Swimbridge Court Ltd

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 8

Swimbridge Court Ltd

(Registration number: 04621261)
Statement of Financial Position as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	146,382	149,686
Investment property	5	738,250	-
		884,632	149,686
Current assets
Stocks		-	470,000
Debtors	6	21,649	175,222
Cash at bank and in hand		107,246	80,228
		128,895	725,450
Creditors: Amounts falling due within one year	7	(436,336)	(368,117)
Net current (liabilities)/assets		(307,441)	357,333
Total assets less current liabilities		577,191	507,019
Provisions for liabilities		(128)	(130)
Net assets		577,063	506,889
Capital and reserves
Called up share capital		1	1
Profit and loss account		577,062	506,888
Shareholders' funds		577,063	506,889

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 14 July 2026 and signed on its behalf by:
 

Mr Solomon Singh Company secretary and director

Swimbridge Court Ltd

Notes to the Financial Statements for the Year Ended 31 July 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:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is the sales and letting of Sheltered (Care Home) Accommodation on purchased leasehold land.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

Swimbridge Court Ltd

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was qualified. On 31 July 2025, the Company transferred stock with a recorded cost of £470,000 to investment property at fair value of £738,250, recognising a gain of £268,250. We were unable to obtain sufficient audit evidence in respect of the recorded cost of this stock as management was unable to provide supporting documentation. Consequently, we were unable to determine whether any adjustments to this stock, which was included in the opening and prior year balance sheets at the same value which was acquired prior to 2012 and the related gain on transfer recognised in cost of sales, were necessary.
.

The name of the Senior Statutory Auditor who signed the audit report on 21 July 2026 was Catherine Williams FCA DChA, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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.

Swimbridge Court Ltd

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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 statement of financial position 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.

Swimbridge Court Ltd

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

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
Fixtures and fittings	25% reducing balance
Leasehold property	Over term of lease - 999 years

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

Swimbridge Court Ltd

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2024 - 1).

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Total £
Cost or valuation
At 1 August 2024	149,000	1,351	150,351
At 31 July 2025	149,000	1,351	150,351
Depreciation
At 1 August 2024	-	665	665
Charge for the year	3,132	172	3,304
At 31 July 2025	3,132	837	3,969
Carrying amount
At 31 July 2025	145,868	514	146,382
At 31 July 2024	149,000	686	149,686

5	Investment properties

	2025 £
Transfers to and from stocks	738,250
At 31 July 2025	738,250

The investment property was valued by an independent valuer, Toby Dowding, Chequers Estate Agents, at 31st July 2025.

6

Debtors

	2025 £	2024 £
Other debtors	20,757	174,371
Prepayments	892	851
	21,649	175,222

Swimbridge Court Ltd

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Amounts owed to group undertakings	9	352,351	352,351
Taxation and social security		82,825	14,878
Accruals and deferred income		1,160	888
		436,336	368,117