Registration number:
Swale Capital Management Ltd
for the Year Ended 30 April 2024
Swale Capital Management Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Swale Capital Management Ltd
(Registration number: 11311041)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
146,604 |
132,359 |
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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:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Swale Capital Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company under contracts of service (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
- |
- |
Swale Capital Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Investments in joint ventures |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 May 2023 |
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Additions |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Joint ventures |
£ |
Cost |
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At 1 May 2023 |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Associates |
£ |
Cost |
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At 1 May 2023 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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10 Wrens Court
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10 Wrens Court
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Joint ventures |
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10 Wrens Court
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10 Wrens Court
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Associates |
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10 Wrens Court
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Subsidiary undertakings |
Evastall Limited The principal activity of Evastall Limited is |
Riverstone Hotels Limited The principal activity of Riverstone Hotels Limited is |
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 |
Riverstone Property Developments Ltd The principal activity of Riverstone Property Developments Ltd is |
Associates |
Riverhive Limited The principal activity of Riverhive Limited is |
Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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- |
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Amounts owed by related parties |
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Prepayments and accrued income |
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Swale Capital Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loan |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Bank loan |
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Other loans |
309,804 |
467,055 |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Swale Capital Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
195,000 |
175,000 |
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Related party transactions |
Income and receivables from related parties
Entities with joint control or significant influence |
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2024 |
2023 |
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Revenues from services |
322,043 |
320,000 |
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Summary of transactions with joint ventures
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