Company registration number 12128332 (England and Wales)
SWIM COMMERCIAL PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SWIM COMMERCIAL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SWIM COMMERCIAL PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
837,500
-
0
Current assets
Debtors
4
160,569
80,467
Creditors: amounts falling due within one year
5
(431,438)
(85,313)
Net current liabilities
(270,869)
(4,846)
Total assets less current liabilities
566,631
(4,846)
Creditors: amounts falling due after more than one year
6
(583,800)
-
0
Net liabilities
(17,169)
(4,846)
Capital and reserves
Called up share capital
202
100
Profit and loss reserves
(17,371)
(4,946)
Total equity
(17,169)
(4,846)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
J Williamson
Director
Company Registration No. 12128332
SWIM COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Swim Commercial Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 52 Tithebarn Street, Liverpool, Liverpool, United Kingdom, L2 2SR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SWIM COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
SWIM COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 August 2022
-
0
Additions
837,500
At 31 July 2023
837,500
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
160,569
80,467
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan and overdraft (secured)
172,275
-
0
Other creditors
259,163
85,313
431,438
85,313
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan (secured)
583,800
-
0
SWIM COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
7
Related party transactions

The directors of the company are also directors of Vextrix Management Ltd. During the year the company charged rents of £nil (2022 - £nil) to Vextrix Management Ltd.

 

During the year the company was advanced further monies from Vextrix Management Ltd. The balance outstanding at the year end is £256,192 (2022 : £83,092). This balance is disclosed within other creditors under one year, is repayable on demand and bears no interest.

 

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