Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-302023-07-01falseNo description of principal activity00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13449319 2023-07-01 2024-06-30 13449319 2022-07-01 2023-06-30 13449319 2024-06-30 13449319 2023-06-30 13449319 c:Director1 2023-07-01 2024-06-30 13449319 d:FreeholdInvestmentProperty 2024-06-30 13449319 d:FreeholdInvestmentProperty 2023-06-30 13449319 d:FreeholdInvestmentProperty 2 2023-07-01 2024-06-30 13449319 d:CurrentFinancialInstruments 2024-06-30 13449319 d:CurrentFinancialInstruments 2023-06-30 13449319 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 13449319 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 13449319 d:ShareCapital 2024-06-30 13449319 d:ShareCapital 2023-06-30 13449319 d:RevaluationReserve 2024-06-30 13449319 d:RevaluationReserve 2023-06-30 13449319 d:RetainedEarningsAccumulatedLosses 2024-06-30 13449319 d:RetainedEarningsAccumulatedLosses 2023-06-30 13449319 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 13449319 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 13449319 c:FRS102 2023-07-01 2024-06-30 13449319 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 13449319 c:FullAccounts 2023-07-01 2024-06-30 13449319 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 13449319 5 2023-07-01 2024-06-30 13449319 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 13449319






SWABS PROPERTIES LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 












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SWABS PROPERTIES LTD
REGISTERED NUMBER:13449319

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
250,000
120,283

  
250,000
120,283

Current assets
  

Debtors: amounts falling due within one year
 5 
1,679
-

Cash at bank and in hand
  
8,117
8,295

  
9,796
8,295

Creditors: amounts falling due within one year
 6 
(106,387)
(115,910)

Net current liabilities
  
 
 
(96,591)
 
 
(107,615)

Total assets less current liabilities
  
153,409
12,668

Provisions for liabilities
  

Deferred tax
 7 
(32,429)
-

  
 
 
(32,429)
 
 
-

Net assets
  
120,980
12,668


Capital and reserves
  

Called up share capital 
  
3
3

Revaluation reserve
  
97,288
-

Profit and loss account
  
23,689
12,665

  
120,980
12,668


Page 1

 
SWABS PROPERTIES LTD
REGISTERED NUMBER:13449319
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 February 2025.




T Swabey
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SWABS PROPERTIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Swabs Developments Limited is a private company, limited by shares, domiciled in England and Wales.
The registered office address is Unit 3 Burley Court, Pillmere Drive, Saltash, England, PL12 6FH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having considered their expectations and intentions for the next twelve
months, and the availability of working capital, the company is a going concern.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SWABS PROPERTIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
SWABS PROPERTIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 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 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
 
Page 5

 
SWABS PROPERTIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 6

 
SWABS PROPERTIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
120,283


Surplus on revaluation
129,717



At 30 June 2024
250,000

The 2024 valuations were made by the company's Director, based on similar sized properties in the same area, on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Prepayments and accrued income
1,679
-

1,679
-



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
2,586
2,739

Other creditors
102,481
112,411

Accruals and deferred income
1,320
760

106,387
115,910


Page 7

 
SWABS PROPERTIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Deferred taxation




2024


£






Charged to profit or loss
(32,429)



At end of year
(32,429)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(32,429)
-

(32,429)
-

 
Page 8