Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetrue2023-01-01falseOperating a hotel, restaurant and public house.2930truefalse 02735593 2023-01-01 2023-12-31 02735593 2022-01-01 2022-12-31 02735593 2023-12-31 02735593 2022-12-31 02735593 2022-01-01 02735593 1 2022-01-01 2022-12-31 02735593 5 2022-01-01 2022-12-31 02735593 d:Director1 2023-01-01 2023-12-31 02735593 e:Buildings 2023-01-01 2023-12-31 02735593 e:Buildings 2023-12-31 02735593 e:Buildings 2022-12-31 02735593 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02735593 e:MotorVehicles 2023-01-01 2023-12-31 02735593 e:MotorVehicles 2023-12-31 02735593 e:MotorVehicles 2022-12-31 02735593 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02735593 e:FurnitureFittings 2023-01-01 2023-12-31 02735593 e:FurnitureFittings 2023-12-31 02735593 e:FurnitureFittings 2022-12-31 02735593 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02735593 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02735593 e:CurrentFinancialInstruments 2023-12-31 02735593 e:CurrentFinancialInstruments 2022-12-31 02735593 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02735593 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02735593 e:ShareCapital 2023-01-01 2023-12-31 02735593 e:ShareCapital 2023-12-31 02735593 e:ShareCapital 2022-01-01 2022-12-31 02735593 e:ShareCapital 2022-12-31 02735593 e:ShareCapital 2022-01-01 02735593 e:RevaluationReserve 2023-01-01 2023-12-31 02735593 e:RevaluationReserve 2023-12-31 02735593 e:RevaluationReserve 2022-01-01 2022-12-31 02735593 e:RevaluationReserve 2022-12-31 02735593 e:RevaluationReserve 2022-01-01 02735593 e:RevaluationReserve 5 2022-01-01 2022-12-31 02735593 e:RevaluationReserve 8 2022-01-01 2022-12-31 02735593 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02735593 e:RetainedEarningsAccumulatedLosses 2023-12-31 02735593 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02735593 e:RetainedEarningsAccumulatedLosses 2022-12-31 02735593 e:RetainedEarningsAccumulatedLosses 2022-01-01 02735593 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 02735593 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02735593 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 02735593 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02735593 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02735593 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02735593 d:OrdinaryShareClass1 2023-12-31 02735593 d:OrdinaryShareClass1 2022-12-31 02735593 d:FRS102 2023-01-01 2023-12-31 02735593 d:Audited 2023-01-01 2023-12-31 02735593 d:FullAccounts 2023-01-01 2023-12-31 02735593 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02735593 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02735593 2 2023-01-01 2023-12-31 02735593 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02735593









SWANFIELD LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SWANFIELD LIMITED
REGISTERED NUMBER: 02735593

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,148,707
5,168,667

  
5,148,707
5,168,667

Current assets
  

Stocks
 6 
7,326
8,393

Debtors: amounts falling due within one year
 7 
1,035,282
866,312

Cash at bank and in hand
 8 
1,837,834
3,044,208

  
2,880,442
3,918,913

Creditors: amounts falling due within one year
 9 
(4,662,304)
(7,060,027)

Net current liabilities
  
 
 
(1,781,862)
 
 
(3,141,114)

Total assets less current liabilities
  
3,366,845
2,027,553

Provisions for liabilities
  

Deferred tax
 11 
(542,223)
(542,223)

  
 
 
(542,223)
 
 
(542,223)

Net assets
  
2,824,622
1,485,330


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
 13 
2,161,447
2,161,447

Profit and loss account
 13 
663,173
(676,119)

  
2,824,622
1,485,330


Page 1

 
SWANFIELD LIMITED
REGISTERED NUMBER: 02735593
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




Q Ahmed
Director

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
SWANFIELD LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
2
2,161,447
(676,119)
1,485,330


Comprehensive income for the year

Profit for the year
-
-
1,339,292
1,339,292
Total comprehensive income for the year
-
-
1,339,292
1,339,292


At 31 December 2023
2
2,161,447
663,173
2,824,622



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
2
3,088,753
(2,409,188)
679,567


Comprehensive income for the year

Profit for the year

-
-
1,727,130
1,727,130

Revaluation of tangible fixed assets
-
(921,367)
-
(921,367)

Tax relating to other comprehensive income
-
(5,939)
5,939
-


Other comprehensive income for the year
-
(927,306)
5,939
(921,367)


At 31 December 2022
2
2,161,447
(676,119)
1,485,330


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Swanfield Limited is a private company limited by shares incorporated in England and Wales, registration number 02735593. The registered office is QN House Unit 4, Loughton Business Centre, 5 Langston Road, Loughton, Essex, IG10 3FL. The principal activity of the company continued to be that of hotilier services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Q.N. (Holdings) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognised when services have been rendered, and is derived primarily from the rental of rooms, conference and banqueting, food and beverage sales.
 
