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Registration number: 07545693

SWAM Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

SWAM Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

SWAM Limited

Company Information

Director

Mr S N Wreford

Registered office

Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP

Accountants

Elysium
Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP

 

SWAM Limited

(Registration number: 07545693)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

174,180

-

Other financial assets

5

462,961

-

 

637,141

-

Current assets

 

Debtors

6

1,557

100

Cash at bank and in hand

 

1,862

-

 

3,419

100

Creditors: Amounts falling due within one year

7

(732,710)

-

Net current (liabilities)/assets

 

(729,291)

100

Net (liabilities)/assets

 

(92,150)

100

Capital and reserves

 

Called up share capital

8

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 18 August 2022
 

.........................................
Mr S N Wreford
Director

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP

The principal place of business is:
Dove House
New Road
Timsbury
Romsey
Hampshire
SO51 0NL

These financial statements were authorised for issue by the director on 18 August 2022.

2

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

Derivative financial instruments are recognised at fair value on the date a derivative contract is entered into using a valuation technique. Any gains or losses are recognised in the profit and loss account as income or finance costs as appropriate. At the reporting date outstanding derivative financial instruments are recognised as an asset or liability as appropriate.

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 0).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

171,673

5,376

177,049

At 30 November 2021

171,673

5,376

177,049

Depreciation

Charge for the year

1,764

1,105

2,869

At 30 November 2021

1,764

1,105

2,869

Carrying amount

At 30 November 2021

169,909

4,271

174,180

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

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

462,961

6

Debtors

2021
£

2020
£

Trade debtors

745

-

Prepayments

812

-

Other debtors

-

100

1,557

100

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Other creditors

732,710

-

8

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.

£

Ordinary A shares of £1 (2020 - £0) each

75

75

-

-

Ordinary B shares of £1 (2020 - £0) each

5

5

-

-

Ordinary C shares of £1 (2020 - £0) each

5

5

-

-

Ordinary D shares of £1 (2020 - £0) each

5

5

-

-

Ordinary E shares of £1 (2020 - £0) each

5

5

-

-

Ordinary F shares of £1 (2020 - £0) each

5

5

-

-

Ordinary shares of £1 each

-

-

100

100

 

100

100

100

100

9

Related party transactions

Summary of transactions with key management

Included within Other creditors is £595,000 due to Japanese Knotweed Limited, a company in which the director is a director and shareholder.

Included within Other creditors is £30,479 being the balance due to the director at the year end.

 

10

Financial instruments

Categorisation of financial instruments

2021
 £

2020
 £

Financial liabilities measured at fair value through profit or loss

107,232

-

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).