REGISTERED NUMBER: |
Unaudited Financial Statements For The Year Ended 31 July 2023 |
for |
Swans Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements For The Year Ended 31 July 2023 |
for |
Swans Limited |
Swans Limited (Registered number: 04025135) |
Contents of the Financial Statements |
For The Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Swans Limited |
Company Information |
For The Year Ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Mill House |
58 Guildford Street |
Chertsey |
Surrey |
KT16 9BE |
Swans Limited (Registered number: 04025135) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Swans Limited (Registered number: 04025135) |
Balance Sheet - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Swans Limited (Registered number: 04025135) |
Notes to the Financial Statements |
For The Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Swans Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rentals income and is measured at the fair value of the consideration received or receivable for the period. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Small items of capital expenditure (under £500) on equipment and fixtures are written off as incurred. |
Investment property |
Investment property acquisitions are stated at cost together with any refurbishment and improvement costs where such work is not complete at the end of the financial year. Once complete Investment property is shown at most recent valuation carried out by qualified Chartered Surveyors at their open market value. Any aggregate surplus or deficit arising from changes in such fair value is recognised in the income statement and retained earnings carried forward. |
Taxation |
Taxation represents the sum of tax currently payable, and deferred tax if material. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax, where material, is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Swans Limited (Registered number: 04025135) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. |
Cash at bank and in hand |
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Creditors |
Creditors, provisions and accrued costs are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
Financial Instruments |
Other than Investment Properties (see above) the Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Swans Limited (Registered number: 04025135) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Additions |
Impairments | (185,330 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Investment property was last valued on an open market basis on 31 October 2023 by John Bray and Partners, a professional Property Company, and was undertaken by Mr A Roads MRICS who is a partner in that firm and who is a director and Trustee of the Millennium Oak Trust which is the ultimate controlling party of this Company. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade creditors |
VAT | 14,372 | 14,592 |
Other creditors |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
value: | £ | £ |
Share capital 1 | £1 | 1,500,001 | 1,500,001 |
Swans Limited (Registered number: 04025135) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the year |
Transfer to(from) Revaluation |
Reserve | (185,330 | ) |
Deferred tax on revaluation | 7,907 |
At 31 July 2023 |
10. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned trading company of a registered charity, The Millennium Oak Trust. |