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Company No: 06228088 (England and Wales)

SW1 ESTATES (LETTINGS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SW1 ESTATES (LETTINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SW1 ESTATES (LETTINGS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SW1 ESTATES (LETTINGS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 25,639 39,149
25,639 39,149
Current assets
Debtors 4 510,697 552,132
Cash at bank and in hand 623,285 445,045
1,133,982 997,177
Creditors: amounts falling due within one year 5 ( 666,035) ( 452,711)
Net current assets 467,947 544,466
Total assets less current liabilities 493,586 583,615
Creditors: amounts falling due after more than one year 6 ( 11,667) ( 56,611)
Provision for liabilities 7, 8 ( 8,660) ( 15,787)
Net assets 473,259 511,217
Capital and reserves
Called-up share capital 1 1
Profit and loss account 473,258 511,216
Total shareholder's funds 473,259 511,217

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of SW1 Estates (Lettings) Limited (registered number: 06228088) were approved and authorised for issue by the Director. They were signed on its behalf by:

A W Iles
Director

30 January 2025

SW1 ESTATES (LETTINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SW1 ESTATES (LETTINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SW1 Estates (Lettings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Orchard House, Field Dalling Road, Langham, Holt, NR25 7BU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 4

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 May 2023 64,082 14,206 78,288
Additions 0 792 792
Disposals 0 ( 11,998) ( 11,998)
At 30 April 2024 64,082 3,000 67,082
Accumulated depreciation
At 01 May 2023 32,751 6,388 39,139
Charge for the financial year 7,833 2,001 9,834
Disposals 0 ( 7,530) ( 7,530)
At 30 April 2024 40,584 859 41,443
Net book value
At 30 April 2024 23,498 2,141 25,639
At 30 April 2023 31,331 7,818 39,149
Leased assets included above:
Net book value
At 30 April 2024 23,498 0 23,498
At 30 April 2023 31,331 0 31,331

4. Debtors

2024 2023
£ £
Trade debtors ( 3,000) 10,200
Amounts owed by Group undertakings 506,035 532,005
Prepayments 7,662 9,927
510,697 552,132

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 541,891 377,949
Accruals and deferred income 19,737 14,699
Taxation and social security 56,164 38,660
Obligations under finance leases and hire purchase contracts (secured) 34,944 8,004
Other creditors 3,299 3,399
666,035 452,711

Security provided for hire purchase agreements are secured upon the assets to which the agreements relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance leases and hire purchase contracts (secured) 0 34,944
11,667 56,611

Security provided for hire purchase agreements are secured upon the assets to which the agreements relate.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 5,660 9,787
Other provisions 3,000 6,000
8,660 15,787

Other

Other provisions relate to the dilapidation provision which represents the potential future liabilities arising to put the leased units the Company occupies back into their original state when first leased.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 9,787) ( 12,245)
Credited to the Income Statement 4,127 2,458
At the end of financial year ( 5,660) ( 9,787)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 6,410) ( 9,787)
Other timing differences 750 0
( 5,660) ( 9,787)

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 257 257

10. Related party transactions

Transactions with owners holding a participating interest in the entity

At the year end net amounts in aggregate of £506,035 (2023 - £532,005) were owed to the Company in relation to connected companies and related parties.

11. Events after the Balance Sheet date

After the year end a company vehicle with a net book value of £10,609 was stolen, for which insurance proceeds of £29,507 (net of VAT) were received in August 2024.