REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SWIPE LIVING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SWIPE LIVING LIMITED |
SWIPE LIVING LIMITED (REGISTERED NUMBER: 10205605) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
SWIPE LIVING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Medina House |
2 Station Avenue |
Bridlington |
East Yorkshire |
YO16 4LZ |
SWIPE LIVING LIMITED (REGISTERED NUMBER: 10205605) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SWIPE LIVING LIMITED (REGISTERED NUMBER: 10205605) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Swipe Living Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis of accounting. |
As described in the 'Related Party Transactions' note to these financial statements, the company is financially reliant on loans from companies under the control or influence of one of the directors, K J Bousfield, who has confirmed that the company has the continued financial support of these related party lenders. |
For this reason the directors consider that the going concern basis of accounting remains appropriate. |
Revenue |
Revenue relates to the sale of apps at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax, other taxes and is recognised upon supply. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
SWIPE LIVING LIMITED (REGISTERED NUMBER: 10205605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 1,275,062 | 1,263,827 |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
8. | RELATED PARTY DISCLOSURES |
During the year, the company incurred costs of £540,000 in respect of management charges invoiced by Bankside Business Park Limited for £475,000 and Ashcourt Properties (Newland) Limited for £65,000. In the prior year management charges of £450,000 were invoiced by Ashcourt Group Limited. |
The company recharged Ashcourt Group Limited £549,932 during the year and received net advances of £17,301 (2022: £651,918) from Ashcourt Group Limited and its subsidiaries. At 31 October 2023, the aggregate amount of loans owed to Ashcourt Group Limited and its subsidiaries was £356,515 (2022: £889,146). |
At 31 October 2023, the company also owed £440,032 (2022: £372,166) to Ashcourt Properties Limited and its subsidiary Ashcourt Properties (Newland) Limited. The company also owed £476,000 (2022: £nil) to Bankside Business Park Limited. |
Ashcourt Group Limited including its subsidiaries and Bankside Business Park Limited are controlled by a director, K J Bousfield. Ashcourt Properties Limited is a family company in which K J Bousfield has a significant but non-controlling interest. |