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Registration number: 06080842

Swallows Property Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Swallows Property Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Swallows Property Limited

(Registration number: 06080842)
Balance Sheet
31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,730

28,980

Tangible assets

5

11,241

7,930

 

32,971

36,910

Current assets

 

Debtors

6

2,935

29,174

Cash at bank and in hand

 

168,418

106,120

 

171,353

135,294

Creditors: Amounts falling due within one year

7

(116,790)

(64,484)

Net current assets

 

54,563

70,810

Total assets less current liabilities

 

87,534

107,720

Provisions for liabilities

(5,256)

-

Net assets

 

82,278

107,720

Capital and reserves

 

Called up share capital

2

2

Retained earnings

82,276

107,718

Shareholders' funds

 

82,278

107,720

 

Swallows Property Limited

(Registration number: 06080842)
Balance Sheet
31 March 2024

For the financial year ending 31 March 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
C Standen McDougal
Director

 

Swallows Property Limited

Notes to the Unaudited Financial Statements
Year Ended 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:
4 The Bridge
Frome
Somerset
BA11 1AR

These financial statements were authorised for issue by the Board on 30 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Swallows Property Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Equipment

25% on the reducing balance and 33.3% straight line

Motor vehicles

25% on the reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Swallows Property Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

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.

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.

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 (including directors) during the year, was 6 (2023 - 6).

 

Swallows Property Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

145,000

145,000

At 31 March 2024

145,000

145,000

Amortisation

At 1 April 2023

116,020

116,020

Amortisation charge

7,250

7,250

At 31 March 2024

123,270

123,270

Carrying amount

At 31 March 2024

21,730

21,730

At 31 March 2023

28,980

28,980

 

Swallows Property Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

30,809

41,813

72,622

Additions

8,217

-

8,217

At 31 March 2024

39,026

41,813

80,839

Depreciation

At 1 April 2023

25,672

39,020

64,692

Charge for the year

4,208

698

4,906

At 31 March 2024

29,880

39,718

69,598

Carrying amount

At 31 March 2024

9,146

2,095

11,241

At 31 March 2023

5,137

2,793

7,930

6

Debtors

2024
£

2023
£

Other debtors

2,015

28,254

Prepayments

920

920

2,935

29,174

 

Swallows Property Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,084

11,980

Taxation and social security

83,366

46,285

Accruals and deferred income

2,445

1,640

Other creditors

25,895

4,579

116,790

64,484