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REGISTERED NUMBER: 07943586 (England and Wales)















Unaudited Financial Statements

for the Period 1 June 2023 to 31 March 2024

for

Swann Edwards Architecture Limited

Swann Edwards Architecture Limited (Registered number: 07943586)

Contents of the Financial Statements
for the Period 1 June 2023 to 31 March 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Swann Edwards Architecture Limited (Registered number: 07943586)

Balance Sheet
31 March 2024

31.3.24 31.5.23
Notes £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 93,905 102,068
93,905 102,068

Current assets
Debtors 7 192,815 133,359
Cash at bank 51,147 114,340
243,962 247,699
Creditors
Amounts falling due within one year 8 (160,953 ) (160,520 )
Net current assets 83,009 87,179
Total assets less current liabilities 176,914 189,247

Creditors
Amounts falling due after more than one
year

9

(12,500

)

(20,833

)

Provisions for liabilities (20,661 ) (22,499 )
Net assets 143,753 145,915

Capital and reserves
Called up share capital 100 100
Retained earnings 143,653 145,815
143,753 145,915

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

The members have not required the company to obtain an audit of its financial statements for the period 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.

Swann Edwards Architecture Limited (Registered number: 07943586)

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 26 September 2024 and were signed on its behalf by:





Mr R E Swann - Director


Swann Edwards Architecture Limited (Registered number: 07943586)

Notes to the Financial Statements
for the Period 1 June 2023 to 31 March 2024


1. Statutory information

Swann Edwards Architecture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07943586

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

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


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are for the 10 month period ended 31 March 2024. This is to bring the accounting period in line with the tax period. Comparative figures are in respect of the 12 month period ended 31 May 2023 and accordingly are not comparable.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Swann Edwards Architecture Limited (Registered number: 07943586)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 March 2024


3. Accounting policies - continued

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 5 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Intangible assets
Intangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated amortisation.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements - 25 years straight line
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Office equipment - 25% reducing balance

Swann Edwards Architecture Limited (Registered number: 07943586)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 March 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the period 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.


Swann Edwards Architecture Limited (Registered number: 07943586)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 March 2024


3. Accounting policies - continued
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 period 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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employees and directors

The average number of employees during the period was 17 (2023 - 18 ) .

5. Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023
and 31 March 2024 150,000
Amortisation
At 1 June 2023
and 31 March 2024 150,000
Net book value
At 31 March 2024 -
At 31 May 2023 -

Swann Edwards Architecture Limited (Registered number: 07943586)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 March 2024


6. Tangible fixed assets
Fixtures
Leasehold and Office
improvements fittings equipment Totals
£ £ £ £
Cost
At 1 June 2023 89,787 57,799 64,737 212,323
Additions - - 2,430 2,430
At 31 March 2024 89,787 57,799 67,167 214,753
Depreciation
At 1 June 2023 23,445 49,745 37,065 110,255
Charge for period 2,993 1,678 5,922 10,593
At 31 March 2024 26,438 51,423 42,987 120,848
Net book value
At 31 March 2024 63,349 6,376 24,180 93,905
At 31 May 2023 66,342 8,054 27,672 102,068

7. Debtors: amounts falling due within one year
31.3.24 31.5.23
£ £
Trade debtors 79,749 97,492
Amounts owed by group undertakings 26,936 27,685
Other debtors 86,130 8,182
192,815 133,359

8. Creditors: amounts falling due within one year
31.3.24 31.5.23
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 22,174 5,229
Amounts owed to group undertakings 3,620 16,000
Taxation and social security 110,156 104,904
Other creditors 15,003 24,387
160,953 160,520

9. Creditors: amounts falling due after more than one year
31.3.24 31.5.23
£ £
Bank loans 12,500 20,833

Swann Edwards Architecture Limited (Registered number: 07943586)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 March 2024


10. Secured debts

Lloyds Bank PLC holds a debenture including a fixed and floating charge over the property or undertaking of the company.

11. Directors' advances, credits and guarantees

During the period there were net transactions with the directors of £81,816 (2023: £9,104). As at the balance sheet date £72,132 was owed to the company by the directors (2023: £9,684 was owed to the directors by the company). The loan has been subject to an interest rate of 2.25% p.a., is repayable on demand and will be repaid in full by 31 December 2024.

12. Financial commitments, guarantees and contingencies

Operating lease commitments not included in the balance sheet amount to £11,729 (2023 - £15,248).

13. Related party transactions

The company has taken advantage of the exemption within FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

No further transactions were undertaken that require disclosure under FRS 102 Section 1A.