SW1B 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. |
|
|
Investments |
|
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. |
|
|
Stocks |
|
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. |
|
|
Debtors |
|
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. |
|
|
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 |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 April 2022 |
1,357,875 |
|
|
At 31 March 2023 |
1,357,875 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
93 |
|
1,478 |
|
Other debtors |
- |
|
1,057 |
|
|
|
|
|
|
93 |
|
2,535 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,480,527 |
|
1,490,127 |
|
Other creditors |
13,397 |
|
8,662 |
|
|
|
|
|
|
1,493,924 |
|
1,498,789 |
|
|
|
|
|
|
|
|
|
|
6 |
Related party transactions |
2023 |
|
2022 |
£ |
£ |
|
SW12 Limited |
|
SW12 Limited owns 100% of the issued share capital of SW1B Limited. During the year SW12 Limited charged SW1B Limited £74,400 in management charges at arms length this amount has been added to the existing loan. |
|
Interest free loan |
|
Amount due to the related party |
639,956 |
|
645,556 |
|
|
|
Haynes Estates Limited |
|
SW12 Limited owns 100% of the issued share capital of Haynes Estates Limited. |
|
Interest free loan |
|
Amount due to the related party |
178,844 |
|
182,844 |
|
|
|
Mr C. Leigh-Pemberton |
|
Mr C. Leigh-Pemberton, a director owns 50% of the issued share capital of SW12 Limited, the controlling party. Interest accrued at 3.5% to date £Nil. |
|
Loan |
|
Amount due to the related party |
70,000 |
|
70,000 |
|
|
|
Agavil Investments Limited |
|
SW12 Limited owns 100% of the issued share capital of Agavil Investments Limited. |
|
Interest free loan |
|
Amount due to the related party |
591,727 |
|
591,727 |
|
|
|
|
|
|
|
1,480,527 |
|
1,490,127 |
|
|
|
|
|
|
|
|
|
|
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. |
|
7 |
Controlling party |
|
|
Throughout the period the company was under the control of SW12 Limited, 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. |
|
8 |
Other information |
|
|
SW1B Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
3 Holmer Terrace |
|
Holmer |
|
Hereford |
|
HR4 9RH |