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REGISTERED NUMBER: 10642475 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

SWAILES OF CHELSEA LIMITED

SWAILES OF CHELSEA LIMITED (REGISTERED NUMBER: 10642475)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SWAILES OF CHELSEA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: R H H Swailes





REGISTERED OFFICE: 4th Floor
St James House
St James Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 10642475 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR

SWAILES OF CHELSEA LIMITED (REGISTERED NUMBER: 10642475)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 6,630 7,800
Investment property 5 1,200,000 1,200,000
1,206,630 1,207,800

CURRENT ASSETS
Debtors 6 347 245
Cash at bank - 15,186
347 15,431
CREDITORS
Amounts falling due within one year 7 (827,248 ) (794,270 )
NET CURRENT LIABILITIES (826,901 ) (778,839 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

379,729

428,961

CREDITORS
Amounts falling due after more than one
year

8

(427,800

)

(427,800

)

PROVISIONS FOR LIABILITIES (37,267 ) (41,019 )
NET LIABILITIES (85,338 ) (39,858 )

CAPITAL AND RESERVES
Called up share capital 100 100
Investment property reserve 111,800 123,057
Retained earnings (197,238 ) (163,015 )
SHAREHOLDERS' FUNDS (85,338 ) (39,858 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SWAILES OF CHELSEA LIMITED (REGISTERED NUMBER: 10642475)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





R H H Swailes - Director


SWAILES OF CHELSEA LIMITED (REGISTERED NUMBER: 10642475)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Swailes of Chelsea Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company is funded via a bank loan and loan from the company director. The director has confirmed that he will not request repayment of the loan to the detriment of the business. The director, therefore, has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and believes the going concern basis of the accounting appropriate in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 December 2022
and 30 November 2023 9,885
DEPRECIATION
At 1 December 2022 2,085
Charge for year 1,170
At 30 November 2023 3,255
NET BOOK VALUE
At 30 November 2023 6,630
At 30 November 2022 7,800

SWAILES OF CHELSEA LIMITED (REGISTERED NUMBER: 10642475)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 December 2022 1,200,000
Additions 15,009
Revaluations (15,009 )
At 30 November 2023 1,200,000
NET BOOK VALUE
At 30 November 2023 1,200,000
At 30 November 2022 1,200,000

Fair value at 30 November 2023 is represented by:
£
Valuation in 2021 1,200,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 347 245

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other creditors 827,248 794,270

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans 427,800 427,800

9. SECURED DEBTS

The bank loan is secured on the investment property 20 Britten Street, Chelsea, SW3 3TU and by a personal guarantee from the director.