Company No: 08197473 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	0		36
Tangible assets	4	46,356		160,458
		46,356		160,494
Current assets
Debtors	5	1,804,758		1,056,122
Investments	6	8		8
Cash at bank and in hand		1,828,468		1,976,608
		3,633,234		3,032,738
Creditors: amounts falling due within one year	7	( 991,336)		( 1,024,479)
Net current assets		2,641,898		2,008,259
Total assets less current liabilities		2,688,254		2,168,753
Net assets		2,688,254		2,168,753
Capital and reserves
Called-up share capital	8	99		93
Share premium account	10	1,948		1,840
Capital redemption reserve		198		146
Profit and loss account		2,686,009		2,166,674
Total shareholders' funds		2,688,254		2,168,753

For the financial year ending 31 March 2025 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 financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These 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 Swan Partners Limited (registered number: 08197473) were approved and authorised for issue by the Director on 15 December 2025. They were signed on its behalf by:

A Lentin Director

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 year, unless otherwise stated.

General information and basis of accounting

Swan Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1st Floor 6 Hays Lane , London SE1 2HB, 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 £.

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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from the net profit as reported in the income statement because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using the tax rates that have been enacted or substantially enacted by the reporting end date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery etc.	3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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, 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, using the effective interest rate method.

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

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	41		39

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	28,980		28,980
At 31 March 2025	28,980		28,980
Accumulated amortisation
At 01 April 2024	28,944		28,944
Charge for the financial year	36		36
At 31 March 2025	28,980		28,980
Net book value
At 31 March 2025	0		0
At 31 March 2024	36		36

Other intangible assets are comprised of Software.

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	278,298		220,991		499,289
At 31 March 2025	278,298		220,991		499,289
Accumulated depreciation
At 01 April 2024	176,660		162,171		338,831
Charge for the financial year	81,335		32,767		114,102
At 31 March 2025	257,995		194,938		452,933
Net book value
At 31 March 2025	20,303		26,053		46,356
At 31 March 2024	101,638		58,820		160,458

5. Debtors

	2025		2024
	£		£
Trade debtors	941,567		368,905
Other debtors	863,191		687,217
	1,804,758		1,056,122

Trade debtors disclosed above are measured at amortised cost.

6. Current asset investments

	2025		2024
	£		£
Other investments	8		8

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	109,220		297,430
Taxation and social security	621,103		542,364
Other creditors	261,013		184,685
	991,336		1,024,479

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
991,000 Ordinary A shares shares of £ 0.0001 each (2024: 926,000 shares of £ 0.0001 each)	99.10		92.60
1,950 Ordinary B Shares shares of £ 0.0001 each (2024: 1,889 shares of £ 0.0001 each)	0.18		0.19
1,930 Ordinary C Shares shares of £ 0.0001 each (2024: 1,860 shares of £ 0.0001 each)	0.18		0.18
	99.46		92.97

There are 3 classes of ordinary shares:

The "A" Ordinary Shares carry right to vote, receive dividend and participate in any winding up of the company.

The "B" and "C" Ordinary Shares carry right to receive a dividend and participate in any winding up of the company but do not carry the right to vote.

On 18 April 2024, the company issued 61 Ordinary B Shares of £0.0001 at a consideration of £1.57.

On 18 July 2024, the company issued 65,000 Ordinary A Shares of £0.0001 at a consideration of £0.0001.

On 30 July 2024, the company issued 180 Ordinary C Shares of £0.0001 at a consideration of £0.18.

On 30 Aug 2024, the company re-designated 60 Ordinary C shares of £0.0001 to 60 Deferred shares of £0.0001 and redeemed 60 Deferred shares of £0.0001.

On 30 Aug 2024, the company re-designated 40 Ordinary C shares of £0.0001 to 40 Deferred shares of £0.0001 and redeemed 40 Deferred shares of £0.0001.

On 06 Sep 2024, the company re-designated 60 Ordinary C shares of £0.0001 to 60 Deferred shares of £0.0001 and redeemed 60 Deferred shares of £0.0001.

On 15 November 2024, the company re-designated 50 Ordinary C shares of £0.0001 to 50 Deferred shares of £0.0001 and redeemed 50 Deferred shares of £0.0001.

On 03 Dec 2024, the company issued 180 Ordinary C Shares of £0.0001 at a consideration of £0.18.

On 18 Feb 2025, the company re-designated 20 Ordinary C shares of £0.0001 to 20 Deferred shares of £0.0001 and redeemed 20 Deferred shares of £0.0001.

On 18 Feb 2025, the company re-designated 60 Ordinary C shares of £0.0001 to 60 Deferred shares of £0.0001 and redeemed 60 Deferred shares of £0.0001.

9. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	38,285		261,221

10. Reserves

Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

This reserve records the nominal amount of the shares repurchased by the company.

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

11. Ultimate controlling party

The ultimate controlling party is A Lentin.