S2W Property 104 Limited 31/12/2024 iXBRL

Company registration number: 03069484

S2W Property 104 Limited

Unaudited financial statements

31 December 2024

S2W Property 104 Limited

Contents

Directors and other information

Directors report

Accountant's report

Statement of income and retained earnings

Statement of financial position

Statement of cash flows

Notes to the financial statements

S2W Property 104 Limited

Directors and other information


	Directors
		Mr David Reed
		Mr Anthony McClellan


	Company number	03069484


	Registered office	Chappell House
		The Green
		Datchet
		Berkshire
		SL3 9EH


	Business address	Chappell House
		The Green
		Datchet
		Berkshire
		SL3 9EH


	Accountant	Accendo Accountants Ltd
		1st Floor
		7 Lion Street
		Abergavenny
		Monmouthshire
		NP7 5PH




	Bankers	National Westminster
		59 High Street
		Exeter
		EX4 3DL

S2W Property 104 Limited

Directors report

Year ended 31 December 2024

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024.

Directors

The directors who served the company during the year were as follows:

Mr David Reed

Mr Anthony McClellan

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 29 August 2025 and signed on behalf of the board by:

Mr David Reed

Director

S2W Property 104 Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of S2W Property 104 Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of S2W Property 104 Limited for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of S2W Property 104 Limited, as a body, in accordance with the terms of my engagement letter dated 29 August 2025. My work has been undertaken solely to prepare for your approval the financial statements of S2W Property 104 Limited and state those matters that we have agreed to state to the board of directors of S2W Property 104 Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than S2W Property 104 Limited and its board of directors as a body for my work or for this report.

It is your duty to ensure that S2W Property 104 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S2W Property 104 Limited. You consider that S2W Property 104 Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of S2W Property 104 Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Accendo Accountants Ltd

Chartered Certified Accountants

1st Floor

7 Lion Street

Abergavenny

Monmouthshire

NP7 5PH

29 August 2025

S2W Property 104 Limited

Statement of income and retained earnings

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover	4	1,471,881	1,108,505
Cost of sales		( 500,117)	( 504,777)
		_______	_______
Gross profit		971,764	603,728

Administrative expenses		3,319,315	4,613,620
		_______	_______
Operating profit	5	4,291,079	5,217,348

Interest payable and similar expenses	6	( 903,056)	( 883,787)
Profit before taxation		3,388,023	4,333,561

Tax on profit	7	( 345,129)	( 674,139)
		_______	_______
Profit for the financial year and total comprehensive income		3,042,894	3,659,422
		_______	_______

Retained earnings at the start of the year		8,457,737	4,798,315
		_______	_______
Retained earnings at the end of the year		11,500,631	8,457,737
		_______	_______

All the activities of the company are from continuing operations.

S2W Property 104 Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	8	29,905,000		26,000,000
		_______		_______
			29,905,000		26,000,000

Current assets
Debtors	9	71,344		108,243
Cash at bank and in hand		11,415		16,461
		_______		_______
		82,759		124,704
Creditors: amounts falling due
within one year	10	( 10,311,242)		( 10,638,607)
		_______		_______
Net current liabilities			( 10,228,483)		( 10,513,903)
			_______		_______
Total assets less current liabilities			19,676,517		15,486,097

Creditors: amounts falling due
after more than one year	11		( 6,815,082)		( 6,012,685)

Provisions for liabilities	12		( 1,359,804)		( 1,014,675)

			_______		_______
Net assets			11,501,631		8,458,737
			_______		_______

Capital and reserves
Called up share capital	14		1,000		1,000
Profit and loss account	15		11,500,631		8,457,737
			_______		_______
Shareholders funds			11,501,631		8,458,737
			_______		_______

For the year ending 31 December 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 29 August 2025 , and are signed on behalf of the board by:

Mr David Reed Mr Anthony McClellan

Director Director

Company registration number: 03069484

S2W Property 104 Limited

Statement of cash flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities
Profit for the financial year	3,042,894	3,659,422

Adjustments for:
Fair value adjustment of investment property	( 3,443,085)	( 4,786,154)
Interest payable and similar expenses	903,056	883,787
Tax on profit	345,129	674,139
Accrued expenses/(income)	56,028	104,807

Changes in:
Stocks	-	( 2,520,650)
Trade and other debtors	36,899	86,539
Trade and other creditors	25,102	( 80,363)
	_______	_______
Cash generated from operations	966,023	( 1,978,473)

Interest paid	( 903,056)	( 883,787)
	_______	_______
Net cash from/(used in) operating activities	62,967	( 2,862,260)
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 461,915)	( 210,124)
	_______	_______
Net cash used in investing activities	( 461,915)	( 210,124)
	_______	_______

Cash flows from financing activities
Proceeds from borrowings	( 408,495)	( 408,495)
Proceeds from loans from group undertakings	802,397	3,497,109
	_______	_______
Net cash from financing activities	393,902	3,088,614
	_______	_______

