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REGISTERED NUMBER: 09297812 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Swap Watch Limited

Swap Watch Limited (Registered number: 09297812)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Swap Watch Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: R L Ford





REGISTERED OFFICE: Unit 14a Waterside Business Park
Livingstone Road
Hessle
East Yorkshire
HU13 0EG





REGISTERED NUMBER: 09297812 (England and Wales)

Swap Watch Limited (Registered number: 09297812)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 300 380
Tangible assets 5 32,768 37,759
33,068 38,139

CURRENT ASSETS
Stocks 373,302 491,905
Debtors 6 - 1,820
Cash at bank and in hand 12,129 2,061
385,431 495,786
CREDITORS
Amounts falling due within one year 7 293,301 388,840
NET CURRENT ASSETS 92,130 106,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,198

145,085

CREDITORS
Amounts falling due after more than one
year

8

(49,394

)

(91,912

)

PROVISIONS FOR LIABILITIES (3,684 ) (3,815 )
NET ASSETS 72,120 49,358

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 72,020 49,258
SHAREHOLDERS' FUNDS 72,120 49,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Swap Watch Limited (Registered number: 09297812)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2023 and were signed by:





R L Ford - Director


Swap Watch Limited (Registered number: 09297812)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Swap Watch Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods,excluding value added tax.

Revenue Recognition

Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company receives a right to consideration from its performance.

Part completed contracts at the year-end that fulfil the criteria are included in these financial statements based on their fair value of the right to consideration at the balance sheet date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of costs and net realisable value, after making due allowance for obsolete and slow moving items. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which its related revenue is recognised. The amount of any write-down of stocks to net realisable value and losses of stocks are recognised as an expenses in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.


Swap Watch Limited (Registered number: 09297812)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 800
AMORTISATION
At 1 March 2022 420
Charge for year 80
At 28 February 2023 500
NET BOOK VALUE
At 28 February 2023 300
At 28 February 2022 380

Swap Watch Limited (Registered number: 09297812)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022 19,562 24,369 9,115 53,046
Additions - 2,783 - 2,783
At 28 February 2023 19,562 27,152 9,115 55,829
DEPRECIATION
At 1 March 2022 3,283 4,522 7,482 15,287
Charge for year 2,898 4,020 856 7,774
At 28 February 2023 6,181 8,542 8,338 23,061
NET BOOK VALUE
At 28 February 2023 13,381 18,610 777 32,768
At 28 February 2022 16,279 19,847 1,633 37,759

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors - 1,820

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 16,667 16,667
Trade creditors 51,612 55,338
Taxation and social security 32,220 13,675
Other creditors 192,802 303,160
293,301 388,840

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 49,394 77,778
Other creditors - 14,134
49,394 91,912

Swap Watch Limited (Registered number: 09297812)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 66,061 94,445

The amounts are secured by items of stock.

10. RELATED PARTY DISCLOSURES

During the year the company paid rent of £14,500 (2022: £5,000) to a company under the same common control.

11. ULTIMATE CONTROLLING PARTY

The controlling party is R L Ford.