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Registration number: 09461199

Sword Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Sword Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 9

 

Sword Ltd

Company Information

Director

Wojciech Julian Stopinski

Registered office

Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester
M12 6JH

Accountants

Gordon Levy Limited
Chartered Accountants
Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

 

Sword Ltd

(Registration number: 09461199)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

6

83,258

83,258

Current assets

 

Stocks

8

25,000

12,200

Debtors

9

622,353

340,275

Other financial assets

7

1,710,413

795,932

Cash at bank and in hand

 

16,621

38,154

 

2,374,387

1,186,561

Creditors: Amounts falling due within one year

10

(114,553)

(63,005)

Net current assets

 

2,259,834

1,123,556

Total assets less current liabilities

 

2,343,092

1,206,814

Provisions for liabilities

(338,194)

(118,570)

Net assets

 

2,004,898

1,088,244

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

2,004,798

1,088,144

Shareholders' funds

 

2,004,898

1,088,244

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 16 April 2025
 

.........................................
Wojciech Julian Stopinski
Director

 

Sword Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester
M12 6JH

These financial statements were authorised for issue by the director on 16 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Departure from requirements of FRS 102

Due to the lack of clear guidance in the applicable financial reporting standard, FRS 102, the company's cryptoasset holdings have been presented in the financial statements as other current financial assets measured at fair value through profit or loss. The market value of all the cryptoassets held by the company are readily available. The director understands that the recognition criteria for a financial asset, as defined by the standard, may not fully encompass cryptoassets. Nevertheless, such treatment fulfils the requirement to give true and fair view, and enables better understanding of the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

Sword Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Sword Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Income from shares in group undertakings

(9,699)

(1,224)

 

Sword Ltd

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

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

3,726

3,726

Disposals

(3,726)

(3,726)

At 29 February 2024

-

-

Depreciation

At 1 March 2023

3,726

3,726

Eliminated on disposal

(3,726)

(3,726)

At 29 February 2024

-

-

Carrying amount

At 29 February 2024

-

-

6

Investments

2024
£

2023
£

Investments in subsidiaries

83,258

83,258

Subsidiaries

£

Cost or valuation

At 1 March 2023

83,258

Provision

Carrying amount

At 29 February 2024

83,258

At 28 February 2023

83,258

 

Sword Ltd

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

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 March 2023

795,932

795,932

Additions

106,138

106,138

Disposals

(204,265)

(204,265)

Fair value adjustments

1,012,608

1,012,608

At 29 February 2024

1,710,413

1,710,413

Carrying amount

At 29 February 2024

1,710,413

1,710,413

8

Stocks

2024
£

2023
£

Merchandise

25,000

12,200

9

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7,041

30,154

Amounts owed by related parties

12

493,650

197,729

Other debtors

 

121,662

112,392

   

622,353

340,275

 

Sword Ltd

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

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6,938

2,355

Taxation and social security

81,102

34,124

Accruals and deferred income

26,513

26,526

114,553

63,005

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

12

Related party transactions

Loans to related parties

2024

Subsidiary
£

Key management
£

Total
£

At start of period

91,474

106,255

197,729

Advanced

235,753

48,348

284,101

Repaid

-

(1,618)

(1,618)

Interest transactions

9,681

3,757

13,438

At end of period

336,908

156,742

493,650

2023

Subsidiary
£

Key management
£

Total
£

At start of period

89,579

103,160

192,739

Advanced

95,784

-

95,784

Repaid

(95,113)

-

(95,113)

Interest transactions

1,224

3,095

4,319

At end of period

91,474

106,255

197,729

 

Sword Ltd

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

Terms of loans to related parties

Loans to subsidiaries and key management are at an interest rate of 4% and 3% respectively. The loans are unsecured and repayable on demand.