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REGISTERED NUMBER: 03866469 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Swifts Property Ltd

Swifts Property Ltd (Registered number: 03866469)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Swifts Property Ltd (Registered number: 03866469)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 37,328 49,771
Investment property 6 1,465,991 1,391,442
1,503,319 1,441,213

CURRENT ASSETS
Debtors 7,250 3,785
Cash at bank 29,064 75,213
36,314 78,998
CREDITORS
Amounts falling due within one year 58,261 51,342
NET CURRENT (LIABILITIES)/ASSETS (21,947 ) 27,656
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,481,372

1,468,869

CREDITORS
Amounts falling due after more than one
year

(40,000

)

(70,000

)

PROVISIONS FOR LIABILITIES 7 (285,694 ) (270,168 )
NET ASSETS 1,155,678 1,128,701

CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 952,448 896,536
Retained earnings 203,130 232,065
SHAREHOLDERS' FUNDS 1,155,678 1,128,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Swifts Property Ltd (Registered number: 03866469)

Abridged Balance Sheet - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 29 August 2024 and were signed on its behalf by:





Mr S Carter - Director


Swifts Property Ltd (Registered number: 03866469)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Swifts Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03866469

Registered office: Unit 1 Swifts Farm
Hensting Lane
Fishers Pond
Eastleigh
Hampshire
SO50 7HH

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% 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 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Swifts Property Ltd (Registered number: 03866469)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 101,927
DEPRECIATION
At 1 April 2023 52,156
Charge for year 12,443
At 31 March 2024 64,599
NET BOOK VALUE
At 31 March 2024 37,328
At 31 March 2023 49,771

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,391,442
Revaluations 74,549
At 31 March 2024 1,465,991
NET BOOK VALUE
At 31 March 2024 1,465,991
At 31 March 2023 1,391,442

Included in fair value of investment property is freehold land of £ 1,465,991 (2023 - £ 1,391,442 ) which is not depreciated.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,465,991

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 285,694 270,168

Swifts Property Ltd (Registered number: 03866469)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 270,168
Provided during year 15,526
On fair value adjustment
Balance at 31 March 2024 285,694

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

9. RESERVES
Revaluation
reserve
£   
At 1 April 2023 896,536
Fair value adjustment 55,912

At 31 March 2024 952,448