SW12 Limited |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
over 5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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 profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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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, less any impairment losses for bad and doubtful debts. |
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Creditors |
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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. |
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Taxation |
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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. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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4 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2022 |
24,183 |
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Additions |
1,313 |
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At 31 March 2023 |
25,496 |
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Depreciation |
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At 1 April 2022 |
22,947 |
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Charge for the year |
1,326 |
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At 31 March 2023 |
24,273 |
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Net book value |
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At 31 March 2023 |
1,223 |
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At 31 March 2022 |
1,236 |
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4 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
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Cost |
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At 1 April 2022 |
463,090 |
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97,210 |
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560,300 |
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Disposals |
- |
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(29,098) |
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(29,098) |
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At 31 March 2023 |
463,090 |
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68,112 |
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531,202 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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645,446 |
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651,046 |
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Other debtors |
4,240 |
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2,728 |
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649,686 |
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653,774 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
40 |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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567,088 |
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619,088 |
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Corporation tax |
7,564 |
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- |
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Other creditors |
4,170 |
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19,956 |
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578,862 |
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639,044 |
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7 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
30,200 |
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37,466 |
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8 |
Loans |
2023 |
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2022 |
£ |
£ |
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Creditors include: |
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Secured bank loans |
30,200 |
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37,466 |
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Bank loans are secured on the assets of the company. |
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9 |
Related party transactions |
2023 |
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2022 |
£ |
£ |
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Tritrend Limited |
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Loan |
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Tritrend Limited is under the control of Mr L. Carr, a director. During the year Tritrend Limited charged SW12 Limited management fees at arms length of £75,000. |
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Amount due to the related party |
4,750 |
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29,500 |
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Chelsea & Belgravia Investments Limited |
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Loan |
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Chelsea & Belgravia Investments Limited is under the control of Mr C. Leigh-Pemberton, a director.During the year Chelsea & Belgravia Investments Limited charged SW12 Limited management fees at arms length of £75,000. |
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Amount due to the related party |
4,750 |
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29,500 |
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Agavil Investments Limited |
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Interest free loan |
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Agavil Investments is a wholly owned subsidiary of SW12 Limited. During the year SW12 Limited charged Agavil Investments Limited £126,500 in management charges at arms length this amount has been deducted from the existing loan. |
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Amount due to the related party |
471,252 |
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473,752 |
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Haynes Estates Limited |
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Interest free loan |
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Haynes Estates is a wholly owned subsidiary of SW12 Limited. During the year SW12 Limited charged Haynes Estates Limited £Nil in management charges at arms length this amount has been deducted from the existing loan. |
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Amount due to the related party |
86,336 |
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86,336 |
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567,088 |
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619,088 |
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SW1A Limited |
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Interest free loan |
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The ordinary share capital of SW1A Limited is owned equally by Chelsea and Belgravia Investments Limited and Tritrend Limited. During the year SW12 Limited charged SW1A Limited £Nil in management charges at arms length this amount has been added from the existing loan. |
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Amount due from the related party |
(5,489) |
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(5,489) |
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SW1B Limited |
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Interest free loan |
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SW1B Limited is a wholly owned subsidiary of SW12 Limited. During the year SW12 Limited charged SW1B Limited £74,400 in management charges at arms length this amount has been added from the existing loan. |
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Amount due from the related party |
(639,957) |
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(645,557) |
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(645,446) |
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(651,046) |
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The directors are satisfied that the company is exempt from the requirement to prepare group accounts under section 399 of the Companies Act 2006 as such consolidated accounts have not been prepared. |
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10 |
Controlling party |
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The ultimate controlling party throughout the period was Mr L Carr, a director and Mr C Leigh-Pemberton, a director who equally own 100% of the issued share capital of SW12 Ltd as follows: Mr L Carr, a director, owns 50% of the issued share capital of SW12 Limited. Mr C Leigh-Pemberton, a director, owns 50% of the issued share capital of SW12 Limited. |
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11 |
Other information |
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SW12 Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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3 Holmer Terrace |
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Holmer |
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Hereford |
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HR4 9RH |