Swanbridge Properties Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2018
Company Registration No. 02109846 (England and Wales)
Swanbridge Properties Limited
Company Information
Directors
Mr T Sugrue
Mrs C Sugrue
Secretary
Mr T Sugrue
Company number
02109846
Registered office
Moreton Lodge
Bourton Road
Moreton-in-Marsh
Gloucestershire
GL56 0BG
Accountants
Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Business address
Moreton Lodge
Bourton Road
Moreton-in-Marsh
Gloucestershire
GL56 0BG
Swanbridge Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Swanbridge Properties Limited
Balance Sheet
As at 30 June 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
2
179,754
179,754
Current assets
Cash at bank and in hand
3,698
5,226
Creditors: amounts falling due within one year
3
(374,366)
(373,416)
Net current liabilities
(370,668)
(368,190)
Total assets less current liabilities
(190,914)
(188,436)
Creditors: amounts falling due after more than one year
4
(70,000)
(70,000)
Net liabilities
(260,914)
(258,436)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(261,014)
(258,536)
Total equity
(260,914)
(258,436)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Swanbridge Properties Limited
Balance Sheet (Continued)
As at 30 June 2018
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 March 2019 and are signed on its behalf by:
Mr T Sugrue
Director
Company Registration No. 02109846
Swanbridge Properties Limited
Notes to the Financial Statements
For the year ended 30 June 2018
Page 3
1
Accounting policies
Company information
Swanbridge Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Moreton Lodge, Bourton Road, Moreton-in-Marsh, Gloucestershire, GL56 0BG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental Income
is recognised
on a straight line basis over the terms of the relevant lease and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Swanbridge Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
1
Accounting policies
(Continued)
Page 4
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
Swanbridge Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
1
Accounting policies
(Continued)
Page 5
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The company operates an employee share ownership plan (ESOP) trust and has de facto control of the shares held by the trust and bears their benefits and risks. The
company
records assets and liabilities of the trust as its own. Consideration paid by the ESOP scheme for shares of the
company
is deducted from equity. Finance costs and administrative expenses incurred by the
company
in relation to the ESOP are recognised on an accruals basis.
Swanbridge Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
Page 6
2
Investment property
2018
£
Fair value
At 1 July 2017 and 30 June 2018
179,754
The investment property is held at historic cost. The directors believe this to be the fair value of the property.
3
Creditors: amounts falling due within one year
2018
2017
£
£
Other taxation and social security
817
817
Other creditors
373,549
372,599
374,366
373,416
4
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
70,000
70,000
Bank loans are secured by way of a fixed and floating mortgage charge over the company's property.
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
6
Directors' transactions
Included within Other creditors at the year end is an outstanding balance due to the director of £369,325 (2017: £369,325). The loan is unsecured, interest free and carries no fixed date of repayment.