2023-04-012024-03-312024-03-31false04067663John Swift Homes 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John Swift Homes Limited

Registered Number
04067663
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

John Swift Homes Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mr J L B S Swift
Mrs V C Swift

Company Secretary

Mrs V C Swift

Registered Address

2 Hobson Court
Penrith 40 Business Park
Penrith
CA11 9GQ

Registered Number

04067663 (England and Wales)
John Swift Homes Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3177,42480,886
Investments4393,960189,329
571,384270,215
Current assets
Stocks1,918,6112,391,048
Debtors51,047,9282,172,530
Cash at bank and on hand323,395463,138
3,289,9345,026,716
Creditors amounts falling due within one year6(527,756)(618,819)
Net current assets (liabilities)2,762,1784,407,897
Total assets less current liabilities3,333,5624,678,112
Creditors amounts falling due after one year7-(27,831)
Provisions for liabilities9(14,900)(17,600)
Net assets3,318,6624,632,681
Capital and reserves
Called up share capital300300
Profit and loss account3,318,3624,632,381
Shareholders' funds3,318,6624,632,681
The financial statements were approved and authorised for issue by the Board of Directors on 13 September 2024, and are signed on its behalf by:
Mr J L B S Swift
Director
Registered Company No. 04067663
John Swift Homes Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at cost. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 23136,18972,844209,033
Additions-192,188192,188
Disposals-(68,164)(68,164)
At 31 March 24136,189196,868333,057
Depreciation and impairment
At 01 April 23123,6924,455128,147
Charge for year18940,87741,066
On disposals-(13,580)(13,580)
At 31 March 24123,88131,752155,633
Net book value
At 31 March 2412,308165,116177,424
At 31 March 2312,49768,38980,886
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 April 23189,329189,329
Additions1,107,4481,107,448
Disposals(902,817)(902,817)
At 31 March 24393,960393,960
Net book value
At 31 March 24393,960393,960
At 31 March 23189,329189,329

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings163,0732,119,334
Other debtors8,85423,909
Prepayments and accrued income876,00129,287
Total1,047,9282,172,530
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables141,852126,309
Taxation and social security288,695404,068
Finance lease and HP contracts-13,216
Other creditors89,65070,927
Accrued liabilities and deferred income7,5594,299
Total527,756618,819
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured on the assets to which they relate.
7.Creditors: amounts due after one year

2024

2023

££
Other creditors-27,831
Total-27,831
Finance lease and HP contracts equal to £nil (2023 - £41,047) are included within other creditors and are secured against the assets to which they relate.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-27,831
9.Provisions for liabilities
The provision for deferred tax is made up of £nil in respect of accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)14,90017,600
Total14,90017,600
10.Related party transactions
During the year the directors had a loan account with the company. At the balance sheet date the company owed the directors £89,650 (2023 - £70,927). This loan is unsecured, interest free and repayable upon demand.
11.Parent-subsidiary relationships
The immediate and ultimate parent undertaking is Coledale Property Holdings Limited.