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REGISTERED NUMBER: 10269041 (England and Wales)















SWINFORD (SIROCCO) LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






SWINFORD (SIROCCO) LIMITED (REGISTERED NUMBER: 10269041)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 5

SWINFORD (SIROCCO) LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P J Kelly
P J Silk
J P Osborne





REGISTERED OFFICE: The Mill
One High Street
Henley-in-Arden
Warwickshire
B95 5AA





REGISTERED NUMBER: 10269041 (England and Wales)





ACCOUNTANTS: Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB

SWINFORD (SIROCCO) LIMITED (REGISTERED NUMBER: 10269041)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Stocks 27,382,121 25,849,157
Debtors 4 14,038 32,930
Cash at bank 2,991 413
27,399,150 25,882,500
CREDITORS
Amounts falling due within one year 5 27,755,461 26,207,392
NET CURRENT LIABILITIES (356,311 ) (324,892 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(356,311

)

(324,892

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (356,411 ) (324,992 )
SHAREHOLDERS' FUNDS (356,311 ) (324,892 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





P J Kelly - Director


SWINFORD (SIROCCO) LIMITED (REGISTERED NUMBER: 10269041)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Swinford (Sirocco) 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.

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


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.

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

Stocks
Inventories principally comprise land and property under development with a view to sale. All inventories are carried at the lower of cost and net realisable value.

Cost comprises land, stamp duty, acquisition and other legals, borrowing, planning, environmental and ecology, architects, consultancy, direct materials and, where applicable, direct labour costs that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less any further costs expected to be incurred to completion and disposal.

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

Going concern
The directors have considered the period ending 12 months after approving these financial statements. The directors are prepared to fully support the company financially, and loans will not be withdrawn to the detriment of other creditors. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

SWINFORD (SIROCCO) LIMITED (REGISTERED NUMBER: 10269041)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 14,038 32,930

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 270,954 195,751
Other creditors 27,484,507 26,011,641
27,755,461 26,207,392

6. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Other creditors 9,215,089 8,665,535

7. RELATED PARTY DISCLOSURES

Included in Other creditors is £17,990,854 (31 December 2022: £16,678,341) owed to entities in which the directors have a significant influence.These financial instruments are measured at amortised cost and are interest free, unsecured, have no fixed date of repayment and are repayable on demand. The company also owes Corbally Holdings Limited ( a company in which P J Kelly has a significant influence) £9,215,089 (2022: £8,665,535). The loan is unsecured, has no fixed date of repayment and is repayable on demand. Interest has been charged on the loan at an annual rate of 12%. These borrowing costs are included in the inventory valuation.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Directors.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Swinford (Sirocco) Limited


The following reproduces the text of the report prepared for the directors 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 Directors 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 Swinford (Sirocco) Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Swinford (Sirocco) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Swinford (Sirocco) Limited and state those matters that we have agreed to state to the Board of Directors of Swinford (Sirocco) Limited, as a body, 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 Swinford (Sirocco) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Swinford (Sirocco) Limited 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 loss of Swinford (Sirocco) Limited. You consider that Swinford (Sirocco) Limited 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 Swinford (Sirocco) Limited. 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.






Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB


6 September 2024