Registration number: 04925427

Property Projects (SW) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Property Projects (SW) Limited

Company Information

Director

Mr Iain Hicks

Company secretary

Mrs Fay Cawood

Registered office

144 Windsor Road Babbacombe Torquay Devon TQ1 1ST

Accountants

Neil Wilson & Co Chartered Accountants Bank Chambers 260-262 Union Street Torquay Devon TQ2 5QU

Property Projects (SW) Limited

(Registration number: 04925427)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	138,194	130,387
Current assets
Stocks	5	5,110	70,894
Debtors	6	1,250	619
Cash at bank and in hand		147	22
		6,507	71,535
Creditors: Amounts falling due within one year	7	(99,428)	(132,529)
Net current liabilities		(92,921)	(60,994)
Total assets less current liabilities		45,273	69,393
Creditors: Amounts falling due after more than one year	7	(82,239)	(87,788)
Net liabilities		(36,966)	(18,395)
Capital and reserves
Called up share capital	8	1,000	1,000
Retained earnings		(37,966)	(19,395)
Shareholders' deficit		(36,966)	(18,395)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 September 2025
 

......................................... Mr Iain Hicks Director

Property Projects (SW) Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
144 Windsor Road
Babbacombe
Torquay
Devon
TQ1 1ST

These financial statements were authorised for issue by the director on 4 September 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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
Motor vehicles	25% reducing balance
Plant and machinery	25% reducing balance

Property Projects (SW) Limited

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

Office equipment

25% reducing balance

Investment property

The company owns one investment property which is let to an unrelated party. The property is maintained by the company to such a level that in the directors opinion it's value does not diminish over time.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Property Projects (SW) Limited

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

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 6).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £
Cost or valuation
At 1 October 2023	126,221	2,607	33,840	10,185
Additions	-	-	-	11,798
At 30 September 2024	126,221	2,607	33,840	21,983
Depreciation
At 1 October 2023	-	2,350	30,616	9,500
Charge for the year	-	64	806	3,121
At 30 September 2024	-	2,414	31,422	12,621
Carrying amount
At 30 September 2024	126,221	193	2,418	9,362
At 30 September 2023	126,221	257	3,224	685

Property Projects (SW) Limited

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

	Total £
Cost or valuation
At 1 October 2023	172,853
Additions	11,798
At 30 September 2024	184,651
Depreciation
At 1 October 2023	42,466
Charge for the year	3,991
At 30 September 2024	46,457
Carrying amount
At 30 September 2024	138,194
At 30 September 2023	130,387

Included within the net book value of land and buildings above is £126,221 (2023 - £126,221) in respect of freehold land and buildings.
 

5

Stocks

	2024 £	2023 £
Work in progress	4,110	70,894
Other inventories	1,000	-
	5,110	70,894

6

Debtors

Current	Note	2024 £	2023 £
Trade debtors		-	619
Amounts owed by related parties	11	1,250	-
		1,250	619

Property Projects (SW) Limited

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	28,772	43,771
Trade creditors		12,305	19,064
Taxation and social security		60,150	27,387
Accruals and deferred income		11,385	8,885
Other creditors		(13,184)	33,422
		99,428	132,529

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	82,239	87,788

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	1,000	1,000	1,000	1,000

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	82,239	87,788

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	16,051	31,050
Other borrowings	12,721	12,721
	28,772	43,771

Property Projects (SW) Limited

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

10

Dividends

Interim dividends paid

		2024 £		2023 £
Interim dividend of £Nil per each Ordinary		-		-

11	Related party transactions

Transactions with the director

2024	At 1 October 2023 £	Advances to director £	At 30 September 2024 £
Mr Iain Hicks
loan from director	110	(41,162)	(41,052)

2023	At 1 October 2022 £	Advances to director £	At 30 September 2023 £
Mr Iain Hicks
loan from director	(38,800)	38,910	110

Director's remuneration

The director's remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	12,570	12,570

Dividends paid to the director

		2024 £		2023 £
Mr Iain Hicks
Interim dividends		-		-