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Company No: 02016850 (England and Wales)

SWALLOW TECHNOLOGY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SWALLOW TECHNOLOGY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SWALLOW TECHNOLOGY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
SWALLOW TECHNOLOGY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 40 53
Investments 5 2 2
42 55
Current assets
Debtors 6 509,857 395,806
Cash at bank and in hand 4,874,209 5,149,618
5,384,066 5,545,424
Creditors: amounts falling due within one year 7 ( 975,075) ( 1,209,155)
Net current assets 4,408,991 4,336,269
Total assets less current liabilities 4,409,033 4,336,324
Net assets 4,409,033 4,336,324
Capital and reserves
Called-up share capital 8 80 80
Capital redemption reserve 240 240
Profit and loss account 4,408,713 4,336,004
Total shareholder's funds 4,409,033 4,336,324

For the financial 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.

Director's responsibilities:

The financial statements of Swallow Technology Limited (registered number: 02016850) were approved and authorised for issue by the Director. They were signed on its behalf by:

A J Waszkiewicz
Director

20 September 2024

SWALLOW TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SWALLOW TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Swallow Technology Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 14 Lion Yard, Tremadoc Road, London, SW4 7NQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 7 6

4. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 January 2023 21,683 34,438 56,121
At 31 December 2023 21,683 34,438 56,121
Accumulated depreciation
At 01 January 2023 21,630 34,438 56,068
Charge for the financial year 13 0 13
At 31 December 2023 21,643 34,438 56,081
Net book value
At 31 December 2023 40 0 40
At 31 December 2022 53 0 53

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 1
At 31 December 2023 1
Carrying value at 31 December 2023 1
Carrying value at 31 December 2022 1

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 1 1
At 31 December 2023 1 1
Carrying value at 31 December 2023 1 1
Carrying value at 31 December 2022 1 1

6. Debtors

2023 2022
£ £
Trade debtors 428,337 229,956
Witholding tax 45,430 42,241
Other debtors 36,090 123,609
509,857 395,806

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,561 1,626
Amounts owed to group undertakings 67,260 50,163
Taxation and social security 116,212 51,452
Other creditors 773,042 1,105,914
975,075 1,209,155

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
80 Ordinary shares of £ 1.00 each 80 80

9. Ultimate controlling party

The company is controlled by Anthony Jan Waszkiewicz.