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Company registration number: 12698720







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SWAPFIETS LIMITED






































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SWAPFIETS LIMITED
 


 
COMPANY INFORMATION


Directors
K Hlavata 
A Illmer 
J Zonnenberg 




Registered number
12698720



Registered office
58 Commercial Street

London

E1 6LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


SWAPFIETS LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


SWAPFIETS LIMITED
REGISTERED NUMBER:12698720



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
175,801
230,576

  
175,801
230,576

Current assets
  

Debtors: amounts falling due after more than one year
 5 
31,618
86,021

Debtors: amounts falling due within one year
 5 
236,396
144,592

Cash at bank and in hand
  
534,885
564,833

  
802,899
795,446

Creditors: amounts falling due within one year
 6 
(925,761)
(1,027,278)

Net current liabilities
  
 
 
(122,862)
 
 
(231,832)

Total assets less current liabilities
  
52,939
(1,256)

Provisions for liabilities
  

Other provisions
 7 
(5,000)
(5,000)

  
 
 
(5,000)
 
 
(5,000)

Net assets/(liabilities)
  
47,939
(6,256)


Capital and reserves
  

Called up share capital 
  
111
111

Profit and loss account
  
47,828
(6,367)

  
47,939
(6,256)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



K Hlavata
Director
Date: 5 August 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


SWAPFIETS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Swapfiets Limited is a private company limited by shares and incorporated in England and Wales.  The address of the registered office is given in the company information page of these financial statements.  The principal place of business is 58 Commercial Streets, Spitalfields, London, E1 6LT.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements of the company have been prepared on the basis of the going concern assumption.
Pon Holdings B.V, as the ultimate shareholder, aims to maintain a capital structure that enables the immediate parent company SwapThis Holdings B.V. and its subsidiaries to achieve their strategic objectives and daily operational needs, to safeguard the ability to continue as a going concern and to meet current obligations.
SwapThis Holding B.V has confirmed that it will provide the company with financial support to ensure the continuity of its business activities for a period of at least 12 months after the annual accounts have been drawn up. 
Management trusts that based upon the liquidity scenarios prepared, the capital structure, and the financial performance, the company is able to continue on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 


SWAPFIETS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenues are allocated to the respective period to which they relate. 
Revenues are recognised when the Company has transferred the significant risks and rewards of ownership of the goods to the buyer.
The Company recognises revenue for the amount to which the Company expects to be entitled in exchange for transferring promised goods or services, which is the transaction price.
The transaction price may consist of a fixed fee, a variable fee or a combination thereof. 
The Company usually recognises revenue at the level of separate contracts which is considered a seperate performance obligation. 
No revenue is recognised for all amounts received – or receivable – to which the Company does not expect to be entitled. The Company treats these received – or receivable – amounts in these cases as a repayment obligation. 

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line
Office equipment
-
20%
Straight line
Leasehold improvement
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


SWAPFIETS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 18).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Leasehold improvement
Total




Cost or valuation


At 1 January 2023
112,216
9,903
187,688
309,807


Additions
6,924
2,521
-
9,445



At 31 December 2023

119,140
12,424
187,688
319,252



Depreciation


At 1 January 2023
36,282
3,623
39,326
79,231


Charge for the year on owned assets
23,458
4,226
36,536
64,220



At 31 December 2023

59,740
7,849
75,862
143,451



Net book value



At 31 December 2023
59,400
4,575
111,826
175,801



At 31 December 2022
75,934
6,280
148,362
230,576

Page 4

 


SWAPFIETS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022

Due after more than one year

Other debtors
31,618
86,021

31,618
86,021


2023
2022

Due within one year

Trade debtors
83,324
63,785

Other debtors
59,649
1,209

Prepayments and accrued income
93,423
79,598

236,396
144,592



6.


Creditors: Amounts falling due within one year

2023
2022

Bank overdrafts
25
25

Trade creditors
32,830
48,970

Amounts owed to group undertakings
740,059
874,725

Other taxation and social security
82,661
59,243

Accruals and deferred income
70,186
44,315

925,761
1,027,278



7.


Provisions





Dilapidation provision






At 1 January 2023
5,000



At 31 December 2023
5,000


8.


Parent company

The parent company of the smallest group for which consolidated financial statements are drawn up is SwapThis Holdings B.V., the company's principal place of business is Molukkenstraat 200, 1098 TW Amsterdam.

Page 5

 


SWAPFIETS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 August 2024 by Sophie Said FCA (senior statutory auditor) on behalf of Menzies LLP.

 
Page 6