956,044
CREDITORS
Amounts falling due within one year 13 153,360 293,173
NET CURRENT ASSETS 453,435 662,871
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,866,663

21,268,593

CREDITORS
Amounts falling due after more than one year 14 5,326,846 6,796,157
NET ASSETS 14,539,817 14,472,436

CAPITAL AND RESERVES
Called up share capital 17 51,355 51,355
Share premium 18 359,075 359,075
Fair value reserve 18 2,559,683 3,204,309
Retained earnings 18 11,569,704 10,857,697
SHAREHOLDERS' FUNDS 14,539,817 14,472,436

Company's profit for the financial year 172,382 433,588

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:





N L Grant - Director


SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 June 2021 51,355 10,430,623 359,075 3,345,135 14,186,188

Changes in equity
Dividends - (90,000 ) - - (90,000 )
Total comprehensive income - 403,326 - 66,566 469,892
Balance at 31 May 2022 51,355 10,743,949 359,075 3,411,701 14,566,080

Changes in equity
Dividends - (105,000 ) - - (105,000 )
Total comprehensive income - 768,734 - (644,625 ) 124,109
Balance at 31 May 2023 51,355 11,407,683 359,075 2,767,076 14,585,189

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 June 2021 51,355 10,580,675 359,075 3,137,744 14,128,849

Changes in equity
Dividends - (90,000 ) - - (90,000 )
Total comprehensive income - 367,022 - 66,565 433,587
Balance at 31 May 2022 51,355 10,857,697 359,075 3,204,309 14,472,436

Changes in equity
Dividends - (105,000 ) - - (105,000 )
Total comprehensive income - 817,007 - (644,626 ) 172,381
Balance at 31 May 2023 51,355 11,569,704 359,075 2,559,683 14,539,817

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 380,874 590,359
Interest paid (249,154 ) (158,388 )
Tax paid (98,237 ) (37,376 )
Net cash from operating activities 33,483 394,595

Cash flows from investing activities
Purchase of investment property (20,828 ) (97,566 )
Sale of fixed asset investments 14,273 110,207
Sale of investment property 1,190,000 45,000
Interest received 107 3
Net cash from investing activities 1,183,552 57,644

Cash flows from financing activities
Loan repayments in year (1,137,049 ) -
Amount withdrawn by directors (331,092 ) (445,019 )
Equity dividends paid (105,000 ) (90,000 )
Net cash from financing activities (1,573,141 ) (535,019 )

Decrease in cash and cash equivalents (356,106 ) (82,780 )
Cash and cash equivalents at beginning of
year

2

798,987

881,767

Cash and cash equivalents at end of year 2 442,881 798,987

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 177,907 568,836
Depreciation charges 23,553 25,186
Profit on disposal of fixed assets (14,273 ) (110,207 )
Finance costs 249,154 158,388
Finance income (107 ) (3 )
436,234 642,200
Decrease/(increase) in trade and other debtors 4,972 (55,008 )
(Decrease)/increase in trade and other creditors (60,332 ) 3,167
Cash generated from operations 380,874 590,359

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 442,881 798,987
Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 798,987 881,767


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.22 Cash flow At 31.5.23
£    £    £   
Net cash
Cash at bank 798,987 (356,106 ) 442,881
798,987 (356,106 ) 442,881
Debt
Debts falling due after 1 year (5,500,000 ) 1,137,049 (4,362,951 )
(5,500,000 ) 1,137,049 (4,362,951 )
Total (4,701,013 ) 780,943 (3,920,070 )

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Swanston Holdings PLC is a public unquoted company, registered in England and Wales and whose shareholders' liability is limited by shares. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - straight line over lease term
Improvements to property - 4% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 9,096 9,700
Social security costs - 119
9,096 9,819

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Administration staff 3 3

2023 2022
£    £   
Directors' remuneration 9,096 9,700

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 23,551 25,186
Profit on disposal of fixed assets (14,273 ) (110,207 )
Auditors' remuneration 10,200 9,750

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan interest 32,517 43,601
Mortgage interest 216,637 114,787
249,154 158,388

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 53,798 98,944
Tax on profit 53,798 98,944

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £1 each
Interim 105,000 90,000

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. TANGIBLE FIXED ASSETS

Group
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 June 2022
and 31 May 2023 300,000 273,043 58,541
DEPRECIATION
At 1 June 2022 114,662 54,609 35,465
Charge for year 6,522 10,921 4,615
At 31 May 2023 121,184 65,530 40,080
NET BOOK VALUE
At 31 May 2023 178,816 207,513 18,461
At 31 May 2022 185,338 218,434 23,076

