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REGISTERED NUMBER: SC070065 (Scotland)















Financial Statements for the Year Ended 29th February 2024

for

SWISSMATIC LIMITED

SWISSMATIC LIMITED (REGISTERED NUMBER: SC070065)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SWISSMATIC LIMITED

Company Information
for the Year Ended 29th February 2024







DIRECTORS: James C Corbally
Mrs Clare Corbally



SECRETARY: James C Corbally



REGISTERED OFFICE: 19-21 Canyon Road
Netherton Industrial Estate
Wishaw
ML2 0EG



REGISTERED NUMBER: SC070065 (Scotland)



ACCOUNTANTS: Pecuniae Limited
10 Abercorn Drive
Hamilton
ML3 7EX



BANKERS: Virgin Money
135 Almada Street
Hamilton
ML3 0EX

SWISSMATIC LIMITED (REGISTERED NUMBER: SC070065)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,009,313 1,575,729

CURRENT ASSETS
Stocks 384,773 385,686
Debtors 5 530,281 578,103
Cash at bank 1,448,475 1,613,572
2,363,529 2,577,361
CREDITORS
Amounts falling due within one year 6 510,281 584,402
NET CURRENT ASSETS 1,853,248 1,992,959
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,862,561

3,568,688

CREDITORS
Amounts falling due after more than one
year

7

(87,486

)

-

PROVISIONS FOR LIABILITIES (502,328 ) (299,389 )
NET ASSETS 3,272,747 3,269,299

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Retained earnings 3,268,747 3,265,299
SHAREHOLDERS' FUNDS 3,272,747 3,269,299

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 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.

SWISSMATIC LIMITED (REGISTERED NUMBER: SC070065)

Balance Sheet - continued
29th February 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 Board of Directors and authorised for issue on 28th June 2024 and were signed on its behalf by:





Mrs Clare Corbally - Director


SWISSMATIC LIMITED (REGISTERED NUMBER: SC070065)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Swissmatic 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.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

SWISSMATIC LIMITED (REGISTERED NUMBER: SC070065)

Notes to the Financial Statements - continued
for the Year Ended 29th February 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.

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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 13 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st March 2023 4,002,866
Additions 773,450
Disposals (392,474 )
At 29th February 2024 4,383,842
DEPRECIATION
At 1st March 2023 2,427,137
Charge for year 339,866
Eliminated on disposal (392,474 )
At 29th February 2024 2,374,529
NET BOOK VALUE
At 29th February 2024 2,009,313
At 28th February 2023 1,575,729

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 485,563 536,715
Other debtors 44,718 41,388
530,281 578,103

SWISSMATIC LIMITED (REGISTERED NUMBER: SC070065)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 188,506 265,134
Taxation and social security 129,876 112,614
Other creditors 191,899 206,654
510,281 584,402

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 87,486 -

Amounts falling due in more than five years:

Repayable by instalments
Other loans 37,494 -