REGISTERED NUMBER: |
Swan House (Leatherhead) Limited |
Financial Statements |
for the Year Ended 24 March 2024 |
REGISTERED NUMBER: |
Swan House (Leatherhead) Limited |
Financial Statements |
for the Year Ended 24 March 2024 |
Swan House (Leatherhead) Limited (Registered number: 09559051) |
Contents of the Financial Statements |
for the year ended 24 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Swan House (Leatherhead) Limited |
Company Information |
for the year ended 24 March 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Swan House (Leatherhead) Limited (Registered number: 09559051) |
Balance Sheet |
24 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
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. |
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 |
Swan House (Leatherhead) Limited (Registered number: 09559051) |
Notes to the Financial Statements |
for the year ended 24 March 2024 |
1. | Statutory information |
Swan House (Leatherhead) Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
A summary of the principal accounting policies, all of which, unless otherwise stated, have been consistently applied throughout the year and the preceding year, are set out below. |
The presentational currency of the financial statements is British Sterling (£). Amounts are rounded to the nearest £. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical judgements in applying the company's accounting policies |
The company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
(b) Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised on a straight line basis over the term of the contract. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Swan House (Leatherhead) Limited (Registered number: 09559051) |
Notes to the Financial Statements - continued |
for the year ended 24 March 2024 |
2. | Accounting policies - continued |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular the directors have tested their cash flow analysis to take into account any impact on their business of possible scenarios that may arise alongside the measures that they can take to mitigate any impact. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash and cash equivalents, trade and other receivables, and trade and other payables. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Financial assets - classified as basic financial instruments |
(i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
Financial liabilities |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
3. | Employees and directors |
The average number of employees during the year was |
Swan House (Leatherhead) Limited (Registered number: 09559051) |
Notes to the Financial Statements - continued |
for the year ended 24 March 2024 |
4. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Other creditors |
Accruals and deferred income |
6. | Leasing agreements |
The company has non-cancellable operating leases; the amounts due to the next rent reviews, which is when the leases become cancellable by either party, are as follows: |
2024 | 2023 |
£ | £ |
Within 1 year | 97,620 | 97,620 |
Within 2 to 5 years | 78,108 | 175,995 |
Greater than 5 years | - | - |
175,728 | 273,615 |
7. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company's immediate and ultimate parent company is Eames London Estates Limited, a company registered in England and Wales, and with a registered office of; New Derwent House, 69-73 Theobalds Road, London, WC1X 8TA. |
Eames London Estates Limited has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated accounts. |
8. | Ultimate controlling party |
There is no ultimate controlling party. |