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Swan Developments Ltd

Financial Statements for the Year Ended 31 January 2024






Swan Developments Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTOR: M P Thomas





REGISTERED OFFICE: Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AA





REGISTERED NUMBER: 12392031 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Swan Developments Ltd


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swan Developments Ltd for the year ended 31 January 2024 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Swan Developments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Swan Developments Ltd and state those matters that we have agreed to state to the director of Swan Developments Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swan Developments Ltd and its director for our work or for this report.

It is your duty to ensure that Swan Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Swan Developments Ltd. You consider that Swan Developments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Swan Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


24 August 2024

Swan Developments Ltd (Registered number: 12392031)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 1,225,994 1,225,994

CURRENT ASSETS
Debtors 4 6,600 2,700
Cash at bank 8,505 12,632
15,105 15,332
CREDITORS
Amounts falling due within one year 5 7,624 5,439
NET CURRENT ASSETS 7,481 9,893
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,233,475

1,235,887

CREDITORS
Amounts falling due after more than
one year

6

1,222,889

1,228,118
NET ASSETS 10,586 7,769

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10,486 7,669
SHAREHOLDERS' FUNDS 10,586 7,769

Swan Developments Ltd (Registered number: 12392031)

Balance Sheet - continued
31 January 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 August 2024 and were signed by:





M P Thomas - Director


Swan Developments Ltd (Registered number: 12392031)

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


1. 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.

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

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 Profit & Loss Account, 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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Swan Developments Ltd (Registered number: 12392031)

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


3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 1,225,994
NET BOOK VALUE
At 31 January 2024 1,225,994
At 31 January 2023 1,225,994

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors & prepayments 6,600 2,700

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxes & social security costs 4,629 3,840
Other creditors & accruals 2,995 1,599
7,624 5,439

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 850,945 858,267
Other creditors 371,944 369,851
1,222,889 1,228,118

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 850,945 858,267

Swan Developments Ltd (Registered number: 12392031)

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


7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 850,945 858,267

The bank loans are in the form of mortgages and are secured against the properties to which they relates.