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Company registration number: 02466676
SWANLEA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2024
SWANLEA LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
SWANLEA LIMITED
Directors report
Year ended 31 October 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2024.
Directors
The directors who served the company during the year were as follows:
Mr D. J. Cooper
Mrs S.J. Cooper
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 March 2025 and signed on behalf of the board by:
Mr D. J. Cooper
Director
SWANLEA LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Swanlea Limited
Year ended 31 October 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 2024 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
R M F Pola FCA
Jenemi Associates Limited
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
27 March 2025
SWANLEA LIMITED
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 1,393,156 1,393,156
Investments 5 4,437,840 18,695,995
_______ _______
5,830,996 20,089,151
Current assets
Debtors:
Amounts falling due within one year 6 15,897,256 5,387,960
Cash at bank and in hand 99,400 210,743
_______ _______
15,996,656 5,598,703
Creditors: amounts falling due
within one year 7 ( 258,852) ( 352,516)
_______ _______
Net current assets 15,737,804 5,246,187
_______ _______
Total assets less current liabilities 21,568,800 25,335,338
Creditors: amounts falling due
after more than one year 8 ( 1,662,258) ( 6,912,036)
_______ _______
Net assets 19,906,542 18,423,302
_______ _______
Capital and reserves
Called up share capital 9 60,000 60,000
Revaluation reserve 712,887 712,887
Profit and loss account 19,133,655 17,650,415
_______ _______
Shareholders funds 19,906,542 18,423,302
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr D. J. Cooper
Director
Company registration number: 02466676
SWANLEA LIMITED
Notes to the financial statements
Year ended 31 October 2024
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - Nil
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
3. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 73,778 150,011
_______ _______
Tax on profit 73,778 150,011
_______ _______
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 November 2023 and 31 October 2024 1,393,156 1,393,156
_______ _______
Depreciation
At 1 November 2023 and 31 October 2024 - -
_______ _______
Carrying amount
At 31 October 2024 1,393,156 1,393,156
_______ _______
At 31 October 2023 1,393,156 1,393,156
_______ _______
5. Investments
Shares in group undertakings Inter Group Lease Premiums Other investments other than loans Total
£ £ £ £
Cost
At 1 November 2023 425,500 - 18,270,495 18,695,995
Additions - ( 13,565,000) - ( 13,565,000)
Disposals - - ( 693,155) ( 693,155)
_______ _______ _______ _______
At 31 October 2024 425,500 ( 13,565,000) 17,577,340 4,437,840
_______ _______ _______ _______
Impairment
At 1 November 2023 and 31 October 2024 - - - -
_______ _______ _______ _______
Carrying amount
At 31 October 2024 425,500 ( 13,565,000) 17,577,340 4,437,840
_______ _______ _______ _______
At 31 October 2023 425,500 - 18,270,495 18,695,995
_______ _______ _______ _______
6. Debtors
Debtors falling due within one year are as follows:
2024 2023
£ £
Trade debtors 22,453 47,135
Amounts owed by group undertakings 13,531,457 1,535,680
Other debtors 2,343,346 3,805,145
_______ _______
15,897,256 5,387,960
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 157,000
Corporation tax 228,869 150,011
Social security and other taxes - 3,781
Other creditors 29,983 41,724
_______ _______
258,852 352,516
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 1,662,258 6,912,036
_______ _______
9. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 50,000 50,000 50,000 50,000
Preference shares of £ 1.00 each 10,000 10,000 10,000 10,000
_______ _______ _______ _______
60,000 60,000 60,000 60,000
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 50,000 50,000 50,000 50,000
Preference shares of £ 1.00 each 10,000 10,000 10,000 10,000
_______ _______ _______ _______
60,000 60,000 60,000 60,000
_______ _______ _______ _______