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REGISTERED NUMBER: 06854058 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SWAN WOOL EUROPE LIMITED

SWAN WOOL EUROPE LIMITED (REGISTERED NUMBER: 06854058)






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 WOOL EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Andrew Price
Paul Anthony Foley





REGISTERED OFFICE: 17A Victoria Mews
Mill Field Road
Cottingley Business Park
Bingley
West Yorkshire
BD16 1PY





REGISTERED NUMBER: 06854058 (England and Wales)





ACCOUNTANTS: Walter Dawson & Son
Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

SWAN WOOL EUROPE LIMITED (REGISTERED NUMBER: 06854058)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,054 1,365

CURRENT ASSETS
Stocks 331,693 630,053
Debtors 5 560,172 582,863
Cash at bank 151,498 174,348
1,043,363 1,387,264
CREDITORS
Amounts falling due within one year 6 500,958 848,183
NET CURRENT ASSETS 542,405 539,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

543,459

540,446

CREDITORS
Amounts falling due after more than
one year

7

(151,343

)

(227,876

)

PROVISIONS FOR LIABILITIES (264 ) (260 )
NET ASSETS 391,852 312,310

CAPITAL AND RESERVES
Called up share capital 150 150
Profit and loss account 391,702 312,160
391,852 312,310

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 WOOL EUROPE LIMITED (REGISTERED NUMBER: 06854058)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2024 and were signed on its behalf by:





Andrew Price - Director


SWAN WOOL EUROPE LIMITED (REGISTERED NUMBER: 06854058)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

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

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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SWAN WOOL EUROPE LIMITED (REGISTERED NUMBER: 06854058)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

INCOME RECOGNITION
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

LEASING
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the leases. The benefits of lease incentives are recognised in the profit and loss account over the lease period on a straight line basis.

FINANCE COST OF DEBT
The finance costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 7,200
DEPRECIATION
At 1 April 2023 5,835
Charge for year 311
At 31 March 2024 6,146
NET BOOK VALUE
At 31 March 2024 1,054
At 31 March 2023 1,365

SWAN WOOL EUROPE LIMITED (REGISTERED NUMBER: 06854058)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 519,269 579,015
Amounts owed by associates 36,411 -
Other debtors 4,492 3,848
560,172 582,863

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans 76,532 69,928
Trade creditors 345,253 549,847
Amounts owed to associates - 59,982
Taxation and social security 68,454 64,641
Other creditors 10,719 103,785
500,958 848,183

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 76,343 152,876
Other creditors 75,000 75,000
151,343 227,876

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 12,240 10,200

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 152,875 222,804

10. PENSION COSTS

The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £803 (2023:£778). Contributions totalling £150 (2023:£150) were payable at the year end and are included in creditors

SWAN WOOL EUROPE LIMITED (REGISTERED NUMBER: 06854058)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RELATED PARTY TRANSACTIONS

Mr Andrew Price and Mr. Paul A. Foley have control over a majority of shares in the company, and together with their involvement in its day-to-day management, are deemed to be the controlling parties for the purposes of Financial Reporting Standard No. 102.

Paul A. Foley is a trustee of DPMG Family Trust.

Loan interest was paid by Swan Wool Europe Limited to the DPMG Family Trust amounting to £3,750 (2023:£3,750) at a normal commercial rate.

Creditors falling due after more than one year includes £75,000 (2023:£75,000) owed to DPMG Family Trust.

Creditors falling due within one year includes £1,000(2023:£2,638) owed to the director Mr A R Price.