Swift (24) Property Services Limited - Period Ending 2021-09-30
Swift (24) Property Services Limited - Period Ending 2021-09-30
Registration number:
Swift (24) Property Services Limited
for the Year Ended 30 September 2021
Swift (24) Property Services Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Swift (24) Property Services Limited
(Registration number: 03472338)
Balance Sheet as at 30 September 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Investment property revaluation reserve |
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Profit and loss account |
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Total equity |
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Swift (24) Property Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The director acknowledges the potential impact of the global coronavirus pandemic and believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook created by the pandemic. The director believes the company has adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.
The company had net current liabilities at the balance sheet date but has renegotiated its bank loan post year end such that the majority of the outstanding balance will become a long term liability. The company also has the support of the other companies within the Swift group.
Audit report
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of rent and rates receivable from tenants.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
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.
Swift (24) Property Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
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 |
25% straight line basis |
Fixtures and fittings |
25% straight line basis |
Investment property
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.
Debtors
Trade debtors are amounts due from tenants resulting from their tenancy of the company's properties.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Swift (24) Property Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Fixtures and fittings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 October 2020 |
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At 30 September 2021 |
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Depreciation |
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At 1 October 2020 |
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Charge for the year |
- |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
- |
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At 30 September 2020 |
- |
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Swift (24) Property Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Investment properties |
2021 |
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At 1 October 2018 |
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At 30 September 2019 |
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The investment properties class of assets was valued on 30 September 2019 by an independent valuer. This class of assets has a historical cost of £2,509,762 (2020: £2,509,762).
Debtors |
2021 |
2020 |
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Trade debtors |
- |
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Amounts owed by group undertakings |
- |
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Other debtors |
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Total current trade and other debtors |
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Swift (24) Property Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Creditors |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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Bank borrowings
Borrowings are secured by a fixed and floating charge over the properties to which they relate. |