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REGISTERED NUMBER: 02553974 (England and Wales)









Financial Statements

for the Year Ended 28 February 2023

for

Schwar & Co Limited

Schwar & Co Limited (Registered number: 02553974)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Schwar & Co Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: T Murphy
Mrs V E Murphy





SECRETARY: Mrs V E Murphy





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 02553974 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Schwar & Co Limited (Registered number: 02553974)

Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Property, plant and equipment 5 587 829
588 830

CURRENT ASSETS
Inventories 56,000 51,000
Debtors 6 15,637 15,667
Cash at bank and in hand 1,843 4,638
73,480 71,305
CREDITORS
Amounts falling due within one year 7 52,084 41,718
NET CURRENT ASSETS 21,396 29,587
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,984

30,417

CREDITORS
Amounts falling due after more than one
year

8

21,000

30,000
NET ASSETS 984 417

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 884 317
SHAREHOLDERS' FUNDS 984 417

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 directors acknowledge their 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:



T Murphy - Director


Schwar & Co Limited (Registered number: 02553974)

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

1. STATUTORY INFORMATION

Schwar & Co 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - straight line over the life of the lease
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Schwar & Co Limited (Registered number: 02553974)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 1
NET BOOK VALUE
At 28 February 2023 1
At 28 February 2022 1

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022
and 28 February 2023 30,916 7,561 1,730 40,207
DEPRECIATION
At 1 March 2022 30,916 7,162 1,300 39,378
Charge for year - 99 143 242
At 28 February 2023 30,916 7,261 1,443 39,620
NET BOOK VALUE
At 28 February 2023 - 300 287 587
At 28 February 2022 - 399 430 829

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,031 3,016
Directors' current accounts 9,187 9,281
Prepayments 3,419 3,370
15,637 15,667

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,516 9,000
Trade creditors 13,617 10,459
Corporation tax 4,178 6,437
Social security and other taxes 6,625 4,484
Other creditors - 2,942
Accrued expenses 4,148 8,396
52,084 41,718

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 21,000 30,000

Schwar & Co Limited (Registered number: 02553974)

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

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
T Murphy
Balance outstanding at start of year 9,281 3,541
Amounts advanced - 24,740
Amounts repaid (94 ) (19,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,187 9,281