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Registration number: 04925427

Property Projects (SW) Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 September 2025

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 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 135,200 | 138,194
Current assets |  |  |
Stocks | 5 | - | 5,110
Debtors | 6 | (34,355) | 1,250
Cash at bank and in hand |  | 2,809 | 147
|  | (31,546) | 6,507
Creditors: Amounts falling due within one year | 7 | (73,712) | (99,428)
Net current liabilities |  | (105,258) | (92,921)
Total assets less current liabilities |  | 29,942 | 45,273
Creditors: Amounts falling due after more than one year | 7 | (142,666) | (82,239)
Net liabilities |  | (112,724) | (36,966)
Capital and reserves |  |  |
Called up share capital | 8 | 1,000 | 1,000
Retained earnings |  | (113,724) | (37,966)
Shareholders' deficit |  | (112,724) | (36,966)

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.

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 23 June 2026

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

Property Projects (SW) 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 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 23 June 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.

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 2025

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 2025

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 2 (2024 - 5).

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £
Cost or valuation
At 1 October 2024 | 126,221 | 2,607 | 33,840 | 21,983
At 30 September 2025 | 126,221 | 2,607 | 33,840 | 21,983
Depreciation
At 1 October 2024 | - | 2,414 | 31,422 | 12,621
Charge for the year | - | 48 | 605 | 2,341
At 30 September 2025 | - | 2,462 | 32,027 | 14,962
Carrying amount
At 30 September 2025 | 126,221 | 145 | 1,813 | 7,021
At 30 September 2024 | 126,221 | 193 | 2,418 | 9,362

Property Projects (SW) Limited

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

| Total £
Cost or valuation
At 1 October 2024 | 184,651
At 30 September 2025 | 184,651
Depreciation
At 1 October 2024 | 46,457
Charge for the year | 2,994
At 30 September 2025 | 49,451
Carrying amount
At 30 September 2025 | 135,200
At 30 September 2024 | 138,194

Included within the net book value of land and buildings above is £126,221 (2024 - £126,221) in respect of freehold land and buildings.

5 | Stocks

| 2025 £ | 2024 £
Work in progress | - | 4,110
Other inventories | - | 1,000
| - | 5,110

6 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | - | -
Amounts owed by related parties | 11 | - | 1,250
Other debtors |  | (34,355) | -
|  | (34,355) | 1,250

Property Projects (SW) Limited

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

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 42,630 | 28,772
Trade creditors |  | 1,171 | 12,305
Taxation and social security |  | 63,602 | 60,150
Accruals and deferred income |  | 15,335 | 11,385
Other creditors |  | (49,026) | (13,184)
|  | 73,712 | 99,428

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 142,666 | 82,239

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 1,000 | 1,000 | 1,000 | 1,000

9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 142,666 | 82,239

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 30,159 | 16,051
Other borrowings | 12,471 | 12,721
| 42,630 | 28,772

Property Projects (SW) Limited

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

10 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £Nil per each Ordinary |  | - |  | -

11 | Related party transactions

Transactions with the director

2025 | At 1 October 2024 £ | Advances to director £ | At 30 September 2025 £
Mr Iain Hicks
loan from director | (41,052) | (19,947) | (60,999)

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

Director's remuneration

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

| 2025 £ | 2024 £
Remuneration | 12,570 | 12,570

Dividends paid to the director

|  | 2025 £ |  | 2024 £
Mr Iain Hicks |  |  |  |
Interim dividends |  | - |  | -