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Filleted

Registration number: 13405517

Swapskills Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2023 to 30 June 2024

 

Swapskills Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Swapskills Limited

Company Information

Directors

Mr Simon Rogers

Mrs Gillian Rogers

Registered office

Frogmore Villa
Tenby
Pembrokeshire
SA70 7HX

 

Swapskills Limited

(Registration number: 13405517)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

1,098

Current assets

 

Debtors

6

7,379

1,163

Cash at bank and in hand

 

3,308

51,954

 

10,687

53,117

Creditors: Amounts falling due within one year

7

(1,880)

(13,443)

Net current assets

 

8,807

39,674

Total assets less current liabilities

 

8,807

40,772

Provisions for liabilities

-

(209)

Net assets

 

8,807

40,563

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

8,805

40,561

Total equity

 

8,807

40,563

For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 August 2024 and signed on its behalf by:
 

.........................................
Mr Simon Rogers
Director

.........................................
Mrs Gillian Rogers
Director

 
     
 

Swapskills Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 30 June 2024

1

General information

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

The address of its registered office is:
Frogmore Villa
Tenby
Pembrokeshire
SA70 7HX

These financial statements were authorised for issue by the Board on 26 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Swapskills Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 30 June 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

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.

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.

 

Swapskills Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 30 June 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

-

541

 

Swapskills Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 30 June 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

1,639

1,639

Disposals

(1,639)

(1,639)

At 30 June 2024

-

-

Depreciation

At 1 June 2023

541

541

Eliminated on disposal

(541)

(541)

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

-

-

At 31 May 2023

1,098

1,098

6

Debtors

2024
£

2023
£

Other debtors

7,379

1,163

7,379

1,163

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other related parties

 

1,880

2,668

Corporation tax liability

 

-

10,115

Other creditors

 

-

660

 

1,880

13,443

8

Share capital

Allotted, called up and fully paid shares

 

Swapskills Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 30 June 2024

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

9

Related party transactions

During the year the directors loaned the company £2,668. This loan is interest free and repayable on demand.

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr Simon Rogers

Loan to company

1,334

(1,029)

635

940

         
       

Mrs Gillian Rogers

Loan to company

1,334

(1,029)

635

940