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Registered number: 07085891










INDIGO SWAN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INDIGO SWAN LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 8


 
INDIGO SWAN LIMITED
REGISTERED NUMBER: 07085891

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,414
15,564

  
16,414
15,564

Current assets
  

Debtors: amounts falling due within one year
 5 
1,086,820
695,870

Cash at bank and in hand
  
11,651
255,256

  
1,098,471
951,126

Creditors: amounts falling due within one year
 6 
(707,444)
(669,587)

Net current assets
  
 
 
391,027
 
 
281,539

Total assets less current liabilities
  
407,441
297,103

Creditors: amounts falling due after more than one year
 7 
(21,940)
(48,725)

Provisions for liabilities
  

Deferred tax
  
(4,102)
(2,957)

Net assets
  
381,399
245,421


Capital and reserves
  

Share capital
  
100
100

Profit and loss account
  
381,299
245,321

  
381,399
245,421


Page 1

 
INDIGO SWAN LIMITED
REGISTERED NUMBER: 07085891
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.





H J Leech
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
INDIGO SWAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of the Registered Office is 2 Millennium Plain, Norwich, Norfolk, NR2 1TF.
The company's principal activity is that of business energy consultancy. The principal place of business is Norwich, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably and practically measured. Turnover is measured as the fair value of the consideration received or receivable for services provided to external customers in the ordinary nature of business and is shown net of VAT and other related taxes. 
The Company provides services through negotiating rates with energy suppliers on behalf of customers and the subsequent management of contracts between the energy supplier and the customer. Turnover is recognised over the term of the contract between the energy supplier and the customer in line with the contract management services provided.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Page 3

 
INDIGO SWAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.
Current and derred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
INDIGO SWAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Online portal
-
33.3% straight line
Fixtures & fittings
-
15% reducing balance
Office equipment
-
15% reducing balance
Computer equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument 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 and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 27).

Page 5

 
INDIGO SWAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Online portal
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
78,220
36,195
71,538
185,953


Additions
-
3,541
5,809
9,350


Disposals
-
(275)
-
(275)



At 31 December 2023

78,220
39,461
77,347
195,028



Depreciation


At 1 January 2023
78,220
26,405
65,763
170,388


Charge for the year on owned assets
-
2,818
5,565
8,383


Disposals
-
(157)
-
(157)



At 31 December 2023

78,220
29,066
71,328
178,614



Net book value



At 31 December 2023
-
10,395
6,019
16,414



At 31 December 2022
-
9,789
5,775
15,564


5.


Debtors

2023
2022
£
£


Trade debtors
236,813
110,907

Other debtors
636,012
444,860

Prepayments and accrued income
192,709
118,817

Tax recoverable
21,286
21,286

1,086,820
695,870


Page 6

 
INDIGO SWAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
396,189
381,880

Trade creditors
13,482
57,441

Other taxation and social security
108,979
53,424

Other creditors
10,154
7,174

Accruals and deferred income
178,640
169,668

707,444
669,587


The loans are secured by a debenture and also personal guarantees from the directors.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,940
48,725

21,940
48,725



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



75 Ordinary A shares of £1.00 each
75
75
20 Ordinary B shares of £1.00 each
20
20
5 Ordinary C shares of £1.00 each
5
5

100

100


Page 7

 
INDIGO SWAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Contingent liabilities

Under the agreement with Miss E V Groves and Mr D K Groves, Indigo Swan Limited is party to an inter-company guarantee dated 8 December 2022 with The Happiness First Group Limited. As at 31 December 2023 this amounted to £742,500 (2022: £892,500).


10.Directors' personal guarantees

The directors have given personal guarantees totalling £125,000 (2022: £125,000) for secured borrowing.

 
Page 8