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SW Estates Limited |
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Financial Statements |
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for the Year Ended 30 September 2019 |
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REGISTERED NUMBER:
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SW Estates Limited |
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Financial Statements |
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for the Year Ended 30 September 2019 |
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SW Estates Limited (Registered number: 04660694) |
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Contents of the Financial Statements |
for the year ended 30 September 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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SW Estates Limited |
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Company Information |
for the year ended 30 September 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
24 Cornwall Road |
Dorchester |
Dorset |
DT1 1RX |
SW Estates Limited (Registered number: 04660694) |
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Statement of Financial Position |
30 September 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Undistributable reserves | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements |
for the year ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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SW Estates Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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The directors consider that long leasehold properties are maintained in such a state of repair that their residual |
value is at least equal to their net book value. As a result, the corresponding depreciation charge for the year |
is nil. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower |
than the carrying value. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2019 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures, |
Leasehold | fittings, |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2018 |
and 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2018 |
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Additions |
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Disposals | ( |
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Revaluations | 20,455 |
At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Fair value at 30 September 2019 is represented by: |
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£ |
Valuation in 2019 | 140,612 |
Cost | 500,388 |
641,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 500,388 | 498,343 |
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Investment property was valued on a fair value basis on 30 September 2019 by the directors . |
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6. | CURRENT ASSET INVESTMENTS |
2019 | 2018 |
£ | £ |
Listed investments | 216,037 | 216,037 |
Unlisted investments | 32,255 | 32,255 |
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SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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UK corporation tax |
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Tax and social security costs |
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Directors' current accounts | 66,151 | 53,022 |
Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans | 170,250 | 155,818 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Bank loans are secured by legal charges created in March 2018 over a selection of the company's investment |
properties. |
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10. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 127 | 172 |
Tax losses carried forward | - | (865 | ) |
Capital gains on investment properties | 9,132 | 3,838 |
9,259 | 3,145 |
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Deferred |
tax |
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Balance at 1 October 2018 |
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Charge to Income Statement during year |
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Balance at 30 September 2019 |
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SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2019 |
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11. | RESERVES |
Retained | Undistributable |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 October 2018 |
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717,134 |
Profit for the year |
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Dividends | ( |
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Transfer unrealised gain/loss
on
investment properties to undistributable reserves |
(15,161 |
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15,161 |
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Transfer realised gain/loss
on
investment properties to re tained earnings |
6,000 |
(6,000 |
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At 30 September 2019 |
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737,082 |
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Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the |
deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend |
to shareholders. |
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12. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £25,500 (2018 - £36,000) were paid to the directors . |