REGISTERED NUMBER: 05298650 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SWALLOW BOATS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C M Newland

SECRETARY:

Mrs A Newland

REGISTERED OFFICE:

Gwbert Road

Cardigan

Ceredigion

SA43 1PN

REGISTERED NUMBER:

05298650 (England and Wales)

ACCOUNTANTS:

Great Nash Accountancy Services

31 Church View

Summerhill

Stepaside

Pembrokeshire

SA67 8LZ

FIXED ASSETS

Tangible assets

4

388,811

403,779

CURRENT ASSETS

Stocks

350,002

453,948

Debtors

5

77,491

10,798

Cash at bank and in hand

219,225

127,152

646,718

591,898

CREDITORS

Amounts falling due within one year

6

703,087

596,765

NET CURRENT LIABILITIES

(56,369

)

(4,867

)

TOTAL ASSETS LESS CURRENT LIABILITIES

332,442

398,912

CREDITORS

Amounts falling due after more than one year

7

(87,370

)

(112,394

)

PROVISIONS FOR LIABILITIES

(14,336

)

(16,565

)

NET ASSETS

230,736

269,953

CAPITAL AND RESERVES

Called up share capital

25,002

25,002

Retained earnings

205,734

244,951

SHAREHOLDERS' FUNDS

230,736

269,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 July 2026 and were signed by:

C M Newland - Director

1.	STATUTORY INFORMATION

Swallow Boats Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2025

382,272

462,652

844,924

Additions

1,625

10,200

11,825

At 31 December 2025

383,897

472,852

856,749

DEPRECIATION

At 1 January 2025

44,755

396,390

441,145

Charge for year

7,677

19,116

26,793

At 31 December 2025

52,432

415,506

467,938

NET BOOK VALUE

At 31 December 2025

331,465

57,346

388,811

At 31 December 2024

337,517

66,262

403,779

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

26,172

-

Other debtors

51,319

10,798

77,491

10,798

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

44,548

48,855

Trade creditors

61,740

47,240

Taxation and social security

116,181

78,849

Other creditors

480,618

421,821

703,087

596,765

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans

87,370

112,394

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

19,194

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Bank overdrafts

21,248

25,555

Bank loans

110,670

135,694

131,918

161,249

Barclays Bank PLC hold a legal charge over land at Trwyn Yr Allt, Cardigan dated 1 August 2007.

Barclays Bank PLC hold a fixed and floating charge over all assets held by the company dated 22 August 2013.

Barclays Bank PLC hold a fixed charge over Trwyn Yr Allt, Cardigan dated 19 November 2013.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

31.12.25

31.12.24

£

£

C M Newland

Balance outstanding at start of year

3,782

7,952

Amounts advanced

47,750

46,500

Amounts repaid

(49,047

)

(50,670

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,485

3,782

10.	RELATED PARTY DISCLOSURES

Swallow Yachts Limited is a related party by its nature of common control.

The company sold goods and services to this related party to the value of £1,674,319 during the year (2024 £1,638,410) and owed £32,564 as at the Balance Sheet date to Swallow Yachts Limited (2024 £21,895).