Registration number:
SWAM Limited
for the Year Ended 30 November 2021
SWAM Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
SWAM Limited
Company Information
Director |
Mr S N Wreford |
Registered office |
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Accountants |
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SWAM Limited
(Registration number: 07545693)
Balance Sheet as at 30 November 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
- |
|
Other financial assets |
462,961 |
- |
|
|
- |
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
- |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
- |
|
Net current (liabilities)/assets |
( |
|
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
(92,250) |
- |
|
Shareholders' (deficit)/funds |
(92,150) |
100 |
For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
SWAM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Dove House
New Road
Timsbury
Romsey
Hampshire
SO51 0NL
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
SWAM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
Straight line over 3 years |
Plant & machinery |
25% on reducing balance |
Office equipment |
Straight line over 3 years |
Freehold property |
Straight line over 50 years |
Investments
Investments in quoted instruments area measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using the quoted price for the stocks and shares held.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
The company does not currently apply hedge accounting for derivative financial instruments.
SWAM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
Additions |
|
|
|
At 30 November 2021 |
|
|
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Depreciation |
|||
Charge for the year |
|
|
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At 30 November 2021 |
|
|
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Carrying amount |
|||
At 30 November 2021 |
|
|
|
Included within the net book value of land and buildings above is £169,909 (2020 - £Nil) in respect of freehold land and buildings.
SWAM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
||
Fair value adjustments |
561 |
561 |
Additions |
462,400 |
462,400 |
At 30 November 2021 |
462,961 |
462,961 |
Impairment |
||
Carrying amount |
||
At 30 November 2021 |
|
462,961 |
Debtors |
2021 |
2020 |
|
Trade debtors |
|
- |
Prepayments |
|
- |
Other debtors |
- |
|
|
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Other creditors |
|
- |
Share capital |
Allotted, called up and fully paid shares
SWAM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
75 |
- |
- |
|
|
5 |
- |
- |
|
|
5 |
- |
- |
|
|
5 |
- |
- |
|
|
5 |
- |
- |
|
|
5 |
- |
- |
|
- |
- |
|
100 |
|
|
|
|
Related party transactions |
Summary of transactions with key management
Included within Other creditors is £30,479 being the balance due to the director at the year end.
Financial instruments |
Categorisation of financial instruments
2021 |
2020 |
|
Financial liabilities measured at fair value through profit or loss |
|
- |
Financial assets measured at fair value
Listed investments
Investments represent investments in quoted equity instruments. The fair value of listed investments was determined with reference to the quoted market price at the reporting date.
The closing balance of investments of £462,961 disclosed in note 4 comprise £407,016 held as listed investments and £55,945 held as cash.
The fair value is £462,961 (2020 - £Nil) and the change in value included in profit or loss is £43,700 (2020 - £Nil).
Financial liabilities measured at fair value
SWAM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Derivative financial instruments
Derivative financial instruments comprise futures contracts, known as contracts for difference (CFDs). Transactions in CFDs involve the obligation to make or take delivery of the underlying asset of the contract as a future date. CFDs must be settled in cash at the date the contract is closed.
At the reporting date, the company's derivative financial instruments represents the value of open CFDs. Profits or losses arising on open CFDs are reported in the profit and loss account.
The fair value is £(107,232) (2020 - £Nil) and the change in value included in profit or loss is £(107,232) (2020 - £Nil).