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Registered number: 11497618









THE SWEDISH WAY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
THE SWEDISH WAY LIMITED
REGISTERED NUMBER: 11497618

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
-
1,685

Tangible assets
 5 
-
1,610

  
-
3,295

Current assets
  

Cash at bank and in hand
 6 
207
3,337

Creditors: amounts falling due within one year
 7 
(61,585)
(63,190)

Net current liabilities
  
 
 
(61,378)
 
 
(59,853)

Total assets less current liabilities
  
(61,378)
(56,558)

Net liabilities
  
(61,378)
(56,558)


Capital and reserves
  

Called up share capital 
 8 
30
30

Profit and loss account
  
(61,408)
(56,588)

  
(61,378)
(56,558)


Page 1

 
THE SWEDISH WAY LIMITED
REGISTERED NUMBER: 11497618
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.




B Kayhan
Director


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
THE SWEDISH WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The Swedish Way Limited is a company limited by shares, incorporated in England and Wales. The registered address of the company is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, United Kingdom, UB8 2FX.
The company specialises in the retail sale of mobile telephones.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis, notwithstanding the net liabilities of £61,378 (2023 - £56,558) and net current liabilities of £61,378 (2023 - £59,853). The directors believe this to be appropriate as the company has the support of its majority shareholders for the foreseeable future to enable the company's liabilities to be met as they fall due, and specifically for a period not less than 12 months from the date of signing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
THE SWEDISH WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
THE SWEDISH WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
THE SWEDISH WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
50,497



At 31 August 2024

50,497



Amortisation


At 1 September 2023
48,812


Charge for the year
1,685



At 31 August 2024

50,497



Net book value



At 31 August 2024
-



At 31 August 2023
1,685



Page 6

 
THE SWEDISH WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Fixtures & fittings

£



Cost


At 1 September 2023
48,358



At 31 August 2024

48,358



Depreciation


At 1 September 2023
46,748


Charge for the year
1,610



At 31 August 2024

48,358



Net book value



At 31 August 2024
-



At 31 August 2023
1,610


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
207
3,337

207
3,337



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
5,575

Other creditors
59,585
55,615

Accruals and deferred income
2,000
2,000

61,585
63,190


Page 7

 
THE SWEDISH WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30 Ordinary shares of £1 each
30
30



9.


Related party transactions

Included within other creditors is an amount of £24,093 (2023 - £22,793) due to directors and their close family members.  
 
Included within other creditors is an amount of £35,492 (2023 - £32,822) due to a company under common control.  


10.


Controlling party

The ultimate controlling parties are directors, by virtue of their majority shareholding in the company.

 
Page 8