Company registration number 03491283 (England and Wales)
SWPC CONSULTING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SWPC CONSULTING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
SWPC CONSULTING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
929
1,666
Investment properties
4
460,000
350,000
460,929
351,666
Current assets
Debtors
5
1,735
81
Cash at bank and in hand
221
32
1,956
113
Creditors: amounts falling due within one year
6
(311,228)
(177,975)
Net current liabilities
(309,272)
(177,862)
Total assets less current liabilities
151,657
173,804
Creditors: amounts falling due after more than one year
7
(123,334)
Provisions for liabilities
(663)
Net assets
151,657
49,807
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
148,161
36,911
Profit and loss reserves
3,396
12,796
Total equity
151,657
49,807
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
Ms S E Wickham
Director
Company Registration No. 03491283
SWPC CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
100
20,100
20,200
Year ended 31 March 2022:
Profit
-
-
33,607
33,607
Other comprehensive income:
Tax relating to other comprehensive income
-
(1,995)
1,995
-
Total comprehensive income
-
(1,995)
35,602
33,607
Dividends
-
-
(4,000)
(4,000)
Transfers
-
38,906
(38,906)
-
Balance at 31 March 2022
100
36,911
12,796
49,807
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
105,850
105,850
Tax relating to other comprehensive income
-
1,250
(1,250)
-
Total comprehensive income
-
1,250
104,600
105,850
Dividends
-
-
(4,000)
(4,000)
Transfers
-
110,000
(110,000)
-
Balance at 31 March 2023
100
148,161
3,396
151,657
SWPC CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
SWPC Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Serempore, Newport Road, Castleton, Cardiff, CF3 2UR.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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
Turnover is recognised at the fair value of the consideration received or receivable for property rental provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% Straight line
1.4
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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
SWPC CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
SWPC CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2022
5,049
Additions
958
Disposals
(4,370)
At 31 March 2023
1,637
Depreciation and impairment
At 1 April 2022
3,383
Depreciation charged in the year
957
Eliminated in respect of disposals
(3,632)
At 31 March 2023
708
Carrying amount
At 31 March 2023
929
At 31 March 2022
1,666
4
Investment property
2023
£
Fair value
At 1 April 2022
350,000
Revaluations
110,000
At 31 March 2023
460,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 March 2023 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
81
81
SWPC CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note )
1,654
Total debtors
1,735
81
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,153
Obligations under finance leases
101
Other creditors
308,984
169,233
Accruals and deferred income
2,244
1,488
311,228
177,975
Included above is an amount of £0 (2022 - £7,153) which is secured over the investment property.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
123,334
Included above is an amount of £0 (2022 - £123,334) which is secured over the investment property.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
92,047
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
SWPC CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Directors' transactions
Dividends totalling £2,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's director.
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £308,984 (2022 - £169,233); this amount being included in creditors: amounts falling due within one year.