Swift (24) Property Services Limited - Period Ending 2014-09-30

Registration number: 03472338

Swift (24) Property Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2014
 

Swift (24) Property Services Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Swift (24) Property Services Limited
(Registration number: 03472338)
Abbreviated Balance Sheet at 30 September 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			1,064,660			1,065,306
Current assets
Debtors					46,426			69,312
Cash at bank and in hand					69,784			37,606
					116,210			106,918
Creditors: Amounts falling due within one year					(501,846)			(351,130)
Net current liabilities					(385,636)			(244,212)
Total assets less current liabilities					679,024			821,094
Capital and reserves
Called up share capital		4			1			1
Revaluation reserve					144,443			144,443
Profit and loss account					534,580			676,650
Shareholders' funds					679,024			821,094

For the year ending 30 September 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 6 November 2014

.........................................
L J Purton
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Swift (24) Property Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of rent and rates receivable from tenants.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line basis
Fixtures and fittings	25% straight line basis

Investment properties

Certain properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and it is considered that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Page 2

Swift (24) Property Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2013		1,097,608			1,097,608
At 30 September 2014		1,097,608			1,097,608
Depreciation
At 1 October 2013		32,302			32,302
Charge for the year		646			646
At 30 September 2014		32,948			32,948
Net book value
At 30 September 2014		1,064,660			1,064,660
At 30 September 2013		1,065,306			1,065,306

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		270,000			270,000

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary share of £1 each		1			1			1			1

Page 3

Swift (24) Property Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

5	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
L J Purton
	733	20,963	20,230	-

6

Control

The company is controlled by the personal representatives of the late Mr S J Huntley .

Page 4