Registered number
05864068
Swiftpath Business Solutions Limited
Filleted Accounts
30 June 2023
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.
9 Other information
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.
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