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Registration number: SC744096

R & H Swailes Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 September 2025

R & H Swailes Limited

Contents

Company Information | 1
Accountants' Report | 2
Balance Sheet | 3 to 4
Notes to the Unaudited Financial Statements | 5 to 13

R & H Swailes Limited

Company Information

Directors | M Hunter C Swailes J Swailes

Registered office | 27 North Bridge Street Hawick Borders TD9 9BD

Accountants | Deans Accountants And Business Advisors Ltd 27 North Bridge Street Hawick Borders TD9 9BD

DEANS
Chartered Accountants
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R & H Swailes Limited for the Year Ended 30 September 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R & H Swailes Limited for the year ended 30 September 2025 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of R & H Swailes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of R & H Swailes Limited and state those matters that we have agreed to state to the Board of Directors of R & H Swailes Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R & H Swailes Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of R & H Swailes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Borders
TD9 9BD

3 April 2026

R & H Swailes Limited

(Registration number: SC744096)
Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 5 | - | 12,000
Tangible assets | 6 | 803,083 | 793,501
|  | 803,083 | 805,501
Current assets |  |  |
Stocks | 7 | 18,082 | 2,445
Debtors | 8 | 29,187 | 69,419
Cash at bank and in hand |  | 62,671 | 68,901
|  | 109,940 | 140,765
Creditors: Amounts falling due within one year | 9 | (561,018) | (680,695)
Net current liabilities |  | (451,078) | (539,930)
Total assets less current liabilities |  | 352,005 | 265,571
Creditors: Amounts falling due after more than one year | 9 | (146,666) | (112,000)
Provisions for liabilities |  | (200,773) | (150,766)
Net assets |  | 4,566 | 2,805
Capital and reserves |  |  |
Called up share capital | 10 | 300 | 300
Retained earnings |  | 4,266 | 2,505
Shareholders' funds |  | 4,566 | 2,805

For the financial year ending 30 September 2025 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 April 2026 and signed on its behalf by:

R & H Swailes Limited

(Registration number: SC744096)
Balance Sheet as at 30 September 2025

......................................... M Hunter Director
......................................... C Swailes Director
......................................... J Swailes Director

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 North Bridge Street
Hawick
Borders
TD9 9BD
Scotland

The principal place of business is:
Robellen
Chesters
Hawick
TD9 8TH

These financial statements were authorised for issue by the Board on 3 April 2026.

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.

The accounts are presented in £GBP and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:
Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tax

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 income 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

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% straight line
Plant and Machinery | 15% straight line
Office Costs | 25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 3 years

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.

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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 it’s liabilities.
Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

4 | Profit before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 162,323 | 158,368
Amortisation expense | 12,000 | 12,000

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

5 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
Additions acquired separately | 36,000 | 36,000
At 30 September 2025 | 36,000 | 36,000
Amortisation
At 1 October 2024 | 24,000 | 24,000
Amortisation charge | 12,000 | 12,000
At 30 September 2025 | 36,000 | 36,000
Carrying amount
At 30 September 2025 | - | -
At 30 September 2024 | 12,000 | 12,000

6 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 October 2024 | 8,359 | 160,946 | 824,646 | 993,951
Additions | - | 102,970 | 418,077 | 521,047
Disposals | - | (146,180) | (314,363) | (460,543)
At 30 September 2025 | 8,359 | 117,736 | 928,360 | 1,054,455
Depreciation
At 1 October 2024 | 4,180 | 39,106 | 157,164 | 200,450
Charge for the year | 2,090 | 34,094 | 126,139 | 162,323
Eliminated on disposal | - | (30,103) | (81,298) | (111,401)
At 30 September 2025 | 6,270 | 43,097 | 202,005 | 251,372
Carrying amount
At 30 September 2025 | 2,089 | 74,639 | 726,355 | 803,083
At 30 September 2024 | 4,179 | 121,840 | 667,482 | 793,501

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

7 | Stocks

| 2025 £ | 2024 £
Other inventories | 18,082 | 2,445

8 | Debtors

| 2025 £ | 2024 £
Trade debtors | 29,187 | 69,419
| 29,187 | 69,419

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 11 | 48,667 | 32,000
Trade creditors |  | 2,686 | 1,413
Taxation and social security |  | 27,803 | 44,913
Accruals and deferred income |  | 3,550 | 3,550
Other creditors |  | 478,312 | 598,819
|  | 561,018 | 680,695

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £48,667 (2024: £32,000).

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | 146,666 | 112,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £146,666 (2024: £112,000).

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 300 | 300 | 300 | 300

11 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 146,666 | 112,000

Current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 48,667 | 32,000

R & H Swailes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

12 | Related party transactions

Other transactions with directors

As at 30 September 2025 the company owed the directors £478,312.