Company Registration No. 00662926 (England and Wales)
Swangrove Estates Ltd
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Swangrove Estates Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Swangrove Estates Ltd
Statement of financial position
As at 30 September 2024
30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,134
6,718
Tangible assets
4
2,813,293
2,371,300
Investments
5
37,894
39,614
2,853,321
2,417,632
Current assets
Stocks
1,206,430
1,214,323
Debtors
6
655,614
1,278,956
Cash at bank and in hand
646,839
703,646
2,508,883
3,196,925
Creditors: amounts falling due within one year
7
(483,533)
(718,247)
Net current assets
2,025,350
2,478,678
Total assets less current liabilities
4,878,671
4,896,310
Provisions for liabilities
(578,339)
(601,549)
Net assets
4,300,332
4,294,761
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
9
1,338,671
1,340,440
Profit and loss reserves
2,960,661
2,953,321
Total equity
4,300,332
4,294,761
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Swangrove Estates Ltd
Statement of financial position (continued)
As at 30 September 2024
30 September 2024
2
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
The 12th Duke of Beaufort
Director
Company Registration No. 00662926
Swangrove Estates Ltd
Notes to the financial statements
For the year ended 30 September 2024
3
1
Accounting policies
Company information
Swangrove Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Badminton, South Gloucestershire, GL9 1DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for the sale of harvested crops, livestock and deadstock, net of VAT and trade discounts.
1.3
Basic Payment Scheme entitlements
Basic Payment Scheme entitlements are written off in equal annual instalments over their estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land
Nil
Property improvements
10% straight line
Plant and machinery
15% - 25% reducing balance and 20% straight line
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.
1.5
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. dividends on equity shares are recognised in income where receivable.
Swangrove Estates Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Swangrove Estates Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Swangrove Estates Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
Swangrove Estates Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2024
7
3
Intangible fixed assets
Basic Payment Scheme entitlements
£
Cost
At 1 October 2023 and 30 September 2024
134,093
Amortisation and impairment
At 1 October 2023
127,375
Amortisation charged for the year
4,584
At 30 September 2024
131,959
Carrying amount
At 30 September 2024
2,134
At 30 September 2023
6,718
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
2,311,807
1,412,119
3,723,926
Additions
766,396
766,396
Disposals
(369,361)
(369,361)
At 30 September 2024
2,311,807
1,809,154
4,120,961
Depreciation and impairment
At 1 October 2023
475,062
877,564
1,352,626
Depreciation charged in the year
13,820
150,115
163,935
Eliminated in respect of disposals
(208,893)
(208,893)
At 30 September 2024
488,882
818,786
1,307,668
Carrying amount
At 30 September 2024
1,822,925
990,368
2,813,293
At 30 September 2023
1,836,745
534,555
2,371,300
The company's freehold was valued at £1,750,000 (historical cost: £3,000) by the directors on the basis of an open market value for existing use. This valuation was incorporated in to the financial statements and the resulting revaluation shown in the revaluation reserve, net of deferred taxation.
Swangrove Estates Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2024
8
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
37,894
39,614
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
39,614
Valuation changes
(1,720)
At 30 September 2024
37,894
Carrying amount
At 30 September 2024
37,894
At 30 September 2023
39,614
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
230,983
353,007
Corporation tax recoverable
7,594
Amounts owed by group undertakings
300,000
900,000
Other debtors
124,631
18,355
655,614
1,278,956
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
171,748
420,859
Amounts owed to group undertakings
6,007
22,089
Other creditors
305,778
275,299
483,533
718,247
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
1,000
1,000
1,000
1,000
Swangrove Estates Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2024
9
9
Revaluation reserve
The revaluation reserve includes all fair value gains and losses recognised on freehold land and property, net of deferred tax.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
369,738
391,455
Between two and five years
355,911
351,942
725,649
743,397
11
Related party transactions
During the year the company made a loan of £300,000 (2023: £900,000) to the ultimate parent entity that wholly owns the share capital of the parent company. The balance outstanding at the year end was £300,000 (2023: £900,000). The loan was not subject to interest.
12
Parent company
The ultimate parent company is Swangrove Holdings Limited, a company registered in England and Wales.