Company Registration No. 07953972 (England and Wales)
SWUX LIMITED
Unaudited accounts
for the year ended 28 February 2023
SWUX LIMITED
Unaudited accounts
Contents
SWUX LIMITED
Company Information
for the year ended 28 February 2023
Company Number
07953972 (England and Wales)
Registered Office
129 CHURCHILL ROAD
LONDON
NW2 5EH
Accountants
Dempsey & Co
The Downshire
71 Baldwins Lane Croxley Green
Rickmansworth
Herts
WD3 3LT
SWUX LIMITED
Statement of financial position
as at 28 February 2023
Tangible assets
4,084
4,622
Cash at bank and in hand
6,829
2,901
Creditors: amounts falling due within one year
(22,475)
(23,116)
Net current (liabilities)/assets
(2,936)
2,443
Total assets less current liabilities
1,148
7,065
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
223
6,140
Shareholders' funds
224
6,141
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 September 2023 and were signed on its behalf by
Mr Steven Wise
Director
Company Registration No. 07953972
SWUX LIMITED
Notes to the Accounts
for the year ended 28 February 2023
SWUX LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07953972. The registered office is 129 CHURCHILL ROAD, LONDON, NW2 5EH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
SWUX LIMITED
Notes to the Accounts
for the year ended 28 February 2023
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in nonconvertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
4
Tangible fixed assets
Plant & machinery
At 28 February 2023
16,675
At 28 February 2023
12,591
Amounts falling due within one year
Other debtors
12,710
10,688
SWUX LIMITED
Notes to the Accounts
for the year ended 28 February 2023
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
17,665
17,357
Other creditors
4,810
3,296
Loans from directors
-
2,463
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Transactions with related parties
The company voted dividends of £70000(2022-£70000) during the year to Mr S Wise who is a director and a shareholder.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).