SWE Construction Limited

Registered number

12467054

Report and Financial Statements

31 March 2025

SWE Construction Limited
Report and accounts
Contents




	Page

Company information	1
Directors' report	2-3
Strategic report	4
Independent auditor's report	5-6
Income statement	7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12-16

SWE Construction Limited

Company Information

Directors

T D Corbin

A Milgate

Auditors

Wesley Cooper Ltd

Parker House

44 Stafford Road

Wallington

Surrey

SM6 9AA

Registered office

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ

Registered number

12467054

SWE Construction Limited
Registered number:		12467054
Directors' Report

The directors present their report and financial statements for the year ended 31 March 2025.

Principal activities
The company's principal activity during the year continued to be that of property design and development.

Future developments
Future developments are as indicated in the strategic report

Financial instrument risk
There is not considered to be any financial instrument risk

Directors
The following persons served as directors during the year:

	T D Corbin
	A Milgate

Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.









Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.



This report was approved by the board on 15 December 2025 and signed on its behalf.



T D Corbin
Director

SWE Construction Limited
Registered number:				12467054
Strategic Report

The directors present their strategic report for year ended 31st March 2025.

Review of the business
The company's principal activity during the year continued to be property design and development.

Results and performance
The Company has continued to provide the contracted services and achieve the expected 2% mark-up creating an increased profit for the year. The Company retains the flexibility to respond to ongoing requirements of the end market demand.

Principal risks and uncertainties
Due to the nature of the project and the financial security of its client the company has not experienced any major risks or uncertainties They have continued to meet all regulatory demands and have not been influenced by external factors.


Key performance indicators
The directors consider the key performance indicators to be gross profit and net profit before tax which is in line with contracted percentages and known overheads 2025 £880,989 and £1,103,703 (2024-£595,564 and £633,334) respectively. With the relatively fixed overhead base the increase in the sales has had a proportionately larger impact on the net profit figure

Future developments
The Company is committed to a specific project and has no plans to continue once completed which is expected to be in the summer of 2026.There will then be 12 month period for snagging and before release of retention.


This report was approved by the board on 15 December 2025 and signed on its behalf.



T D Corbin
Director

SWE Construction Limited
Independent auditor's report
to the members of SWE Construction Limited

Opinion

We have audited the financial statements of SWE Construction Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter
We draw attention to Note 12 to the financial statements which explains that the directors confirm the company will cease to trade within 12 months of the signing of these accounts and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 12. Our opinion is not modified in respect of this matter.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the Material uncertainty relating to the going concern section, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the financial statements are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.





Richard Wesley
(Senior Statutory Auditor)		Parker House
for and on behalf of		44 Stafford Road
Wesley Cooper Ltd		Wallington
Statutory Auditor		Surrey
15 December 2025		SM6 9AA

SWE Construction Limited
Income Statement
for the year ended 31 March 2025


Notes		2025		2024
£			£

Turnover	3	42,989,649		35,433,896

Cost of sales		(42,108,660)		(34,838,332)

Gross profit		880,989		595,564

Administrative expenses		(67,086)		(71,620)

Operating profit	4	813,903		523,944

Interest receivable		199,800		109,390

Profit on ordinary activities before taxation		1,013,703		633,334

Tax on profit on ordinary activities	6	(253,196)		(158,090)

Profit for the financial year		760,507		475,244

SWE Construction Limited
Statement of Comprehensive Income
for the year ended 31 March 2025


Notes	2025		2024
£		£

Profit for the financial year	760,507		475,244

Other comprehensive income	-		-

Total comprehensive income for the year	760,507		475,244

SWE Construction Limited
Statement of Financial Position
as at 31 March 2025

Notes			2025			2024
£				£
Current assets
Debtors	7	4,599,009			9,015,898
Cash at bank and in hand		65,697			1,046,809
		4,664,706			10,062,707

Creditors: amounts falling due within one year	8	(2,816,765)			(8,975,273)

Net current assets			1,847,941			1,087,434

Net assets			1,847,941			1,087,434

Capital and reserves
Called up share capital	9		100			100
Profit and loss account	10		1,847,841			1,087,334

Total equity			1,847,941			1,087,434




T D Corbin
Director
Approved by the board on 15 December 2025

SWE Construction Limited
Statement of Changes in Equity
for the year ended 31 March 2025

