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COMPANY REGISTRATION NUMBER: 02201346
Swale Properties (Kent) Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 May 2023
Swale Properties (Kent) Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
4,312
5,489
Current Assets
Debtors
6
222,458
215,755
Cash at bank and in hand
20,361
46,819
----------
----------
242,819
262,574
Creditors: amounts falling due within one year
7
91,188
96,467
----------
----------
Net Current Assets
151,631
166,107
----------
----------
Total Assets Less Current Liabilities
155,943
171,596
Creditors: amounts falling due after more than one year
8
34,478
39,440
----------
----------
Net Assets
121,465
132,156
----------
----------
Swale Properties (Kent) Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
110
110
Profit and loss account
121,355
132,046
----------
----------
Shareholders Funds
121,465
132,156
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 February 2024 , and are signed on behalf of the board by:
P Huane
Director
Company registration number: 02201346
Swale Properties (Kent) Limited
Notes to the Financial Statements
Year Ended 31st May 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, CO1 1QT, Essex.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
25% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible Assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st June 2022 and 31st May 2023
4,019
4,605
39,286
47,910
-------
-------
--------
--------
Depreciation
At 1st June 2022
4,019
691
37,711
42,421
Charge for the year
783
394
1,177
-------
-------
--------
--------
At 31st May 2023
4,019
1,474
38,105
43,598
-------
-------
--------
--------
Carrying amount
At 31st May 2023
3,131
1,181
4,312
-------
-------
--------
--------
At 31st May 2022
3,914
1,575
5,489
-------
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
4,658
248
Other debtors
217,800
215,507
----------
----------
222,458
215,755
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,121
5,280
Trade creditors
12,975
12,983
Corporation tax
3,980
Social security and other taxes
10,919
14,837
Other creditors
62,173
59,387
--------
--------
91,188
96,467
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,478
39,440
--------
--------