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Registration number: 07545693

SWAM Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

SWAM Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

SWAM Limited

Company Information

Director

Mr S N Wreford

Registered office

Dove House
New Road
Timsbury
Romsey
Hampshire
SO51 0NL

Accountants

Elysium
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

SWAM Limited

(Registration number: 07545693)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,004

171,171

Investment property

5

250,000

-

Other financial assets

6

352,239

208,184

 

604,243

379,355

Current assets

 

Debtors

7

9,684

4,033

Cash at bank and in hand

 

1,920

10,361

 

11,604

14,394

Creditors: Amounts falling due within one year

8

(525,242)

(477,694)

Net current liabilities

 

(513,638)

(463,300)

Total assets less current liabilities

 

90,605

(83,945)

Creditors: Amounts falling due after more than one year

8

(928,000)

(1,045,000)

Net liabilities

 

(837,395)

(1,128,945)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(837,495)

(1,129,045)

Shareholders' deficit

 

(837,395)

(1,128,945)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 August 2024
 

 

SWAM Limited

(Registration number: 07545693)
Balance Sheet as at 30 November 2023

.........................................
Mr S N Wreford
Director

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Dove House
New Road
Timsbury
Romsey
Hampshire
SO51 0NL

The principal place of business is:
Dove House
New Road
Timsbury
Romsey
Hampshire
SO51 0NL

These financial statements were authorised for issue by the director on 1 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

Straight line over 3 years

Plant & machinery

25% on reducing balance

Office equipment

Straight line over 3 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in quoted instruments area measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using the quoted price for the stocks and shares held.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Derivative financial instruments are recognised at fair value on the date a derivative contract is entered into using a valuation technique. Any gains or losses are recognised in the profit and loss account as income or finance costs as appropriate. At the reporting date outstanding derivative financial instruments are recognised as an asset or liability as appropriate.

The company does not currently apply hedge accounting for derivative financial instruments.


3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

171,673

5,376

177,049

Transfers to/from investment property

(171,673)

-

(171,673)

At 30 November 2023

-

5,376

5,376

Depreciation

At 1 December 2022

3,528

2,350

5,878

Charge for the year

-

1,022

1,022

Eliminated on disposal

(3,528)

-

(3,528)

At 30 November 2023

-

3,372

3,372

Carrying amount

At 30 November 2023

-

2,004

2,004

At 30 November 2022

168,145

3,026

171,171

Included within the net book value of land and buildings above is £Nil (2022 - £168,145) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

Transfers to and from owner-occupied property

250,000

At 30 November

250,000

There has been no valuation of investment property by an independent valuer.

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

208,184

208,184

Fair value adjustments

110,146

110,146

Additions

60,500

60,500

Disposals

(26,591)

(26,591)

At 30 November 2023

352,239

352,239

Carrying amount

At 30 November 2023

352,239

352,239

7

Debtors

Current

2023
£

2022
£

Trade debtors

8,968

3,775

Prepayments

716

258

 

9,684

4,033

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,786

2,040

Taxation and social security

368

265

Accruals and deferred income

-

1,800

Other creditors

523,088

473,589

525,242

477,694

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

928,000

1,045,000

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

75

75

75

75

Ordinary B shares of £1 each

5

5

5

5

Ordinary C shares of £1 each

5

5

5

5

Ordinary D shares of £1 each

5

5

5

5

Ordinary E shares of £1 each

5

5

5

5

Ordinary F shares of £1 each

5

5

5

5

Ordinary shares of £1 each

-

-

-

-

 

100

100

100

100

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

8,272

Summary of transactions with other related parties

Included within creditors due after one year is £928,000 (2022: £1,045,000) due to Japanese Knotweed Limited, a company in which the director is also a director.
 

11

Financial instruments

Categorisation of financial instruments

2023
 £

2022
 £

Financial liabilities measured at fair value through profit or loss

47,539

31,763

Financial assets measured at fair value

 

SWAM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Listed investments
Investments represent investments in quoted equity instruments. The fair value of listed investments was determined with reference to the quoted market price at the reporting date.

The closing balance of investments of £352,240 (2022: £208,184) disclosed in note 7 comprise £318,467 (2022:£164,354) held as listed investments and £33,773 (2022: £43,830) held as cash.



The fair value is £352,240 (2022 - £208,184) and the change in value included in profit or loss is £123,080 (2022 - £(1,365,588)).

Financial liabilities measured at fair value

Derivative financial instruments
Derivative financial instruments comprise futures contracts, known as contracts for difference (CFDs). Transactions in CFDs involve the obligation to make or take delivery of the underlying asset of the contract as a future date. CFDs must be settled in cash at the date the contract is closed.

At the reporting date, the company's derivative financial instruments represents the value of open CFDs. Profits or losses arising on open CFDs are reported in the profit and loss account.

The fair value is £(47,539) (2022 - £(31,763)) and the change in value included in profit or loss is £14,016 (2022 - £391,505).