Share		Profit		Total
capital		and loss
account
£		£		£

At 1 April 2023	100		612,090		612,190

Profit for the financial year			475,244		475,244


At 31 March 2024	100		1,087,334		1,087,434



At 1 April 2024	100		1,087,334		1,087,434

Profit for the financial year			760,507		760,507


At 31 March 2025	100		1,847,841		1,847,941

SWE Construction Limited
Statement of Cash Flows
for the year ended 31 March 2025

Notes	2025		2024
£		£
Operating activities
Profit for the financial year	760,507		475,244

Adjustments for:
Interest receivable	(199,800)		(109,390)
Tax on profit on ordinary activities	253,196		158,090
Decrease/(increase) in debtors	4,416,889		(1,317,141)
(Decrease)/increase in creditors	(6,174,458)		1,303,559
	(943,666)		510,362

Interest received	199,800		109,390
Corporation tax paid	(237,246)		(93,342)

Cash (used in)/generated by operating activities	(981,112)		526,410

Net cash (used)/generated
Cash (used in)/generated by operating activities	(981,112)		526,410

Net cash (used)/generated	(981,112)		526,410

Cash and cash equivalents at 1 April	1,046,809		520,399
Cash and cash equivalents at 31 March	65,697		1,046,809

Cash and cash equivalents comprise:
Cash at bank	65,697		1,046,809

SWE Construction Limited
Notes to the Accounts
for the year ended 31 March 2025

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as far as the fair value of the consideration received or receivable, excluding discounts,rebates,value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

	Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
	- the amount of of revenue can be measured reliably;
	- it is probable that the company will receive the consideration due under the contract;
	-the stage of completion of the contract at the end of the reporting period can be measured reliably; and
	- the costs incurred and the costs to complete the contract can be measured reliably.

	Revenue is based on the cost of goods sold and services provided, plus a mark- up of 2%.

	Cash and cash equivalents
	Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments and that mature in no more than three months from the date of aquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.










	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.


2	Critical accounting estimates and judgements

	The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of income and expenditure in the reporting period, particularly in relation to the costs relating to the correct period. Actual results could differ from those estimates.


3	Analysis of turnover					2025		2024
£							£

	Sale of goods					42,989,649		35,433,896

	By geographical market:

	Rest of world					42,989,649		35,433,896






4	Operating profit					2025		2024
£							£
	This is stated after charging:

	Auditors' remuneration for audit services					14,440		14,440


5	Staff costs					2025		2024
£							£

	Wages salaries and pension costs					-		-

	Average number of employees during the year					Number	Number

	Administration (inc unpaid directors)					2		2
						2		2


6	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					253,450		158,334
	Adjustments in respect of previous periods					(254)		(244)
						253,196		158,090


	Tax on profit on ordinary activities					253,196		158,090


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit on ordinary activities before tax					1,013,703		633,334

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					253,426		158,334

	Effects of:
	Expenses not deductible for tax purposes					24		-
	Adjustments to tax charge in respect of previous periods					(254)		(244)

	Current tax charge for period					253,196		158,090


7	Debtors					2025		2024
£							£

	Trade debtors					1,140,655		82,176
	Other debtors					2,824,633		2,637,091
	Prepayments and accrued income					633,721		6,296,631
						4,599,009		9,015,898



8	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					252,045		563,685
	Corporation tax					174,284		158,334
	Other taxes and social security costs					-		65,440
	Other creditors					1,997,750		2,500,000
	Accruals and deferred income					392,686		5,687,814
						2,816,765		8,975,273



9	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100



10	Profit and loss account					2025		2024
£							£

	At 1 April					1,087,334		612,090
	Profit for the financial year					760,507		475,244

	At 31 March					1,847,841		1,087,334



11	Related party transactions

	During the year the company used the services of The R & H Trust Co. Ltd amounting to £30,134 (2024- £40,972) which are related by virtue that T D Corbin and A Milgate are directors of this company.








12	Going concern

	Following the completion of the specific project in June 2025 which is wholly responsible for the income of the company it is envisioned the company will cease to trade on the release of the retention soon after June 2026 and overall within 12 months of the signing of these financial statements. As a consequence, by definition the company is not considered a going concern however it is also considered that no material adjustments would be required in order to present these financial statements alternatively.


13	Controlling party

	The Trustees of the Swanwood Trust are considered the controlling party by virtue of the Trust's shareholding.


14	Presentation currency

	The financial statements are presented in Sterling.


15	Legal form of entity and country of incorporation

	SWE Construction Limited is a private company limited by shares and incorporated in England.


15	Principal place of business

	The address of the company's principal place of business and registered office is:

	Eighth Floor
	6 New Street Square
	New Fetter Lane
	London
	EC4A 3AQ