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COMPANY REGISTRATION NUMBER: 02988664
Swan UK Limited
Unaudited Financial Statements
30 November 2023
Swan UK Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
670,046
670,360
Current assets
Debtors
6
485
485
Cash at bank and in hand
67,909
66,709
-------
-------
68,394
67,194
Creditors: amounts falling due within one year
7
( 7,216)
( 6,588)
-------
-------
Net current assets
61,178
60,606
---------
---------
Total assets less current liabilities
731,224
730,966
Provisions
Taxation including deferred tax
( 111,786)
( 111,845)
---------
---------
Net assets
619,438
619,121
---------
---------
Capital and reserves
Called up share capital
8
60
60
Revaluation reserve
516,535
516,535
Profit and loss account
102,843
102,526
---------
---------
Shareholders funds
619,438
619,121
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Swan UK Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mrs S L Taylor
Director
Company registration number: 02988664
Swan UK Limited
Notes to the Financial Statements
Year Ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The company's registration number is 02988664 . The address of the registered office is Green Farm Barn, The Green, North Burlingham, Norwich, Norfolk, NR13 4SZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
670,000
4,162
674,162
---------
------
---------
Depreciation
At 1 December 2022
3,802
3,802
Charge for the year
314
314
---------
------
---------
At 30 November 2023
4,116
4,116
---------
------
---------
Carrying amount
At 30 November 2023
670,000
46
670,046
---------
------
---------
At 30 November 2022
670,000
360
670,360
---------
------
---------
Tangible assets held at valuation
At 30 November 2023 the directors considered the fair value of investment properties to be £670,000 (2022: £670,000). Had the property been held at historic cost, it would be shown at a value of £56,512.
6. Debtors
2023
2022
£
£
Prepayments and accrued income
485
485
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
281
1,207
Social security and other taxes
4,005
1,996
Other creditors
2,930
3,385
------
------
7,216
6,588
------
------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
10
10
10
10
Ordinary B shares of £ 1 each
10
10
10
10
Ordinary C shares of £ 1 each
10
10
10
10
Ordinary D shares of £ 1 each
10
10
10
10
Ordinary E shares of £ 1 each
10
10
10
10
Ordinary F shares of £1 each
10
10
10
10
----
----
----
----
60
60
60
60
----
----
----
----