Swift (24) Property Services Limited 03472338 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is property letting Digita Accounts Production Advanced 6.30.9574.0 true true 03472338 2023-10-01 2024-09-30 03472338 2024-09-30 03472338 core:CurrentFinancialInstruments 2024-09-30 03472338 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 03472338 core:Non-currentFinancialInstruments 2024-09-30 03472338 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 03472338 core:FurnitureFittings 2024-09-30 03472338 core:OtherPropertyPlantEquipment 2024-09-30 03472338 1 2024-09-30 03472338 bus:SmallEntities 2023-10-01 2024-09-30 03472338 bus:Audited 2023-10-01 2024-09-30 03472338 bus:FilletedAccounts 2023-10-01 2024-09-30 03472338 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 03472338 bus:RegisteredOffice 2023-10-01 2024-09-30 03472338 bus:Director2 2023-10-01 2024-09-30 03472338 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03472338 core:FurnitureFittings 2023-10-01 2024-09-30 03472338 core:PlantMachinery 2023-10-01 2024-09-30 03472338 1 2023-10-01 2024-09-30 03472338 countries:England 2023-10-01 2024-09-30 03472338 2023-09-30 03472338 core:FurnitureFittings 2023-09-30 03472338 core:OtherPropertyPlantEquipment 2023-09-30 03472338 2022-10-01 2023-09-30 03472338 2023-09-30 03472338 core:CurrentFinancialInstruments 2023-09-30 03472338 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 03472338 core:Non-currentFinancialInstruments 2023-09-30 03472338 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 03472338 1 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 03472338

Swift (24) Property Services Limited

Filleted Financial Statements

for the Year Ended 30 September 2024

 

Swift (24) Property Services Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Swift (24) Property Services Limited

(Registration number: 03472338)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

5,114,813

5,114,813

Current assets

 

Debtors

6

137,435

66,646

Cash at bank and in hand

 

27,254

47,155

 

164,689

113,801

Creditors: Amounts falling due within one year

7

(2,313,323)

(2,229,143)

Net current liabilities

 

(2,148,634)

(2,115,342)

Total assets less current liabilities

 

2,966,179

2,999,471

Creditors: Amounts falling due after more than one year

7

(1,084,208)

(1,150,080)

Provisions for liabilities

(312,366)

(312,366)

Net assets

 

1,569,605

1,537,025

Capital and reserves

 

Called up share capital

1

1

Other reserves

794,335

794,335

Profit and loss account

775,269

742,689

Shareholders' funds

 

1,569,605

1,537,025

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 June 2025
 

.........................................
A G Smith
Director

 

Swift (24) Property Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Swift House
Hambridge Lane
Newbury
Berkshire
RG14 5TU

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 director believes the company has adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.

The company had net current liabilities at the balance sheet date. however Swift Property Services Limited has the support of the other companies within the Swift group.

Audit report
 

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report 5 June 2025 was Andrew Churchill Stone FCA DChA, who signed for and on behalf of Mercer Lewin Limited.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rent and rates receivable from tenants.

Tax

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

The current income 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.

 

Swift (24) Property Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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

Plant and machinery

25% straight line basis

Fixtures and fittings

25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from tenants resulting from their tenancy of the company's properties.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Swift (24) Property Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

28,988

15,934

44,922

At 30 September 2024

28,988

15,934

44,922

Depreciation

At 1 October 2023

28,988

15,934

44,922

At 30 September 2024

28,988

15,934

44,922

Carrying amount

At 30 September 2024

-

-

-

 

Swift (24) Property Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Investment properties

2024
£

At 1 October

5,114,813

At 30 September

5,114,813

The investment properties class of assets was valued on 30 September 2024 by the director. This class of assets has a historical cost of £4,008,112 (2023: £4,008,112).

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

90,400

9,297

Amounts owed by related parties

25,292

29,057

Prepayments

 

21,743

28,292

   

137,435

66,646

 

Swift (24) Property Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

73,838

71,502

Trade creditors

27,324

73,400

Amounts owed to group undertakings

2,015,365

1,918,165

Taxation and social security

65,059

45,527

Other creditors

131,737

120,549

2,313,323

2,229,143

Due after one year

Loans and borrowings

1,084,208

1,150,080

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

73,838

71,502

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,084,208

1,150,080

Bank borrowings

Bank loan is denominated in pound sterling with a fixed interest rate of 3.50%. The final instalment is due on 11 March 2037. The carrying amount at year end is £1,158,046 (2023 - £1,221,582).

Borrowings are secured by a fixed and floating charge over the properties to which they relate.