Swiftpath Business Solutions Limited |
Registered number |
Balance Sheet |
05864068 |
as at 30 June 2023 |
|
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
145 |
|
|
142,884 |
Investment properties |
4 |
|
|
480,000 |
|
|
712,500 |
Investment in subsidiary |
5 |
|
|
897 |
|
|
897 |
|
|
|
|
481,042 |
|
|
856,281 |
|
Current assets |
Debtors |
6 |
|
424,950 |
|
|
414,187 |
Cash at bank and in hand |
|
|
791,814 |
|
|
513,961 |
|
|
|
1,216,764 |
|
|
928,148 |
|
Creditors: amounts falling due within one year |
7 |
|
(99,852) |
|
|
(84,544) |
|
Net current assets |
|
|
|
1,116,912 |
|
|
843,604 |
|
Total assets less current liabilities |
|
|
|
1,597,954 |
|
|
1,699,885 |
|
Provisions for liabilities |
Deferred taxation |
|
|
|
(5,500) |
|
|
(64,700) |
|
Net assets |
|
|
|
1,592,454 |
|
|
1,635,185 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
1,592,453 |
|
|
1,635,184 |
|
Shareholders' funds |
|
|
|
1,592,454 |
|
|
1,635,185 |
|
|
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
A Whitrod |
Director |
Approved by the board on 26 September 2024 |
|
Swiftpath Business Solutions Limited |
Notes to the Accounts |
for the year ended 30 June 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, as modified by the revaluation of investment properties, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applied to small entities by section 1A of the standard. |
|
|
Group accounts |
|
The company and its subsidiary company comprise a small-sized group and the company is therefore not required to prepare group accounts. Accordingly, the financial statements present information about the company as an individual undertaking rather than consolidated accounts for the group. |
|
|
Turnover |
|
The company's turnover now comprises rental income received from its property investments. |
|
|
Tangible fixed assets and depreciation |
|
Tangible fixed assets are measured at cost less accumulated depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: |
|
Land and buildings - |
1% p.a. on the straight line basis |
|
Equipment - |
25% p.a. on the reducing balance basis |
|
|
Investment properties |
|
Investment properties are valued at the balance sheet date and included in the accounts at their open market value. Changes in the value of investment properties are taken to the profit and loss account. The company departs from the legal requirement in the Companies Acts to charge depreciation on investment properties in order to satisfy the overriding requirement for the accounts to give a true and fair view of the company's results. |
|
|
Investment in subsidiaries |
|
Investments in subsidiaries are measured at cost less any provisions made for impairment losses. |
|
|
Deferred taxation |
|
Full provision is made for deferred tax liabilities resulting from timing differences, including a provision for the tax that would be payable by the company were its investment property to be sold at its balance sheet valuation. Deferred tax is calculated on an un-discounted basis. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. At the end of each reporting period monetary assets and liabilities are translated at the closing rate of exchange and any differences are taken to profit and loss. |
|
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of employees |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 July 2022 |
156,376 |
|
11,455 |
|
167,831 |
|
Transfers |
1,934 |
|
(1,934) |
|
- |
|
Disposals |
(158,310) |
|
- |
|
(158,310) |
|
At 30 June 2023 |
- |
|
9,521 |
|
9,521 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2022 |
13,943 |
|
11,004 |
|
24,947 |
|
Charge for the year |
- |
|
48 |
|
48 |
|
Transfers |
1,676 |
|
(1,676) |
|
- |
|
On disposals |
(15,619) |
|
- |
|
(15,619) |
|
At 30 June 2023 |
- |
|
9,376 |
|
9,376 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2023 |
- |
|
145 |
|
145 |
|
At 30 June 2022 |
142,433 |
|
451 |
|
142,884 |
|
|
|
4 |
Investment properties |
£ |
|
|
|
Valuation |
|
At 1 July 2022 |
712,500 |
|
Deficit on revaluation |
(232,500) |
|
|
At 30 June 2023 |
480,000 |
|
|
|
|
Investment properties have been valued by the company as at 30 June 2023 on an open market basis, taking into account professional opinions obtained. The properties appear to be far less marketable than had previously been believed and the values have been written-down accordingly. The historical cost of the properties amounts to £379,980 (2022: £379,980). |
|
|
|
5 |
Investment in subsidiary |
£ |
|
Cost |
|
At 1 July 2022 |
897 |
|
|
At 30 June 2023 |
897 |
|
|
|
|
|
|
|
|
|
6 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Amounts owed by subsidiary company |
|
420,464 |
|
414,043 |
|
Other debtors |
4,486 |
|
144 |
|
|
|
|
|
|
424,950 |
|
414,187 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Corporate taxes |
|
|
|
|
36,822 |
|
10,459 |
|
Other taxes |
6,099 |
|
6,391 |
|
Other creditors |
56,931 |
|
67,694 |
|
|
|
|
|
|
99,852 |
|
84,544 |
|
|
|
|
|
|
|
|
|
|
|
8 |
Controlling party |
|
|
At 30 June 2023 the company was controlled by the director, Mrs A Whitrod, who held a beneficial interest in the company's entire issued share capital. |
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|
|
9 |
Other information |
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|
Swiftpath Business Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is 1 Britten Close, Langdon Hills, Basildon SS16 6TB. |