Sweetwall Ltd NI671370 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property rental. Digita Accounts Production Advanced 6.30.9574.0 true true NI671370 2023-04-01 2024-03-31 NI671370 2024-03-31 NI671370 bus:OrdinaryShareClass1 2024-03-31 NI671370 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI671370 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI671370 core:FurnitureFittingsToolsEquipment 2024-03-31 NI671370 bus:SmallEntities 2023-04-01 2024-03-31 NI671370 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI671370 bus:FilletedAccounts 2023-04-01 2024-03-31 NI671370 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI671370 bus:RegisteredOffice 2023-04-01 2024-03-31 NI671370 bus:Director1 2023-04-01 2024-03-31 NI671370 bus:Director2 2023-04-01 2024-03-31 NI671370 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI671370 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI671370 core:FurnitureFittings 2023-04-01 2024-03-31 NI671370 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI671370 core:AllAssociates 2023-04-01 2024-03-31 NI671370 countries:NorthernIreland 2023-04-01 2024-03-31 NI671370 2023-03-31 NI671370 core:FurnitureFittingsToolsEquipment 2023-03-31 NI671370 2022-08-01 2023-03-31 NI671370 2023-03-31 NI671370 bus:OrdinaryShareClass1 2023-03-31 NI671370 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI671370 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI671370 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI671370

Sweetwall Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Sweetwall Ltd

(Registration number: NI671370)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,816

2,118

Investment property

5

107,235

107,235

 

109,051

109,353

Current assets

 

Cash at bank and in hand

 

5,606

1,293

Creditors: Amounts falling due within one year

6

(1,299)

(480)

Net current assets

 

4,307

813

Total assets less current liabilities

 

113,358

110,166

Creditors: Amounts falling due after more than one year

6

(110,923)

(110,923)

Net assets/(liabilities)

 

2,435

(757)

Capital and reserves

 

Called up share capital

7

150

150

Retained earnings

2,285

(907)

Shareholders' funds/(deficit)

 

2,435

(757)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Sweetwall Ltd

(Registration number: NI671370)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 

.........................................
Dr Paul Gerard McErlean
Director

.........................................
Dr Seona McErlean
Director

 

Sweetwall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 38a Duneane Road, Toomebridge, Co. Antrim, BT41 3PP.

These financial statements were authorised for issue by the Board on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company's total liabilities are more than the book value of the assets. Nevertheless, the directors consider it appropriate to prepare the financial statements on a going concern basis. The directors have undertaken not to demand repayment of their loans in the near future and the directors expect that the company will begin to trade profitably in the incoming year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of an investment property

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Sweetwall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, Fittings and equipment

10% Straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Sweetwall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

3,024

3,024

At 31 March 2024

3,024

3,024

Depreciation

At 1 April 2023

906

906

Charge for the year

302

302

At 31 March 2024

1,208

1,208

Carrying amount

At 31 March 2024

1,816

1,816

At 31 March 2023

2,118

2,118

5

Investment properties

2024
£

At 1 April

107,235

At 31 March

107,235

There has been no valuation of investment property by an independent valuer. The investment property has been reported at cost which the directors consider to be approximate to market value.

 

Sweetwall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

1,299

480

Due after one year

Directors loan account

30,923

30,923

Other creditors

80,000

80,000

110,923

110,923

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

       

8

Related party transactions

The following balance was owed to the directors at the year end:

2022
 £

2021
 £

Directors current account

30,923

30,923

Summary of transactions with associates

At 31st March 2024 £80,000 included in other creditors due after one year was owed to Ballamails Holdings Ltd, a company owned and controlled by the directors of Sweetwall Ltd.

At 28th February 2023 £80,000 included in other creditors due after one year was owed to McErlean Associates Ltd, a company owned and controlled by Dr Paul McErlean.