Revenue is derived from hotel operations, and arose wholly in the United Kingdom.

Page 4

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
See below
Fixtures and fittings
-
15%
straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold property is held at fair value, determined by external valuers and and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 6

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


Page 8

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a signifcant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of land and buildings
The company has adopted the revaluation model for its land and buildings. At the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account the most recent independent valuations. The directors determine a property’s value within a range of reasonable fair value estimates.
During the year to 31 December 2023, a formal valuation was carried out by an independent RICS Chartered Surveyor. The valuation technique used in arriving at the value of the land and buildings in these financial statements was based on discounted future cash flows as valuers considers this approach to the one most likely to be adopted by potential purchasers. The valuation model considers the present value of net cashflows to be generated by the property taking into account expected rental growth and occupancy rate among other things. The expected net cashflows are discounted using a risk adjusted discount rate. The valuation of property at fair value is a source of significant estimation uncertainty as determining this involves the use of significant assumptions which include the discount rate.

Page 9

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

2023
2022
£
£

Wages and salaries
761,722
566,033

Social security costs
70,733
48,594

Cost of defined contribution scheme
12,476
10,914

844,931
625,541


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
2



Service staff
23
25



Administration and management staff
3
3

29
30

Page 10

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
4,378,633
302,000
1,760,323
6,440,956


Additions
-
287,490
122,945
410,435


Disposals
-
(177,246)
(1,896)
(179,142)



At 31 December 2023

4,378,633
412,244
1,881,372
6,672,249



Depreciation


At 1 January 2023
-
12,433
1,259,856
1,272,289


Charge for the year on owned assets
-
57,148
226,767
283,915


Disposals
-
(32,378)
(284)
(32,662)



At 31 December 2023

-
37,203
1,486,339
1,523,542



Net book value



At 31 December 2023
4,378,633
375,041
395,033
5,148,707



At 31 December 2022
4,378,633
289,567
500,467
5,168,667


6.


Stocks

2023
2022
£
£

Food and drink
7,326
8,393

7,326
8,393


Page 11

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
2,877
295,506

Amounts owed by group undertakings
997,821
527,241

Other debtors
1,551
1,000

Prepayments and accrued income
33,033
42,565

1,035,282
866,312



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,837,834
3,044,208

1,837,834
3,044,208



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
365,564
176,087

Amounts owed to group undertakings
2,855,883
3,574,398

Other taxation and social security
214,499
305,187

Other creditors
23,461
2,502

Accruals and deferred income
1,202,897
3,001,853

4,662,304
7,060,027


The company forms part of a cross company guarantee securing the Coutts' bank borrowings of Q.N. Hotels Limited. At 31 December 2023 these borrowings amounted to £5,529,563 (2022: £5,762,305).
The bank has a charge over the leasehold property and other assets of the company in respect of these borrowings.

Page 12

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,837,834
3,044,208




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


11.


Deferred taxation




2023


£






At beginning of year
(542,223)



At end of year
(542,223)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Property revaluations
(542,223)
(542,223)

(542,223)
(542,223)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 13

 
SWANFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments. 

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments


14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £12,476 (2022: £5,385).
Contributions totalling £2,884 (2022: £2,502) were payable to the fund at the balance sheet date.


15.


Related party transactions

The Company has taken advantage of the exemptions conferred in FRS 102 Section 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group. 
As as 31 December 2023, an amount of £1,000 (2022: £1,000) was due from a connected company. 


16.


Controlling party

The parent company is Q.N. Hotels Limited, a company incorporated in England and Wales.
The ultimate parent company is Q.N. (Holdings) Limited, a company incorporated in England and Wales.
The results for the year ended 31 December 2023 are included in the consolidated accounts of Q.N. (Holdings) Limited. The address of Q.N. (Holdings) Limited's registered office is QN House, Unit 4 Loughton Business Centre, 5 Langston Road, Loughton, Essex, IG10 3FL. The consolidated accounts can be found on Companies House. 


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Matthew Wells ACA (Senior statutory auditor) on behalf of Haslers.

 
Page 14