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Company No: 03375195 (England and Wales)

SWILLINGHAM & SPALDING LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

SWILLINGHAM & SPALDING LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

SWILLINGHAM & SPALDING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
SWILLINGHAM & SPALDING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 236,673 238,453
236,673 238,453
Current assets
Debtors 5 415,598 193,329
Cash at bank and in hand 333,871 350,595
749,469 543,924
Creditors: amounts falling due within one year 6 ( 213,299) ( 82,069)
Net current assets 536,170 461,855
Total assets less current liabilities 772,843 700,308
Provision for liabilities 7 ( 5,935) ( 5,935)
Net assets 766,908 694,373
Capital and reserves
Called-up share capital 8 121 121
Profit and loss account 766,787 694,252
Total shareholders' funds 766,908 694,373

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

Directors' responsibilities:

The financial statements of Swillingham & Spalding Limited (registered number: 03375195) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S Spalding
Director
L S Swillingham
Director

31 July 2024

SWILLINGHAM & SPALDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
SWILLINGHAM & SPALDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Swillingham & Spalding Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 74 Rochester Place, London, NW1 9JX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 5

3. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
Final dividend for the financial year ended 31 October 2023 of £190,000 (2022: £170,000) per ordinary share 190,000 170,000

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2022 209,410 149,575 358,985
Additions 0 12,153 12,153
At 31 October 2023 209,410 161,728 371,138
Accumulated depreciation
At 01 November 2022 0 120,532 120,532
Charge for the financial year 0 13,933 13,933
At 31 October 2023 0 134,465 134,465
Net book value
At 31 October 2023 209,410 27,263 236,673
At 31 October 2022 209,410 29,043 238,453

5. Debtors

2023 2022
£ £
Trade debtors 150,927 193,329
Accrued income 264,671 0
415,598 193,329

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 426 433
Trade creditors 136,566 33,002
Amounts owed to directors 16,561 11,444
Accruals 6,000 6,000
Taxation and social security 52,013 31,213
Other creditors 1,733 ( 23)
213,299 82,069

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 5,935) 0
Charged to the Statement of Income and Retained Earnings 0 ( 5,935)
At the end of financial year ( 5,935) ( 5,935)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
10 Ordinary B shares of £ 1.00 each 10 10
10 Ordinary C shares of £ 1.00 each 10 10
1 Ordinary D share of £ 1.00 1 1
121 121