Acorah Software Products - Accounts Production 16.4.675 false true true false 1 November 2023 31 October 2024 31 October 2024 01969447 Mr Steven Sample H.Brown and Son Unit 6, Nine Trees Trading Estate, S66 9JG true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01969447 2023-10-31 01969447 2024-10-31 01969447 2023-11-01 2024-10-31 01969447 frs-core:CurrentFinancialInstruments 2024-10-31 01969447 frs-core:Non-currentFinancialInstruments 2024-10-31 01969447 frs-core:ComputerEquipment 2024-10-31 01969447 frs-core:ComputerEquipment 2023-11-01 2024-10-31 01969447 frs-core:ComputerEquipment 2023-10-31 01969447 frs-core:FurnitureFittings 2024-10-31 01969447 frs-core:FurnitureFittings 2023-11-01 2024-10-31 01969447 frs-core:FurnitureFittings 2023-10-31 01969447 frs-core:MotorVehicles 2024-10-31 01969447 frs-core:MotorVehicles 2023-11-01 2024-10-31 01969447 frs-core:MotorVehicles 2023-10-31 01969447 frs-core:PlantMachinery 2024-10-31 01969447 frs-core:PlantMachinery 2023-11-01 2024-10-31 01969447 frs-core:PlantMachinery 2023-10-31 01969447 frs-core:ShareCapital 2024-10-31 01969447 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 01969447 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 01969447 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 01969447 frs-bus:SmallEntities 2023-11-01 2024-10-31 01969447 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 01969447 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 01969447 1 2023-11-01 2024-10-31 01969447 frs-core:MarketRisk 2023-11-01 2024-10-31 01969447 frs-bus:Director1 2023-11-01 2024-10-31 01969447 frs-countries:EnglandWales 2023-11-01 2024-10-31
Registered number: 01969447
Swallownest Engineering Company Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Rachel Bestall Accounts
AAT Licensed Accountant
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01969447
2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 58,739
58,739
CURRENT ASSETS
Stocks 5 158,835
Debtors 6 535,152
Cash at bank and in hand 741
694,728
Creditors: Amounts Falling Due Within One Year 7 (464,535 )
NET CURRENT ASSETS (LIABILITIES) 230,193
TOTAL ASSETS LESS CURRENT LIABILITIES 288,932
Creditors: Amounts Falling Due After More Than One Year 8 779,541
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,615 )
NET ASSETS 1,058,858
CAPITAL AND RESERVES
Called up share capital 10 269
Profit and Loss Account 1,058,589
SHAREHOLDERS' FUNDS 1,058,858
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven Sample
Director
24/07/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Swallownest Engineering Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01969447 . The registered office is Unit 6 Nine Trees Trading Estate, Morthen Road, Thurcroft, Rotherham, S66 9JG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 40% reducing balance
Fixtures & Fittings 3 years straight line
Computer Equipment 20% straight line
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21
21
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 564,194 6,000 3,408 21,407 595,009
As at 31 October 2024 564,194 6,000 3,408 21,407 595,009
Depreciation
As at 1 November 2023 501,263 5,899 3,408 21,407 531,977
Provided during the period 4,293 - - - 4,293
As at 31 October 2024 505,556 5,899 3,408 21,407 536,270
...CONTINUED
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Net Book Value
As at 31 October 2024 58,638 101 - - 58,739
As at 1 November 2023 62,931 101 - - 63,032
5. Stocks
2024
£
Work in progress 158,835
6. Debtors
2024
£
Due within one year
Trade debtors 653,181
Other debtors (118,029)
535,152
7. Creditors: Amounts Falling Due Within One Year
2024
£
Trade creditors 245,986
Bank loans and overdrafts 48,873
Other loans 16,667
Other creditors 56,438
Taxation and social security 96,571
464,535
8. Creditors: Amounts Falling Due After More Than One Year
2024
£
Other loans 33,333
Amounts owed to participating interests (812,874 )
(779,541 )
10. Share Capital
2024
£
Allotted, Called up and fully paid 269
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11. Financial Instruments
The company’s financial instruments include cash at bank, trade receivables, trade payables, and the following loan arrangements:
Bounce Back Loan:
The company has a government-backed Bounce Back Loan. No interest was payable for the first 12 months, with interest of 2.5% per annum applied thereafter. The loan is unsecured and repayable over a six-year term.
Invoice Discounting Facility:
The company uses an invoice discounting facility to manage short-term cash flow. Advances are secured against trade receivables, which remain recognised on the balance sheet. A corresponding liability is recorded for the amounts drawn under the facility.
Loan to Parent Company:
The company has made an interest-free, unsecured loan to its parent undertaking. No fixed repayment terms are in place.
12. Credit Risk
The company is exposed to credit risk in relation to trade receivables and the loan to its parent company. Trade receivables are monitored regularly, and the invoice discounting facility provides some mitigation through ongoing credit control. The intercompany loan is assessed for recoverability based on the parent company’s financial position. No expected credit losses have been recognised.
13. Market Risk
The company has minimal exposure to market risk. It does not trade in derivatives or foreign currencies. Interest rate risk is limited, as the Bounce Back Loan has a fixed interest rate, and the invoice discounting facility bears interest at a predictable, variable rate.
14. Liquidity Risk
Liquidity risk arises from the company’s obligations to meet short-term liabilities as they fall due. The company manages this risk through regular cash flow forecasting and access to the invoice discounting facility. The Bounce Back Loan also provides additional funding over a medium-term horizon.
15. Pension Commitments
A defined contribution plan is a pension plan under which percentage contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
16. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is H.Brown and Son . H.Brown and Son was incorporated in England. Copies of the group accounts may be obtained from the secretary, Unit 6, Nine Trees Trading Estate, S66 9JG . The ultimate controlling party is H.Brown and Son who controls 100% of the shares of Swallownest Engineering Company Limited .
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