Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 20,432 | 27,571 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 882,901 | 847,247 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 333,599 | 313,916 | ||
| Total assets less current liabilities | 354,031 | 341,487 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Swallow Lifts Installations Limited (registered number:
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Michael Nicholas Pons
Director |
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.
Swallow Lifts Installations 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:
Nexus House
2 Cray Road
Sidcup
DA14 5DA
United Kingdom
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' FRS 102 1A, and with the Companies Act 2006.
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.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives.
| Vehicles |
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| Fixtures and fittings |
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| Office equipment |
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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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Loans and 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet 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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Vehicles | Fixtures and fittings | Office equipment | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 October 2023 |
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| At 30 September 2024 |
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| Accumulated depreciation | |||||||
| At 01 October 2023 |
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| Charge for the financial year |
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| At 30 September 2024 |
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| Net book value | |||||||
| At 30 September 2024 |
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| At 30 September 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Obligations under finance leases and hire purchase contracts |
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Other Borrowings
Hire purchase and finance lease agreements have a carrying amount at the year end of £Nil (2022: £8,670) and are secured over the assets to which they relate.
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Other financial commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Lease commitment |
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On 7th May 2021 Swallow Lifts Installations Limited entered into a 10 year lease for Unit 1 Central Place, Portland Road, South Norwood, London SE25 4PR with rental charges of £10,000 per annum, annual rents will be reviewed every third year.
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts due from key management | 0 | 41,339 |
Loans to directors are interest free and repayable on demand.
Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts due to Swallow Lifts Platforms Limited | (109,658) | (59,163) | |
| Amounts due from Portland Road LLP | 3,757 | 3,757 | |
| Amounts due from Swallow Lifts Limited | 365,530 | 196,615 |
Mr M N Pons is personally interested in 100% of the share capital of both Swallow Lifts Platforms Limited and Swallow Lifts Limited. Mr M N Pons has a controlling interest in Portland Road LLP.