Registration number: 09572797

SW Property Developments (Cornwall) Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

SW Property Developments (Cornwall) Ltd

Company Information

Director

Mr William Iliffe

Registered office

13 Church Street Helston Cornwall TR13 8TD

Accountants

Harland Accountants 13 Church Street Helston Cornwall TR13 8TD

SW Property Developments (Cornwall) Ltd

(Registration number: 09572797)
Balance Sheet as at 31 May 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	578	731
Investment property	6	2,068,788	1,909,183
		2,069,366	1,909,914
Current assets
Debtors	7	114,351	104,392
Cash at bank and in hand		417,967	625,029
		532,318	729,421
Creditors: Amounts falling due within one year	8	(81,900)	(177,688)
Net current assets		450,418	551,733
Total assets less current liabilities		2,519,784	2,461,647
Provisions for liabilities		(23)	(35)
Net assets		2,519,761	2,461,612
Capital and reserves
Called up share capital		100	100
Retained earnings		2,519,661	2,461,512
Shareholders' funds		2,519,761	2,461,612

For the financial year ending 31 May 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 17 July 2026
 

SW Property Developments (Cornwall) Ltd

(Registration number: 09572797)
Balance Sheet as at 31 May 2025

......................................... Mr William Iliffe Director

SW Property Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
13 Church Street
Helston
Cornwall
TR13 8TD
UK

These financial statements were authorised for issue by the director on 17 July 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.

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.

SW Property Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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.

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
Plant and machinery	20% straight line
Property equipment	10% straight line
Motor vehicles	25% straight line
Office equipment	25% straight line

Investment property

In accordance with FRS 102 Section 1A, investment property is carried at historical cost less accumulated depreciation and impairment. The director considers historical cost to be an appropriate proxy for fair value because obtaining an independent professional valuation would involve disproportionate cost and effort relative to the expected benefit to users of the financial statements.

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.

SW Property Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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:

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.

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.

SW Property Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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.

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.

3	Staff numbers

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

SW Property Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 June 2024	10,000	10,000
At 31 May 2025	10,000	10,000
Amortisation
At 1 June 2024	10,000	10,000
At 31 May 2025	10,000	10,000
Carrying amount
At 31 May 2025	-	-

5	Tangible assets

	Property equipment £	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and machinery £
Cost or valuation
At 1 June 2024	899	1,621	22,113	2,853
At 31 May 2025	899	1,621	22,113	2,853
Depreciation
At 1 June 2024	357	1,621	22,113	2,664
Charge for the year	90	-	-	63
At 31 May 2025	447	1,621	22,113	2,727
Carrying amount
At 31 May 2025	452	-	-	126
At 31 May 2024	542	-	-	189

SW Property Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

	Total £
Cost or valuation
At 1 June 2024	27,486
At 31 May 2025	27,486
Depreciation
At 1 June 2024	26,755
Charge for the year	153
At 31 May 2025	26,908
Carrying amount
At 31 May 2025	578
At 31 May 2024	731

Included within the net book value of land and buildings above is £452 (2024 - £542) in respect of freehold land and buildings.
 

6	Investment properties

	2025 £
At 1 June	1,909,183
Additions	159,605
At 31 May	2,068,788

In accordance with FRS 102 Section 1A, investment property is carried at historical cost less accumulated depreciation and impairment. The director considers historical cost to be an appropriate proxy for fair value because obtaining an independent professional valuation would involve disproportionate cost and effort relative to the expected benefit to users of the financial statements.

SW Property Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

7

Debtors

Current	Note	2025 £	2024 £
Trade debtors		400	-
Amounts owed by related parties		110,741	101,956
Prepayments		3,210	2,436
		114,351	104,392

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	2,166	1,134
Taxation and social security		18,465	8,153
Accruals and deferred income		7,479	3,013
Other creditors		53,790	165,388
		81,900	177,688

9	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	2,166	1,134