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Registration number: 11222945

Sway Estates Limited

Unaudited Filleted Financial Statements

for the Period from 1 July 2023 to 31 March 2024

 

Sway Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sway Estates Limited

Company Information

Director

Mr J J Wallrock

Registered office

The Old Turkey Farm
Barrows Lane
Sway
Lymington
Hampshire
SO41 6DD

Accountants

Lines & Company Ltd
8 Highfield Road
West Moors
Ferndown
Dorset
BH22 0NA

 

Sway Estates Limited

(Registration number: 11222945)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

57,415

57,415

Current assets

 

Debtors

5

536,123

347,314

Cash at bank and in hand

 

3,373

19,514

 

539,496

366,828

Creditors: Amounts falling due within one year

6

(332,535)

(257,103)

Net current assets

 

206,961

109,725

Total assets less current liabilities

 

264,376

167,140

Creditors: Amounts falling due after more than one year

6

(11,667)

(19,167)

Net assets

 

252,709

147,973

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

252,708

147,972

Shareholders' funds

 

252,709

147,973

 

Sway Estates Limited

(Registration number: 11222945)
Balance Sheet as at 31 March 2024

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

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 December 2024
 

Mr J J Wallrock
Director

   
     

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Sway Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Turkey Farm
Barrows Lane
Sway
Lymington
Hampshire
SO41 6DD
United Kingdom

These financial statements were authorised for issue by the director on 3 December 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.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for rents and service charges.

Tax

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted by the reporting end date.

 

Sway Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 March 2024

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probably that sufficient taxable profits will be available to allow all of prat of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Land and Buildings

No depreciation

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Sway Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 March 2024

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and financial liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

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

 Recognition and measurement
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from group companies and related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


 

 

Sway Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 July 2023

57,415

57,415

At 31 March 2024

57,415

57,415

Depreciation

Carrying amount

At 31 March 2024

57,415

57,415

At 30 June 2023

57,415

57,415

Included within the net book value of land and buildings above is £57,415 (2023 - £57,415) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

221,880

201,792

Prepayments

2,851

-

Other debtors

311,392

145,522

 

536,123

347,314

 

Sway Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

9,749

8,085

Taxation and social security

 

96,077

111,571

Accruals and deferred income

 

191,785

104,305

Other creditors

 

24,924

23,142

 

332,535

257,103

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,667

19,167

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Sway Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

19,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

9

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £577,980.00) per ordinary share

-

577,980

 

 

10

Related party transactions

At the balance sheet date, there was a loan amounting to £6,726 (2023: £355 owing from the company) owing to the company from a member of key management personnel. The loan is repayable on demand and the rate of interest charged is 0%. This is presented within debtors: amounts falling due within one year.

At the balance sheet date, there were loans amounting to £194,869 owing to the company from parties in which a member of key management personnel has an interest in (2023: £22,712 owing from the company and £58,438 owing to the company). The loans owing are repayable on demand and the rate of interest charged is 0%. These are presented within debtors: amounts falling due within one year.