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REGISTERED NUMBER: 03987679 (England and Wales)









SWPM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SWPM LIMITED (REGISTERED NUMBER: 03987679)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SWPM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr S P Whelan
Mrs E J Whelan





REGISTERED OFFICE: Station House
North Street
Havant
Hampshire
PO9 1QU





REGISTERED NUMBER: 03987679 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

SWPM LIMITED (REGISTERED NUMBER: 03987679)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,733 6,281
Investment property 5 1,184,518 1,184,518
1,189,251 1,190,799

CURRENT ASSETS
Debtors 6 1,053 28,150
Cash at bank 12,932 21,566
13,985 49,716
CREDITORS
Amounts falling due within one year 7 194,107 252,915
NET CURRENT LIABILITIES (180,122 ) (203,199 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,009,129

987,600

CREDITORS
Amounts falling due after more than one
year

8

(843,125

)

(843,125

)

PROVISIONS FOR LIABILITIES (23,496 ) (23,496 )
NET ASSETS 142,508 120,979

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 70,487 70,487
Retained earnings 71,921 50,392
SHAREHOLDERS' FUNDS 142,508 120,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

SWPM LIMITED (REGISTERED NUMBER: 03987679)

BALANCE SHEET - continued
31 MARCH 2024


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

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 15 November 2024 and were signed on its behalf by:





Mr S P Whelan - Director


SWPM LIMITED (REGISTERED NUMBER: 03987679)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

SWPM Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Consulting income is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of Value Added Tax. The revenue is recognised at the point when the company satisfies a performance obligation to a customer as agreed.

Property income represents rents receivable during the period. Rental income is recognised on the basis of amounts due in the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 15% on reducing balance
Plant and machinery etc - 33% on cost, 25% on reducing balance and 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other 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

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade 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


SWPM LIMITED (REGISTERED NUMBER: 03987679)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 8,260 86,439 94,699
DEPRECIATION
At 1 April 2023 8,040 80,378 88,418
Charge for year 33 1,515 1,548
At 31 March 2024 8,073 81,893 89,966
NET BOOK VALUE
At 31 March 2024 187 4,546 4,733
At 31 March 2023 220 6,061 6,281

SWPM LIMITED (REGISTERED NUMBER: 03987679)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,184,518
NET BOOK VALUE
At 31 March 2024 1,184,518
At 31 March 2023 1,184,518

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 85,099
Valuation in 2019 8,884
Cost 1,090,535
1,184,518

If investment property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,090,535 1,090,535

Investment properties were valued on an open market basis on 31 March 2023 by Kent Reliance .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
SIB Ventures Ltd - 28,150
Prepayments 1,053 -
1,053 28,150

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 3,941 -
Deposits received - 825
Directors' current accounts 187,343 245,202
Accruals and deferred income 2,823 6,888
194,107 252,915

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgage more 5yrs non-inst 843,125 843,125

SWPM LIMITED (REGISTERED NUMBER: 03987679)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage more 5yrs non-inst 843,125 843,125

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 3,000 12,000
Between one and five years - 3,000
3,000 15,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 843,125 843,125