REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Swept Property Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Swept Property Company Limited |
Swept Property Company Limited (Registered number: 09109360) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Swept Property Company Limited |
Company Information |
for the Year Ended 30 April 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
114-120 Northgate Street |
Chester |
CH1 2HT |
Swept Property Company Limited (Registered number: 09109360) |
Statement of Financial Position |
30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Retained earnings |
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. |
Swept Property Company Limited (Registered number: 09109360) |
Statement of Financial Position - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Swept Property Company Limited (Registered number: 09109360) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
Swept Property Company Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from property rental is recognised on an accruals basis. |
Tangible fixed assets |
Freehold land and buildings | - |
Financial instruments |
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Swept Property Company Limited (Registered number: 09109360) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Tangible fixed assets |
Freehold |
land and |
buildings |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Debtors: amounts falling due within one year |
30/4/24 | 30/4/23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Swept Property Company Limited (Registered number: 09109360) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | Creditors: amounts falling due within one year |
30/4/24 | 30/4/23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Related party disclosures |
The parent company of Swept Property Company Limited has made loans to the company. At 30 April 2024 the balance on these loans was £ interest free, unsecured and repayable on demand. |
Swept Property Company Limited has provided a guarantee in respect of the bank borrowings of a group company, which stood at £90,000 at 30 April 2024 (2023 - £130,000). The bank has taken a charge over the company's freehold property to secure these borrowings. |