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 43,688 1,246 676,518
DEPRECIATION
At 1 June 2022 37,492 1,246 243,474
Charge for year 1,493 - 23,551
At 31 May 2023 38,985 1,246 267,025
NET BOOK VALUE
At 31 May 2023 4,703 - 409,493
At 31 May 2022 6,196 - 433,044

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
Short to Plant and and
leasehold property machinery fittings Totals
£    £    £    £    £   
COST
At 1 June 2022
and 31 May 2023 300,000 273,043 58,541 32,688 664,272
DEPRECIATION
At 1 June 2022 114,662 54,609 35,465 27,643 232,379
Charge for year 6,522 10,921 4,615 1,264 23,322
At 31 May 2023 121,184 65,530 40,080 28,907 255,701
NET BOOK VALUE
At 31 May 2023 178,816 207,513 18,461 3,781 408,571
At 31 May 2022 185,338 218,434 23,076 5,045 431,893

10. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 June 2022
and 31 May 2023 40,755
NET BOOK VALUE
At 31 May 2023 40,755
At 31 May 2022 40,755
Company
Unlisted
investments
£   
COST
At 1 June 2022
and 31 May 2023 401,185
NET BOOK VALUE
At 31 May 2023 401,185
At 31 May 2022 401,185


SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 June 2022 20,707,643
Additions 20,828
Disposals (1,190,000 )
At 31 May 2023 19,538,471
NET BOOK VALUE
At 31 May 2023 19,538,471
At 31 May 2022 20,707,643

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2015 4,321,599
Valuation in 2017 227,968
Valuation in 2018 371,412
Valuation in 2019 (1,855,022 )
Valuation in 2020 (8,259 )
Valuation in 2021 263,043
Cost 16,217,730
19,538,471

Company
Total
£   
FAIR VALUE
At 1 June 2022 19,772,644
Additions 20,828
Disposals (1,190,000 )
At 31 May 2023 18,603,472
NET BOOK VALUE
At 31 May 2023 18,603,472
At 31 May 2022 19,772,644

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2015 4,321,599
Valuation in 2018 371,412
Valuation in 2019 (1,805,022 )
Valuation in 2021 203,043
Valuation in 2022 (20,137 )
Cost 15,532,577
18,603,472

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 165,519 91,449 165,519 91,449
Other debtors - 64,215 - 52,870
Prepayments and accrued income - 14,827 - 14,827
165,519 170,491 165,519 159,146

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 39 16,955 40 15,257
Amounts owed to group undertakings - - - 35,989
Tax 54,505 98,944 45,228 90,361
Social security and other taxes 39,253 73,512 39,253 73,512
Other creditors 13 1,461 13 1,461
Rent received in advance 58,876 66,843 58,876 66,843
Directors' current accounts 6,655 5,485 - -
Accruals & deferred income 13,909 13,649 9,950 9,750
173,250 276,849 153,360 293,173

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 15) 4,362,951 5,500,000 4,362,951 5,500,000
Other loans 246,003 246,003 - -
Directors' loan accounts 1,201,026 1,533,288 963,895 1,296,157
5,809,980 7,279,291 5,326,846 6,796,157

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,362,951 5,500,000 4,362,951 5,500,000

16. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 28,700 28,700

SWANSTON HOLDINGS PLC (REGISTERED NUMBER: 04216699)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

16. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 June 2022 28,700
Balance at 31 May 2023 28,700

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,055 Ordinary A £1 50,055 50,055
650 Ordinary B £1 650 650
650 Ordinary C £1 650 650
51,355 51,355

18. RESERVES

Group
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 June 2022 10,743,949 359,075 3,411,701 14,514,725
Profit for the year 124,109 124,109
Dividends (105,000 ) (105,000 )
Gain/loss on revaluation 644,625 - (644,625 ) -
At 31 May 2023 11,407,683 359,075 2,767,076 14,533,834

Company
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 June 2022 10,857,697 359,075 3,204,309 14,421,081
Profit for the year 172,382 172,382
Dividends (105,000 ) (105,000 )
Gain/loss on revaluation 644,625 - (644,626 ) (1 )
At 31 May 2023 11,569,704 359,075 2,559,683 14,488,462