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Registration number: 09082767

Sword Dynamic Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Sword Dynamic Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Sword Dynamic Services Ltd

Company Information

Directors

L P House

P P Lillis

S Lillis

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Sword Dynamic Services Ltd

(Registration number: 09082767)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

125,282

108,434

Current assets

 

Stocks

4

266,288

67,361

Debtors

5

108,951

529,414

Cash at bank and in hand

 

256,599

144,786

 

631,838

741,561

Creditors: Amounts falling due within one year

6

(406,104)

(633,145)

Net current assets

 

225,734

108,416

Total assets less current liabilities

 

351,016

216,850

Provisions for liabilities

(31,321)

(20,602)

Net assets

 

319,695

196,248

Capital and reserves

 

Called up share capital

7

90

90

Retained earnings

319,605

196,158

Shareholders' funds

 

319,695

196,248

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Sword Dynamic Services Ltd

(Registration number: 09082767)
Balance Sheet as at 30 June 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

.........................................
L P House
Director

.........................................
P P Lillis
Director

.........................................
S Lillis
Director

 

Sword Dynamic Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Sword Dynamic Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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

Plant and machinery

25% Reducing balance

Office equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

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.

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.

 

Sword Dynamic Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 7).

 

Sword Dynamic Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

6,752

123,193

111,335

241,280

Additions

5,641

50,850

11,676

68,167

Disposals

-

(16,996)

-

(16,996)

At 30 June 2023

12,393

157,047

123,011

292,451

Depreciation

At 1 July 2022

3,638

39,608

89,600

132,846

Charge for the year

2,188

31,219

8,352

41,759

Eliminated on disposal

-

(7,436)

-

(7,436)

At 30 June 2023

5,826

63,391

97,952

167,169

Carrying amount

At 30 June 2023

6,567

93,656

25,059

125,282

At 30 June 2022

3,114

83,585

21,735

108,434

4

Stocks

2023
£

2022
£

Work in progress

266,288

67,361

5

Debtors

Current

2023
£

2022
£

Trade debtors

104,548

496,360

Prepayments

4,303

1,260

Other debtors

100

31,794

 

108,951

529,414

 

Sword Dynamic Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

114,048

341,712

Taxation and social security

123,986

196,042

Accruals and deferred income

63,913

67,959

Other creditors

104,157

27,432

406,104

633,145

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

90

90

90

90

         

8

Related party transactions

Loans to related parties

2023

Parent
£

Associates
£

Total
£

At start of period

-

14,538

14,538

Advanced

120

5,983

6,103

Repaid

(120)

(20,521)

(20,641)

At end of period

-

-

-

2022

Parent
£

Associates
£

Total
£

At start of period

118,000

-

118,000

Advanced

100,000

14,538

114,538

Repaid

(218,000)

-

(218,000)

At end of period

-

14,538

14,538

 

Sword Dynamic Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Loans from related parties

2023

Associates
£

Key management
£

Total
£

At start of period

6,199

27

6,226

Advanced

134,462

270

134,732

Repaid

(59,797)

(295)

(60,092)

At end of period

80,864

2

80,866

2022

Associates
£

Key management
£

Total
£

At start of period

6,426

27

6,453

Advanced

55,000

-

55,000

Repaid

(55,227)

-

(55,227)

At end of period

6,199

27

6,226

9

Parent and ultimate parent undertaking

The company's immediate parent is Sword Group Holdings Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr L House, Mr P Lillis & Mr S Lillis by virtue of their shareholding in Sword Group Holdings Limited.