Registered number
SC238924
Edward L Swan & Co Ltd
Filleted Accounts
31 August 2022
Edward L Swan & Co Ltd
Registered number: SC238924
Balance Sheet
as at 31 August 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 20,000 22,000
Current assets
Stocks 499 500
Debtors 5 (21,389) (21,522)
Cash at bank and in hand 30,241 25,723
9,351 4,701
Creditors: amounts falling due within one year 6 (6,705) (7,553)
Net current assets/(liabilities) 2,646 (2,852)
Net assets 22,646 19,148
Capital and reserves
Called up share capital 100 100
Profit and loss account 22,546 19,048
Shareholders' funds 22,646 19,148
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Edward L Swan
Director
Approved by the board on 13 September 2022
Edward L Swan & Co Ltd
Notes to the Accounts
for the year ended 31 August 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2021 50,000
At 31 August 2022 50,000
Amortisation
At 1 September 2021 28,000
Provided during the year 2,000
At 31 August 2022 30,000
Net book value
At 31 August 2022 20,000
At 31 August 2021 22,000
Goodwill is being written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2021 3,878
At 31 August 2022 3,878
Depreciation
At 1 September 2021 3,878
At 31 August 2022 3,878
Net book value
At 31 August 2022 -
5 Debtors 2022 2021
£ £
Trade debtors (25,519) (28,122)
Other debtors 4,130 6,600
(21,389) (21,522)
6 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs 6,450 6,841
Other creditors 255 712
6,705 7,553
7 Other information
Edward L Swan & Co Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Office 205, Embroidery Mill,
Abbey Mill Business Centre,
Paisley
Renfrewshire
PA1 1TJ
8 Related party transactions 2022 2021
£ £
Edward L Swan, director
Amount due to the related party 255 712
Dividends of £24,000 have been paid to the shareholders.
9 Ultimate controlling party
The ultimate controlling party is Edward L Swan who holds 60% of the share capital.
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