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Registered number: 07869229
Swan Electrical Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07869229
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 29,952 9,349
29,952 9,349
CURRENT ASSETS
Debtors 5 72,720 61,096
Cash at bank and in hand 127,462 115,322
200,182 176,418
Creditors: Amounts Falling Due Within One Year 6 (52,066 ) (47,118 )
NET CURRENT ASSETS (LIABILITIES) 148,116 129,300
TOTAL ASSETS LESS CURRENT LIABILITIES 178,068 138,649
Creditors: Amounts Falling Due After More Than One Year 7 (12,250 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,889 ) (1,776 )
NET ASSETS 158,929 136,873
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 158,919 136,863
SHAREHOLDERS' FUNDS 158,929 136,873
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter James
Director
08/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Swan Electrical Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07869229 . The registered office is The Old Barn Off Wood Street, Swanley Village, Swanley, Kent, BR8 7PA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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.
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:
Plant & Machinery 15% on reducing balance
Computer Equipment 15% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
...CONTINUED
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2.5. Taxation - continued
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 18,020 2,445 20,465
Additions 32,725 907 33,632
Disposals (17,450 ) - (17,450 )
As at 31 December 2023 33,295 3,352 36,647
Depreciation
As at 1 January 2023 10,120 996 11,116
Provided during the period 4,933 353 5,286
Disposals (9,707 ) - (9,707 )
As at 31 December 2023 5,346 1,349 6,695
Net Book Value
As at 31 December 2023 27,949 2,003 29,952
As at 1 January 2023 7,900 1,449 9,349
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 32,593 11,635
Other debtors - 115
Director's loan account 40,127 49,346
72,720 61,096
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,500 2,099
Trade creditors 7,202 2,636
Corporation tax 26,557 29,347
Other taxes and social security 1,283 264
VAT 12,201 12,772
Other creditors 1,323 -
52,066 47,118
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 12,250 -
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,500 2,099
Later than one year and not later than five years 12,250 -
15,750 2,099
15,750 2,099
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
10. Related Party Transactions
Included in the Other Debtors is an amount owed from the company director Mr Peter James totalling £40,126 (2022 - £49,346 Debtor), no interest is to be charged.
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