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Registered Number: 10239909
England and Wales

 

 

 

SWAN AUTOMOTIVE SERVICES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Swan Automotive Services Ltd for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Swan Automotive Services Ltd for the year ended 30 June 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the Board of Directors of Swan Automotive Services Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Swan Automotive Services Ltd and state those matters that we have agreed to state to the Board of Directors of Swan Automotive Services Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swan Automotive Services Ltd and its Board of Directors as a body for our work or for this report
It is your duty to ensure that Swan Automotive Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Swan Automotive Services Ltd. You consider that Swan Automotive Services Ltd is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Swan Automotive Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Doyles
51 Station Road
Marston Green
Birmingham
West Midlands
B37 7AB
12 February 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 3,337    2,256 
3,337    2,256 
Current assets      
Stocks 8,145    7,994 
Debtors: amounts falling due within one year 2,151    306 
Cash at bank and in hand 11,695    1,559 
21,991    9,859 
Creditors: amount falling due within one year (68,011)   (64,515)
Net current liabilities (46,020)   (54,656)
 
Total assets less current liabilities (42,683)   (52,400)
Creditors: amount falling due after more than one year (26,560)   (13,678)
Net liabilities (69,243)   (66,078)
 

Capital and reserves
     
Called up share capital 4 1    1 
Profit and loss account (69,244)   (66,079)
Shareholder's funds (69,243)   (66,078)
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 12 February 2024 and were signed by:


-------------------------------
Thomas Wetton
Director
2
General Information
Swan Automotive Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 10239909, registration address 1642 Coventry Road, Yardley, Birmingham, West Midlands, B26 1AN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 July 2022 89,100    3,400    92,500 
Additions 2,000      2,000 
Disposals    
At 30 June 2023 91,100    3,400    94,500 
Depreciation
At 01 July 2022 87,927    2,317    90,244 
Charge for year 419    500    919 
On disposals    
At 30 June 2023 88,346    2,817    91,163 
Net book values
Closing balance as at 30 June 2023 2,754    583    3,337 
Opening balance as at 01 July 2022 1,173    1,083    2,256 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1 Class A share of £1.00 each  
 

5.

Ultimate Controlling Party

The ultimate controlling party is the director, by virtue of his 100% holding of the companys issued share capital.       
3