Registered number
SC238924
Edward L Swan & Co Ltd
Filleted Accounts
31 August 2024
Edward L Swan & Co Ltd
Registered number: SC238924
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 74,736 18,000
Tangible assets 4 5,326 -
80,062 18,000
Current assets
Stocks - 500
Debtors 5 (13,162) (16,761)
Cash at bank and in hand 3,359 24,120
(9,803) 7,859
Creditors: amounts falling due within one year 6 (57,301) (6,298)
Net current (liabilities)/assets (67,104) 1,561
Net assets 12,958 19,561
Capital and reserves
Called up share capital 100 100
Profit and loss account 12,858 19,461
Shareholders' funds 12,958 19,561
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alliah Hamid
Director
Approved by the board on 8 January 2025
Edward L Swan & Co Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25 % on RBM
Fixtures, fittings, tools and equipment 25 % on RBM
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £ £
Goodwill:
Cost
At 1 September 2023 50,000 50,000
Additions 61,183 61,183
At 31 August 2024 111,183 111,183
Amortisation
At 1 September 2023 32,000 32,000
Provided during the year 4,447 4,447
At 31 August 2024 36,447 36,447
Net book value
At 31 August 2024 74,736 74,736
At 31 August 2023 18,000 18,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Plant and machinery etc
£ £
Cost
At 1 September 2023 3,878 3,878
Additions 7,101 7,101
At 31 August 2024 10,979 10,979
Depreciation
At 1 September 2023 3,878 3,878
Charge for the year 1,775 1,775
At 31 August 2024 5,653 5,653
Net book value
At 31 August 2024 5,326 5,326
5 Debtors 2024 2023
£ £
Trade debtors (15,711) (17,761)
Other debtors 2,549 1,000
(13,162) (16,761)
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 4,798 6,298
Directors loan account 52,503 -
57,301 6,298
7 Related party transactions
The director Alliah Hamid has given loans to the company, the balance of which is detailed in Note 6 to the accounts under Director's account. This will be repaid when the company has sufficient funds to repay without affecting the cash flow of the company.
8 Controlling party
The ultimate controlling party is Alliah Hamid who holds 100% of the share capital.
9 Other information
Edward L Swan & Co Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Office 208, Embroidery Mill,
Abbey Mill Business Centre,
Paisley
Renfrewshire
PA1 1TJ
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