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REGISTERED NUMBER: 05006934 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

SWIC UK Limited

SWIC UK Limited (Registered number: 05006934)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


SWIC UK Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: I A Charles





SECRETARY: Ms R Betts





REGISTERED OFFICE: 31 London Road Industrial Estate
London Road
Grantham
Lincolnshire
NG31 6HP





REGISTERED NUMBER: 05006934 (England and Wales)





ACCOUNTANTS: Moore Emmerson Accountants Ltd
Falcon House
High Street
Littlebury
Saffron Walden
CB11 4TD

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
SWIC UK Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SWIC UK Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of SWIC UK Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SWIC UK Limited and state those matters that we have agreed to state to the director of SWIC UK Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that SWIC UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SWIC UK Limited. You consider that SWIC UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SWIC UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Emmerson Accountants Ltd
Falcon House
High Street
Littlebury
Saffron Walden
CB11 4TD


2 September 2024

SWIC UK Limited (Registered number: 05006934)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,676 3,347
Tangible assets 5 18,195 20,137
19,871 23,484

CURRENT ASSETS
Stocks 2,280 1,776
Debtors 6 18,165 15,547
Cash in hand 247 38
20,692 17,361
CREDITORS
Amounts falling due within one year 7 61,951 72,709
NET CURRENT LIABILITIES (41,259 ) (55,348 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,388

)

(31,864

)

CREDITORS
Amounts falling due after more than one
year

8

66,380

57,409
NET LIABILITIES (87,768 ) (89,273 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings (87,770 ) (89,275 )
SHAREHOLDERS' FUNDS (87,768 ) (89,273 )

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

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

The director acknowledges his 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.

SWIC UK Limited (Registered number: 05006934)

Balance Sheet - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2024 and were signed by:





I A Charles - Director


SWIC UK Limited (Registered number: 05006934)

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

1. STATUTORY INFORMATION

SWIC UK 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 represents net invoiced sales of goods, excluding VAT (having regard to the fulfilment of contractual obligations).

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% 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 Income Statement, 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.

SWIC UK Limited (Registered number: 05006934)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 33,425 10,175 43,600
AMORTISATION
At 1 February 2023 30,078 10,175 40,253
Charge for year 1,671 - 1,671
At 31 January 2024 31,749 10,175 41,924
NET BOOK VALUE
At 31 January 2024 1,676 - 1,676
At 31 January 2023 3,347 - 3,347

SWIC UK Limited (Registered number: 05006934)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 77,034
Additions 315
At 31 January 2024 77,349
DEPRECIATION
At 1 February 2023 56,897
Charge for year 2,257
At 31 January 2024 59,154
NET BOOK VALUE
At 31 January 2024 18,195
At 31 January 2023 20,137

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 16,054 13,522
Other debtors 2,111 2,025
18,165 15,547

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 13,572 15,515
Trade creditors 6,092 11,800
Taxation and social security 21,074 21,737
Other creditors 21,213 23,657
61,951 72,709

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 22,000 22,069
Other creditors 44,380 35,340
66,380 57,409

SWIC UK Limited (Registered number: 05006934)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdrafts 5,572 7,515
Bank loans 30,000 30,069
Factors current account 7,955 11,876
43,527 49,460

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
2 Ordinary £1 2 2

11. OTHER FINANCIAL COMMITMENTS

As at 31 January 2023, the company had operating lease commitments over the remaining life of those leases totalling £10,730 (2023: £18,086).