Swan Letting Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09958465 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2023

for

Swan Letting Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Birla

Mrs N Birla

REGISTERED OFFICE:

79 Uplands Crescent

Uplands

Swansea

West Glamorgan

SA2 0EX

REGISTERED NUMBER:

09958465 (England and Wales)

ACCOUNTANTS:

Cambrian & Co Ltd

13A Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Tangible assets

5

66,655

247

Investment property

6

5,462,475

2,998,742

5,529,130

2,998,989

CURRENT ASSETS

Debtors

7

29,626

-

Cash at bank

894,279

128,589

923,905

128,589

CREDITORS

Amounts falling due within one year

8

4,012,837

1,220,111

NET CURRENT LIABILITIES

(3,088,932

)

(1,091,522

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,440,198

1,907,467

CREDITORS

Amounts falling due after more than one year

9

(2,171,006

)

(1,679,210

)

PROVISIONS FOR LIABILITIES

(119

)

(119

)

NET ASSETS

269,073

228,138

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

269,071

228,136

SHAREHOLDERS' FUNDS

269,073

228,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by:

B Birla - Director

1.	STATUTORY INFORMATION

Swan Letting 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

1,390

Additions

69,060

At 31 January 2023

70,450

DEPRECIATION

At 1 February 2022

1,143

Charge for year

2,652

At 31 January 2023

3,795

NET BOOK VALUE

At 31 January 2023

66,655

At 31 January 2022

247

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

2,998,742

Additions

2,463,733

At 31 January 2023

5,462,475

NET BOOK VALUE

At 31 January 2023

5,462,475

At 31 January 2022

2,998,742

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Other debtors

29,626

-

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts

-

383,926

Other loans

110,990

185,394

Shawbrook loan

1,596,100

-

Fleet Mortgage

273,244

-

Together mortgage

275,672

-

Tax

940

48,305

Social security and other taxes

6,905

-

Other creditors

583

-

Loan to/from related company

7,830

-

Directors' current accounts

1,738,148

600,061

Accrued expenses

2,425

2,425

4,012,837

1,220,111

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Kalra Pro

233,600

139,600

Kent Reliance

175,781

175,781

Bounce Back Loan

33,333

41,738

Loan

17,277

17,940

Lloyds

220,592

232,076

Lloyds

263,893

276,036

Loan B & B

805,259

584,354

Swan Letting Agency

169,123

138,963

M Mahon Loan

15,000

15,000

Loan B Shivani

179,426

-

Bonds

57,722

57,722

2,171,006

1,679,210

31.1.23

31.1.22

£

£

Amounts falling due in more than five years:

Repayable by instalments

Lloyds

220,592

232,076

Lloyds

263,893

276,036

Loan B & B

805,259

584,354

1,289,744

1,092,466

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors operated a loan account with the company, the balance of which is separately disclosed in the notes to these accounts. The loan is repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors Mr. B. Birla and Mrs. N. Birla.