Net increase/(decrease) in cash and cash equivalents	( 5,046)	16,230
Cash and cash equivalents at beginning of year	16,461	231
	_______	_______
Cash and cash equivalents at end of year	11,415	16,461
	_______	_______

S2W Property 104 Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Chappell House, The Green, Datchet, Berkshire, SL3 9EH.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:

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.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	1,471,881	1,108,505
	_______	_______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit is stated after charging/(crediting):

	2024	2023
Fair value adjustments to investment property	( 3,443,085)	( 4,786,154)
Impairment of trade debtors	-	18,652
	_______	_______

6. Interest payable and similar expenses

	2024	2023
	£	£
Bank loans and overdrafts	773,876	754,607
Loans from group undertakings	129,180	129,180
	_______	_______
	903,056	883,787
	_______	_______

7. Tax on profit

Major components of tax expense

	2024	2023
	£	£
Deferred tax:
Origination and reversal of timing differences	345,129	674,139
	_______	_______
Tax on profit	345,129	674,139
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 25.00%).

	2024	2023
	£	£
Profit before taxation	3,388,023	4,333,561
	_______	_______

Profit multiplied by rate of tax	847,006	1,083,390
Effect of capital allowances and depreciation	-	( 69)
Effect of revenue exempt from tax	( 860,771)	( 1,125,730)
Effect of different UK tax rates on some earnings	-	(64,113)
Group relief surrender/(receipt)	249,435	117,607
Capital gains/(losses)	869,045	76,330
Deferred tax not recognised	( 759,586)	( 615,685)
Chargeable gains/(losses)	-	1,202,409
	_______	_______
Tax on profit	345,129	674,139
	_______	_______

8. Tangible assets

	Freehold property	Total
	£	£
Cost or valuation
At 1 January 2024	26,000,000	26,000,000
Additions	461,915	461,915
Revaluation	3,443,085	3,443,085
	_______	_______
At 31 December 2024	29,905,000	29,905,000
	_______	_______
Depreciation
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	29,905,000	29,905,000
	_______	_______
At 31 December 2023	26,000,000	26,000,000
	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 January 2024 and 31 December 2024	26,000,000
		_______

At the reporting date the fair value of the properties have been reviewed on an open market basis in accordance with the RICS Appraisal and Valuation manual by the Directors.

9. Debtors

	2024	2023
	£	£
Trade debtors	30,015	73,192
Prepayments and accrued income	41,329	33,703
Other debtors	-	1,348
	_______	_______
	71,344	108,243
	_______	_______

10. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	9,862,743	10,271,238
Trade creditors	29,180	40,223
Accruals and deferred income	364,377	308,349
Social security and other taxes	54,942	18,282
Other creditors	-	515
	_______	_______
	10,311,242	10,638,607
	_______	_______

11. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Amounts owed to group undertakings	6,815,082	6,012,685
	_______	_______

The directors have received assurances from the board of the ultimate parent undertaking that repayment of those amounts due will not be required until cash flow permits and that, if necessary, further funding will be provided.

12. Provisions

		Deferred tax (note 13)
		£
	At 1 January 2024	1,014,675
	Additions	345,129
		_______
	At 31 December 2024	1,359,804
		_______

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 12)	1,359,804	1,014,675
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Revaluation of tangible assets	1,946,757	1,601,628
Fixed asset timing differences	( 577,294)	( 577,294)
Losses and other deductions	(9,659)	(9,659)
	_______	_______
	1,359,804	1,014,675
	_______	_______

14. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary "A" shares shares of £ 1.00 each	500	500	500	500
Ordinary "B" shares shares of £ 1.00 each	500	500	500	500
	_______	_______	_______	_______
	1,000	1,000	1,000	1,000
	_______	_______	_______	_______

15. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

16. Analysis of changes in net debt

	At 1 January 2024	Cash flows	At 31 December 2024
	£	£	£
Cash and cash equivalents	16,461	(5,046)	11,415
Debt due within one year	(10,271,238)	408,495	(9,862,743)
Debt due after one year	(6,012,685)	(802,397)	(6,815,082)
	_______	_______	_______
	( 16,267,462)	( 398,948)	( 16,666,410)
	_______	_______	_______

17. Contingent assets and liabilities

The company is party to a loan agreement with a fellow group subsidiary under which the assets of the company are subject to a fixed and floating charge.

18. Related party transactions

Advantage has been taken of the exemption in paragraph 33.1A of Financial Reporting Standard 102 for wholly owned subsidiaries not to disclose transactions with fellow members of the same group.

19. Controlling party

There is no one controlling party .

20. Ultimate parent undertaking

The company's ultimate parent undertaking is Bauer Group Holdings Limited, formerly know as Montgomery Property Group Limited, a company registered in England and Wales. Copies of the Consolidated accounts are available from the Registrar of Companies, Companies house, Cardiff.