Registered number
01481143
Swansea Jewellers Limited
Unaudited Filleted Accounts
30 June 2024
Swansea Jewellers Limited
Registered number: 01481143
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Investment property 5 4,000,000 4,000,000
Current assets
Debtors 6 51,430 29,686
Cash at bank and in hand 32,920 10,980
84,350 40,666
Creditors: amounts falling due within one year 7 (1,810,382) (1,835,905)
Net current liabilities (1,726,032) (1,795,239)
Total assets less current liabilities 2,273,968 2,204,761
Creditors: amounts falling due after more than one year 8 (177,437) (233,840)
Net assets 2,096,531 1,970,921
Capital and reserves
Called up share capital 1,000 1,000
Share premium 41,238 41,238
Revaluation reserve 10 (787,500) (787,500)
Profit and loss account 2,841,793 2,716,183
Shareholders' funds 2,096,531 1,970,921
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr H S Morgan
Director
Approved by the board on 21 March 2025
Swansea Jewellers Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue recognition
Rental income from investment property is recognised on a straight line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Investment property
Investment property is property held either to earn rental income or for capital appreciation or both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property is initially measured at cost and subsequently at fair value with any change recognised in the profit and loss account. Deferred tax is provided on gains arising on revaluations at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Determination of fair value
Investment property
The company's investment properties are valued annually by a director, Mr H S Morgan, who has considerable experience in the acquisition and management of investment properties.

The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably.

In the absence of current prices in an active market, the valuations are prepared by considering the estimated rental value of the property. A market yield is applied to the estimated rental value to arrive at the gross property valuation. When actual rents differ materially from the estimated rental value, adjustments are made to reflect actual returns.

Valuations reflect, when appropriate, the type of the tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation after letting vacant accommodation, the allocation of maintenance and insurance obligations between the company and the lessee, and the remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumed that all notices, and when appropriate, counter-notices, have been served validly and within the appropriate time.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Plant and machinery Total
At cost
£ £
Cost or valuation
At 1 July 2023 862 862
Additions - -
Disposals -
At 30 June 2024 862 862
Depreciation
At 1 July 2023 862 862
Charge for the year - -
On disposals - -
At 30 June 2024 862 862
Carrying amount
At 30 June 2024 - -
At 30 June 2023 - -
5 Investment property 2024 2023
£ £
Fair value
At 1 July 2023 4,000,000 4,000,000
Change in fair value - -
At 30 June 2024 4,000,000 4,000,000
Historical cost 5,157,360 5,157,360
Cumulative depreciation based on historical cost - -
5,157,360 5,157,360
Investment properties comprise a number of commercial properties that are leased to third parties. Each of the leases contains an initial non-cancellable period with periodic rent reviews. Subsequent renewals are negotiated with the lessee.
6 Debtors 2024 2023
£ £
Trade debtors 51,430 29,686
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 104,934 328,564
Spencer Morgan Limited 1,558,718 1,394,399
Taxation and social security costs 51,002 48,352
Other creditors 95,728 64,590
1,810,382 1,835,905
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 177,437 233,840
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 282,372 562,404
The Principality Building Society loan is repayable in monthly instalments of £9,475 and is secured. The interest rate on the loans is 7.50% pa.
Legal charges over the freehold properties and a floating charge over the assets of the company; personal guarantees from the directors; an unlimited guarantee from Spencer Morgan Limited.
10 Revaluation reserve 2024 2023
£ £
At 1 July 2023 (787,500) (787,500)
At 30 June 2024 (787,500) (787,500)
11 Related party transactions 2024 2023
£ £
Transactions involving the directors
Spencer Morgan Limited
Spencer Morgan Limited is under the common control of the directors.
During the year the company received loans from Spencer Morgan Limited. The loans are interest free and repayable on demand.
At the year end the amounts owed to Spencer Morgan Limited were: 1,558,718 1,394,399
Loans from directors
The directors, who are also the company's shareholders, have advanced funds to the company by way of interest free loans which are repayable on demand. The loans are included in other creditors
At the year end the amount due to the directors amounted to: 18,765 5,304
Remuneration
The directors received no remuneration during the year.
The directors received dividends during the year in the aggregate amount of £0 (2023 - £20,000) in respect of their shareholdings in the company.
12 Controlling party
The company is under the ultimate control of Mr H S Morgan by virtue of his shareholding in the company.
13 Other information
Swansea Jewellers Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
247 Oxford Street
Swansea
SA1 3BL
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