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Registration number: 11311041

Swale Capital Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Swale Capital Management Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 10

 

Swale Capital Management Ltd

(Registration number: 11311041)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

5

724

625

Current assets

 

Debtors

6

825,559

862,909

Cash at bank and in hand

 

69,207

109,123

 

894,766

972,032

Creditors: Amounts falling due within one year

7

(409,641)

(338,547)

Net current assets

 

485,125

633,485

Total assets less current liabilities

 

485,849

634,110

Creditors: Amounts falling due after more than one year

7

(339,145)

(501,651)

Net assets

 

146,704

132,459

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

146,604

132,359

Shareholders' funds

 

146,704

132,459

For the financial year ending 30 April 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 and 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.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

.........................................
N P Mellor
Director

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

These financial statements were authorised for issue by the Board on 24 January 2025.

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.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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

Office equipment

25% per annum on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

2,351

2,351

At 30 April 2024

2,351

2,351

Depreciation

At 1 May 2023

2,351

2,351

At 30 April 2024

2,351

2,351

Carrying amount

At 30 April 2024

-

-

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

199

100

Investments in joint ventures

500

500

Investments in associates

25

25

724

625

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

Additions

99

At 30 April 2024

199

Carrying amount

At 30 April 2024

199

At 30 April 2023

100

Joint ventures

£

Cost

At 1 May 2023

500

At 30 April 2024

500

Carrying amount

At 30 April 2024

500

At 30 April 2023

500

Associates

£

Cost

At 1 May 2023

25

Carrying amount

At 30 April 2024

25

At 30 April 2023

25

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Evastall Limited

10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

100%

100%

Riverstone Hotels Limited

10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

100%

0%

Joint ventures

Riverhill Developments LLP

10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

50%

50%

 

     

Riverstone Property Developments Ltd

10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

50%

50%

 

     

Associates

Riverhive Limited

10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

25%

25%

 

     

Subsidiary undertakings

Evastall Limited

The principal activity of Evastall Limited is the project management of commercial property developments. The profit for the financial period of Evastall Limited was £27,376 and the aggregate amount of capital and reserves at the end of the period was £13,186.

Riverstone Hotels Limited

The principal activity of Riverstone Hotels Limited is the project management of commercial property developments. The profit for the financial period of Riverstone Hotels Limited was £Nil and the aggregate amount of capital and reserves at the end of the period was £Nil.

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Joint ventures

Riverhill Developments LLP

The principal activity of Riverhill Developments LLP is that of a holding entity. Its financial period end is 31 December.
The profit for the financial period of Riverhill Developments LLP was £Nil and the aggregate amount of capital and reserves at the end of the period was £Nil.

Riverstone Property Developments Ltd

The principal activity of Riverstone Property Developments Ltd is the management of real estate on a fee or contract basis. Its financial period end is 31 December.
The loss for the financial period of Riverstone Property Developments Ltd was £367,759 and the aggregate amount of capital and reserves at the end of the period was £(1,556,516).

Associates

Riverhive Limited

The principal activity of Riverhive Limited is that of a holding entity. Its financial period end is 31 December.
The profit for the financial period of Riverhive Limited was £Nil and the aggregate amount of capital and reserves at the end of the period was £100.

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,200

-

Amounts owed by related parties

10

499,869

594,619

Prepayments and accrued income

 

324,490

268,290

 

825,559

862,909

 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loan

5,556

5,556

Trade creditors

 

1,987

3,755

Taxation and social security

 

35,830

17,561

Accruals and deferred income

 

365,644

311,150

Other creditors

 

624

525

 

409,641

338,547

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loan

29,341

34,596

Other loans

 

309,804

467,055

 

339,145

501,651

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Swale Capital Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Dividends

2024

2023

£

£

Interim dividend of £1,950.00 (2023 - £1,750.00) per ordinary share

195,000

175,000

 

 

10

Related party transactions

Income and receivables from related parties

 

Entities with joint control or significant influence

2024
£

2023
£

Revenues from services

322,043

320,000

Summary of transactions with joint ventures

During the reporting period, the company advanced a further £62,500 of loan capital to to Riverstone Property Development Ltd (in which the company is a 50% shareholder). At the end of the reporting period, £465,405 remained outstanding, together with £307,400 of interest which had accrued thereon. Interest is chargeable at 12% per annum, the loans are unsecured and became repayable on 15 May 2022.

During the reporting period, the company received repayments totalling £157,250 against pre-existing loans which had been advanced to subsidiaries of Riverhill Developments LLP (in which the company is a 50% equity member). At the end of the reporting period, £34,464 remained outstanding, together with £15,800 of interest which had accrued thereon. Interest is chargeable at rates between 0% and 10%, per annum, the loans are unsecured and are not repayable until the underlying construction projects are completed.

Summary of transactions with other related parties

During the reporting period, the company made repayments totalling £157,250 against pre-existing loans which had been advanced to it by Hillgrove Developments Limited (a company of which Mr N P Mellor is a significant shareholder). At the end of the reporting period, £309,804 remained outstanding, together with £363,494 of interest which had accrued thereon. Interest is chargeable at rates varying from 10% to 12%, the loans are unsecured and are repayable on 31 May 2027.