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Registration number: 10311577

Sweden & Martina Ltd

Annual Report and Abridged Financial Statements

for the Year Ended 31 December 2021

 

Sweden & Martina Ltd

Contents

Abridged Balance Sheet

1

Notes to the Abridged Financial Statements

2 to 7

 

Sweden & Martina Ltd

(Registration number: 10311577)
Abridged Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

70,033

14,019

Current assets

 

Stocks

6

441,075

197,076

Debtors

1,581,858

1,584,960

Cash at bank and in hand

 

290,960

204,373

 

2,313,893

1,986,409

Prepayments and accrued income

 

147,541

9,899

Creditors: Amounts falling due within one year

(2,372,084)

(2,189,466)

Net current assets/(liabilities)

 

89,350

(193,158)

Total assets less current liabilities

 

159,383

(179,139)

Creditors: Amounts falling due after more than one year

(253,812)

(256,774)

Accruals and deferred income

 

(238,310)

(32,365)

Net liabilities

 

(332,739)

(468,278)

Capital and reserves

 

Called up share capital

7

10,000

10,000

Profit and loss account

(342,739)

(478,278)

Shareholders' deficit

 

(332,739)

(468,278)

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 2 September 2022 and signed on its behalf by:
 

.........................................
Mr Alberto Martina
Director

 

Sweden & Martina Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

These financial statements were authorised for issue by the Board on 2 September 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the net current asset deficiency on the basis the company will be supported, financially, by the parent company to enable the company to meet its financial obligations as and when they fall due.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 September 2022 was John Tiltman, who signed for and on behalf of Stourton Accountancy Services Limited.

.........................................

 

Sweden & Martina Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2021

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Furniture & fittings

25% on a straight line basis

Office equipment

25% on a straight line basis

Plant and machinery

25% on a straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

25% on a straight line basis

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.

 

Sweden & Martina Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2021

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2020 - 21).

 

Sweden & Martina Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Total
£

Cost or valuation

Revaluations

1,416

At 31 December 2021

1,416

Amortisation

At 1 January 2021

1,416

At 31 December 2021

1,416

Carrying amount

At 31 December 2021

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

2,005

11,075

28,745

41,825

Additions

5,838

69,890

3,153

78,881

At 31 December 2021

7,843

80,965

31,898

120,706

Depreciation

At 1 January 2021

1,440

5,537

20,829

27,806

Charge for the year

1,725

13,311

7,831

22,867

At 31 December 2021

3,165

18,848

28,660

50,673

Carrying amount

At 31 December 2021

4,678

62,117

3,238

70,033

At 31 December 2020

565

5,538

7,916

14,019

6

Stocks

2021
£

2020
£

Finished goods and goods for resale

441,075

197,076

7

Share capital

Allotted, called up and fully paid shares

 

Sweden & Martina Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2021

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £100 each

100

10,000

100

10,000

         

8

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2021
£

2020
£

Not later than one year

22,750

-

Later than one year and not later than five years

91,000

-

Later than five years

99,574

-

213,324

-

9

Related party transactions

Summary of transactions with parent

Sweden & Martina Spa
 The parent company granted a loan facility of up to £1,000,000 to the company
 Interest on the loans are based on the six-month EURIBOR index plus 3% spread. The loan will be repaid through yearly instalments of no less than £100,000. Alternatively it will be repaid as a one-off payment by 31 December 2025.
 

Loans from related parties

2021

Parent
£

Total
£

At start of period

256,774

256,774

Repaid

(6,774)

(6,774)

Interest transactions

3,812

3,812

At end of period

253,812

253,812

2020

Parent
£

Total
£

At start of period

685,358

685,358

Repaid

(443,372)

(443,372)

Interest transactions

14,788

14,788

At end of period

256,774

256,774

 

Sweden & Martina Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2021

10

Parent and ultimate parent undertaking

The company's immediate parent is Sweden & Martina Spa, incorporated in Italy.