Swanmore Estates Limited - Accounts to registrar (filleted) - small 18.2
Swanmore Estates Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 November 2019 |
| for |
| Swanmore Estates Limited |
| Swanmore Estates Limited (Registered number: 02181900) |
| Contents of the Financial Statements |
| for the Year Ended 30 November 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Swanmore Estates Limited |
| Company Information |
| for the Year Ended 30 November 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SOLICITORS: |
| Blackbrook Gate |
| Blackbrook Park Avenue |
| Taunton |
| Somerset |
| TA1 2PG |
| Swanmore Estates Limited (Registered number: 02181900) |
| Balance Sheet |
| 30 November 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 8 |
| Retained earnings | 8 |
| 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. |
| Swanmore Estates Limited (Registered number: 02181900) |
| Balance Sheet - continued |
| 30 November 2019 |
| 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 signed on its behalf by: |
| Swanmore Estates Limited (Registered number: 02181900) |
| Notes to the Financial Statements |
| for the Year Ended 30 November 2019 |
| 1. | STATUTORY INFORMATION |
| Swanmore Estates Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents rental income due for the year excluding VAT where appropriate. |
| Investment properties |
| In accordance with section 16 of FRS 102, Investment properties are revalued annually and the surplus or deficit on |
| revaluation is transferred to the profit and loss account. Any profits generated by revaluation are transferred from the |
| profit and loss reserve account to the fair value reserve account, the fair value reserve account represents the |
| non-distributable element of shareholders funds. |
| 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. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
| as either 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. |
| Swanmore Estates Limited (Registered number: 02181900) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 3. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 December 2018 |
| Additions |
| Disposals | ( |
) |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 30 November 2018 |
| Fair value at 30 November 2019 is represented by: |
| £ |
| Valuation in 2019 | 2,110,620 |
| Cost | 12,559,485 |
| 14,670,105 |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2019 | 2018 |
| £ | £ |
| Cost | 12,559,485 | 10,653,345 |
| The property portfolio comprising of several properties, some of which were revalued during the 2018 year by |
| Symonds & Sampson who are a qualified valuers and some of which were revalued by the directors who are not |
| qualified valuers. |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation tax |
| VAT | 58,386 | 8,969 |
| Other creditors |
| Steerside Limited | 1 | 1 |
| Directors' loan accounts | 473 | 315,473 |
| Accruals and deferred income |
| Swanmore Estates Limited (Registered number: 02181900) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Bank loans more 5 yrs non-inst | 1,623,847 | 1,623,847 |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst | 1,623,847 | 1,623,847 |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 855,103 | 466,149 |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| The bank overdraft and loans are secured by charges held over the company's investment properties and an |
| unlimited debenture. |
| 8. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 December 2018 | 9,903,890 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Fair value transfer P&L ac | 56,191 | (56,191 | ) | - |
| At 30 November 2019 | 10,378,367 |
| 9. | RELATED PARTY DISCLOSURES |
| The company was under the control of the two directors, Mr S F C Jeffery and Mr A J White throughout the current |
| year. Somerset Land Ltd, a company under the control of Mr S F C Jeffery holds 50% of the issued share capital |
| and Marblehome Ltd, a company under the control of Mr A J White holds 50% of the issued share capital. |
| At the year end, the company owed £1 (2018: £1) to Steerside Ltd, a company where Mr S F C Jeffery is a director. |
| At the year-end the company owed Marblehome Ltd £Nil (2018: £400,000). |
| At the year-end the company owed Somerset Land Ltd £Nil (2018: £50,000). |
| At the year end the company owed £473 (2018: £473) to Mr S F C Jeffery and £Nil (2018: £315,000) to Mr A J |
| White, the directors. |
| Swanmore Estates Limited (Registered number: 02181900) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 10. | POST BALANCE SHEET EVENTS |
| The Covid-19 pandemic may have a detrimental effect on the company's financial performance during 2020. |
| Although it is too soon to predict the exact consequences of this, the directors are of the opinion that any effect will |
| be temporary and the long term future of the company is sustainable. |