2 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 30,800 27,720 1,540 29,260 1,540 3,080 xbrli:pure xbrli:shares iso4217:GBP 4672520 2022-03-01 2023-02-28 4672520 2023-02-28 4672520 2022-02-28 4672520 2021-03-01 2022-02-28 4672520 2022-02-28 4672520 core:FurnitureFittings 2022-03-01 2023-02-28 4672520 core:NetGoodwill 2022-03-01 2023-02-28 4672520 bus:Director1 2022-03-01 2023-02-28 4672520 core:NetGoodwill 2022-02-28 4672520 core:NetGoodwill 2023-02-28 4672520 core:FurnitureFittings 2022-02-28 4672520 core:FurnitureFittings 2023-02-28 4672520 core:WithinOneYear 2023-02-28 4672520 core:WithinOneYear 2022-02-28 4672520 core:AfterOneYear 2023-02-28 4672520 core:AfterOneYear 2022-02-28 4672520 core:ShareCapital 2023-02-28 4672520 core:ShareCapital 2022-02-28 4672520 core:RetainedEarningsAccumulatedLosses 2023-02-28 4672520 core:RetainedEarningsAccumulatedLosses 2022-02-28 4672520 core:NetGoodwill 2022-02-28 4672520 bus:Director1 2022-02-28 4672520 bus:Director1 2023-02-28 4672520 bus:SmallEntities 2022-03-01 2023-02-28 4672520 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 4672520 bus:FullAccounts 2022-03-01 2023-02-28 4672520 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 4672520 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 4672520
Swags and Bows Ltd
Filleted Unaudited Financial Statements
28 February 2023
Swags and Bows Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
1,540
3,080
Tangible assets
6
400
600
-------
-------
1,940
3,680
Current assets
Stocks
27,500
28,400
Debtors
7
25,615
Cash at bank and in hand
49
37,823
--------
--------
53,164
66,223
Creditors: amounts falling due within one year
8
39,173
38,659
--------
--------
Net current assets
13,991
27,564
--------
--------
Total assets less current liabilities
15,931
31,244
Creditors: amounts falling due after more than one year
9
12,672
16,000
--------
--------
Net assets
3,259
15,244
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
3,258
15,243
-------
--------
Shareholders funds
3,259
15,244
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Swags and Bows Ltd
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mrs S L McCabe
Director
Company registration number: 4672520
Swags and Bows Ltd
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Ridgewell & Boreham, 24a Crown Street, Brentwood, Essex, CM14 4BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Website
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
30,800
--------
Amortisation
At 1 March 2022
27,720
Charge for the year
1,540
--------
At 28 February 2023
29,260
--------
Carrying amount
At 28 February 2023
1,540
--------
At 28 February 2022
3,080
--------
6. Tangible assets
Fixtures and fittings
Equipment
Website
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
13,954
691
3,563
18,208
--------
----
-------
--------
Depreciation
At 1 March 2022
13,954
691
2,963
17,608
Charge for the year
200
200
--------
----
-------
--------
At 28 February 2023
13,954
691
3,163
17,808
--------
----
-------
--------
Carrying amount
At 28 February 2023
400
400
--------
----
-------
--------
At 28 February 2022
600
600
--------
----
-------
--------
7. Debtors
2023
2022
£
£
Other debtors
25,615
--------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,047
4,000
Trade creditors
7,820
8,339
Corporation tax
1,911
6,329
Social security and other taxes
3,841
2,973
Other creditors
11,554
17,018
--------
--------
39,173
38,659
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,672
16,000
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs S L McCabe
( 1,891)
27,506
25,615
-------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs S L McCabe
----
----
----
11. Related party transactions
The company was under the control of Mrs McCabe throughout the current and previous year. Mrs McCabe is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.