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REGISTERED NUMBER: SC373148 (Scotland)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Swan Engineering Limited

Swan Engineering Limited (Registered number: SC373148)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Swan Engineering Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D Swan
Mrs S L Swan





SECRETARY: Mrs S Swan





REGISTERED OFFICE: Station Road
Auchtermuchty
Fife
KY14 7DP





REGISTERED NUMBER: SC373148 (Scotland)





ACCOUNTANTS: Henderson Black & Co
Chartered Accountants
28 Rodger Street
Anstruther
Fife
KY10 3DU

Swan Engineering Limited (Registered number: SC373148)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,398,823 861,930
Investment property 5 178,603 178,603
1,577,426 1,040,533

CURRENT ASSETS
Stocks 384,840 438,286
Debtors 6 622,238 388,786
Cash at bank and in hand 1,274,813 205,964
2,281,891 1,033,036
CREDITORS
Amounts falling due within one year 7 1,070,692 323,479
NET CURRENT ASSETS 1,211,199 709,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,788,625

1,750,090

CREDITORS
Amounts falling due after more than one
year

8

(340,375

)

(167,071

)

PROVISIONS FOR LIABILITIES 9 (293,794 ) (194,479 )
NET ASSETS 2,154,456 1,388,540

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,154,356 1,388,440
2,154,456 1,388,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Swan Engineering Limited (Registered number: SC373148)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





D Swan - Director


Swan Engineering Limited (Registered number: SC373148)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Swan Engineering Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years resented, unless otherwise stated.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are to be relevant. Actual results may differ from these estimates. In preparing these financial statements, the directors have made the following judgements:

Accruals
Directors estimate the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for the provision of manufacturing, installation and maintenance services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at fair value, which the directors believe equates to the original cost. Any aggregate surplus or deficit arising from changes in fair value is recongnised in the profit and loss account.

Swan Engineering Limited (Registered number: SC373148)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using first-in, first-out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities where payment is due within one year or less, recognised at transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
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 will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Swan Engineering Limited (Registered number: SC373148)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, it estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 28 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 143,124 1,011,338 40,004 16,869 1,211,335
Additions 155,109 726,681 109,882 4,998 996,670
Disposals - (369,700 ) (14,384 ) - (384,084 )
At 31 March 2024 298,233 1,368,319 135,502 21,867 1,823,921
DEPRECIATION
At 1 April 2023 19,108 288,217 32,452 9,628 349,405
Charge for year 14,912 115,519 29,002 4,290 163,723
Eliminated on disposal - (75,084 ) (12,946 ) - (88,030 )
At 31 March 2024 34,020 328,652 48,508 13,918 425,098
NET BOOK VALUE
At 31 March 2024 264,213 1,039,667 86,994 7,949 1,398,823
At 31 March 2023 124,016 723,121 7,552 7,241 861,930

Swan Engineering Limited (Registered number: SC373148)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 178,603
NET BOOK VALUE
At 31 March 2024 178,603
At 31 March 2023 178,603

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 538,683 356,694
Other debtors 41,000 21,000
Corporation tax 30,608 -
Prepayments 11,947 11,092
622,238 388,786

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 19,360 20,019
Hire purchase contracts 75,990 57,914
Trade creditors 443,131 129,750
Corporation tax - 48,054
Social security and other taxes 26,269 14,135
VAT 232,982 14,755
Directors' current accounts 63,749 22,862
Accrued expenses 23,627 15,990
Deferred income 185,584 -
1,070,692 323,479

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 75,073 94,271
Deferred grant income 63,600 72,800
Hire purchase contracts 201,702 -
340,375 167,071

Swan Engineering Limited (Registered number: SC373148)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 293,794 184,479
Warranty provisions - 10,000
293,794 194,479

Deferred Warranty
tax provision
£    £   
Balance at 1 April 2023 184,479 10,000
Provided during year 109,315 (10,000 )
Balance at 31 March 2024 293,794 -