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Swof Media LLP
Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC370126
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1 1
1 1
CURRENT ASSETS
Stocks 5 53,000 45,000
Debtors 6 49,076 57,290
Cash at bank and in hand 5,356 5,356
107,432 107,646
Creditors: Amounts Falling Due Within One Year 7 (140,995 ) (117,854 )
NET CURRENT ASSETS (LIABILITIES) (33,563 ) (10,208 )
TOTAL ASSETS LESS CURRENT LIABILITIES (33,562 ) (10,207 )
Creditors: Amounts Falling Due After More Than One Year 8 (33,047 ) (35,000 )
NET LIABILITIES ATTRIBUTABLE TO MEMBERS (66,609 ) (45,207 )
REPRESENTED BY:
Equity
Members' other interests
Members' capital (66,609) (45,207)
(66,609) (45,207)
TOTAL MEMBERS' INTEREST
Members' other interests (66,609) (45,207)
(66,609) (45,207)
Page 1
Page 2
For the year ending 30 November 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr S P Swoffer
Designated Member
28 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Swof Media LLP is a limited liability partnership, incorporated in England & Wales, registered number OC370126 . The Registered Office is Assay Studios, 141 Newhall Street, Birmingham, West Midlands, B3 1SF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 9 (2022: 9)
9 9
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 5,690
As at 30 November 2023 5,690
Depreciation
As at 1 December 2022 5,689
As at 30 November 2023 5,689
...CONTINUED
Page 3
Page 4
Net Book Value
As at 30 November 2023 1
As at 1 December 2022 1
5. Stocks
2023 2022
£ £
Work in progress 53,000 45,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 29,076 36,890
Prepayments and accrued income - 400
Intercompany loan 20,000 20,000
49,076 57,290
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,964 15,439
Bank loans and overdrafts 12,022 12,080
Other taxes and social security 22,406 5,707
VAT 65,659 68,899
Other creditors 12,856 8,179
Credit card 5,960 5,474
Pension creditor 1,103 1,151
Accruals and deferred income 1,025 925
140,995 117,854
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 33,047 35,000
Page 4