Silverfin false 06 November 2024 05 November 2024 EisnerAmper Ireland 248 306,714 false true 31/03/2024 01/04/2023 31/03/2024 Mr M G R Bailie 11/03/2022 05 November 2024 The principal activity of the Company is set out to provide business support services to the ultimate parent company. SC725909 2024-03-31 SC725909 bus:Director1 2024-03-31 SC725909 core:CurrentFinancialInstruments 2024-03-31 SC725909 core:CurrentFinancialInstruments 2023-03-31 SC725909 2023-03-31 SC725909 core:ShareCapital 2024-03-31 SC725909 core:ShareCapital 2023-03-31 SC725909 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC725909 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC725909 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 SC725909 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC725909 bus:OrdinaryShareClass1 2024-03-31 SC725909 2023-04-01 2024-03-31 SC725909 bus:FilletedAccounts 2023-04-01 2024-03-31 SC725909 bus:SmallEntities 2023-04-01 2024-03-31 SC725909 bus:Audited 2023-04-01 2024-03-31 SC725909 2022-03-11 2023-03-31 SC725909 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC725909 bus:Director1 2023-04-01 2024-03-31 SC725909 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC725909 bus:OrdinaryShareClass1 2022-03-11 2023-03-31 SC725909 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC725909 (Scotland)

SCHWEGMAN LUNDBERG & WOESSNER UK LIMITED

FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

SCHWEGMAN LUNDBERG & WOESSNER UK LIMITED

FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

SCHWEGMAN LUNDBERG & WOESSNER UK LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
SCHWEGMAN LUNDBERG & WOESSNER UK LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Current assets
Debtors 3 421,709 15,496
421,709 15,496
Creditors: amounts falling due within one year 4 ( 728,670) ( 322,209)
Net current liabilities (306,961) (306,713)
Total assets less current liabilities (306,961) (306,713)
Net liabilities ( 306,961) ( 306,713)
Capital and reserves
Called-up share capital 5 1 1
Profit and loss account ( 306,962 ) ( 306,714 )
Total shareholder's deficit ( 306,961) ( 306,713)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Schwegman Lundberg & Woessner UK Limited (registered number: SC725909) were approved and authorised for issue by the Director on 05 November 2024. They were signed on its behalf by:

Mr M G R Bailie
Director
SCHWEGMAN LUNDBERG & WOESSNER UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
SCHWEGMAN LUNDBERG & WOESSNER UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Schwegman Lundberg & Woessner UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £306,961. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The prior period reporting length was extended with it being the first year and covered from date of incorporation through to 31 March 2023 and therefore is not directly comparable with the current year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Year ended
31.03.2024
Period from
11.03.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 1

3. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 14,880 14,880
Other debtors 406,829 616
421,709 15,496

4. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 108 108
Amounts owed to related parties 706,878 305,563
Other creditors 21,684 16,538
728,670 322,209

5. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1 1

6. Related party transactions

Transactions with the entity's director

31.03.2024 31.03.2023
£ £
Director's Remuneration 3,000 0

Other related party transactions

31.03.2024 31.03.2023
£ £
Amounts due to related parties 691,999 290,683

7. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2024 was unqualified.

The audit report was signed by on behalf of EisnerAmper Ireland.

8. Ultimate controlling party

Parent Company:

SLW International, Inc.
121 South 8th St. Suite, 1600 Minneapolis, United States, 55402

The ultimate controlling party is SLW PA, US Partnership.