Registered number
07498705
SWL Systems Limited
Filleted Accounts
31 January 2024
SWL Systems Limited
Registered number: 07498705
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 525 657
525 657
Current assets
Stocks 13,543 11,926
Cash at bank and in hand 72,454 62,798
85,997 74,724
Creditors: amounts falling due within one year 4 (27,738) (25,080)
Net current assets 58,259 49,644
Total assets less current liabilities 58,784 50,301
Net assets 58,784 50,301
Capital and reserves
Called up share capital 1 1
Profit and loss account 58,783 50,300
Shareholders' funds 58,784 50,301
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stephen Wyndham-Lewis
Director
Approved by the board on 13 February 2024
SWL Systems Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 - 1,688 - 1,688
Additions - - - -
At 31 January 2024 - 1,688 - 1,688
Depreciation
At 1 February 2023 - 1,031 - 1,031
Charge for the year - 132 - 132
At 31 January 2024 - 1,163 - 1,163
Net book value
At 31 January 2024 - 525 - 525
At 31 January 2023 - 657 - 657
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 858 810
Taxation and social security costs 23,286 21,196
Other creditors 3,594 3,074
27,738 25,080
5 Other information
SWL Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
54 Peverel Drive
Bearsted
Maidstone
Kent
ME14 4PS
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