SWIG Newco Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

SWIG Newco Limited

Balance Sheet

31 March 2025

	Note	2025 £
Current assets
Debtors	5	9,200
Loans advanced	4	649,315
Cash at bank and in hand		165,296
		823,811
Creditors: Amounts falling due within one year	6	(33,505)
Total assets less current liabilities		790,306
Creditors: Amounts falling due after more than one year	6	(368,000)
Net assets		422,306
Capital and reserves
Called up share capital	8	1
Capital contribution reserve		368,000
Profit and loss account		54,305
Shareholders' funds		422,306

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 December 2025 and signed on its behalf by:
 

......................................... J W Peters Director

Company Registration Number: 15725100

SWIG Newco Limited

Notes to the Financial Statements

Period from 16 May 2024 to 31 March 2025

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:
Lowena House
Glenthorne Court
Truro Business Park
Truro
TR4 9NY
England

These financial statements were authorised for issue by the Board on 1 December 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis. The company has net assets of £443k and access to loan agreements that include further guaranteed funding available for drawdown. Accordingly, the directors are confident that the company will be able to meet its obligations as they fall due.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the provision of services to its customers.

Revenue is recognised on an accruals basis in line with when a contractual right to that income exists.

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 corporation 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.

SWIG Newco Limited

Notes to the Financial Statements

Period from 16 May 2024 to 31 March 2025

Loans advanced and loan provisioning

Loan balances are reviewed regularly and those that are no longer considered to be recoverable are written off.

Where there is any doubt about the recoverability of a loan, an assessment is made of the amount that is considered to be at risk, and of the probability that a default will occur in order to arrive at a provision for doubtful debts.

Loan receivable provisions are made in the profit and loss account where there is objective evidence of an event giving rise to impairment under an incurred loss model (rather than an expected loss model whereby the basis is that a loss may occur in future) in accordance with FRS 102 11.21 to 23.

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.

Accounting estimates and judgements

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The areas where management have made significant judgements are as follows:

Provisioning of loans advanced
The financial statements recognise an investment loan provision increase of £9k which is expected to be recovered through the EFG, CBILS and RLS protection, which provides 70% - 80% cover on bad loans providing certain conditions are met.

SWIG Newco Limited

Notes to the Financial Statements

Period from 16 May 2024 to 31 March 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

SWIG Newco Limited

Notes to the Financial Statements

Period from 16 May 2024 to 31 March 2025

4	Loans advanced

	Loans advanced £	Total £
Cost or valuation
Additions	769,469	769,469
Repaid in the year	(111,008)	(111,008)
At 31 March 2025	658,461	658,461
Impairment
Provision movement in the year	9,146	9,146
At 31 March 2025	9,146	9,146
Carrying amount
At 31 March 2025	649,315	649,315

Of total loans advanced above £564,555 is recoverable in more than one year.

5

Debtors

	2025 £
Other debtors	9,200
	9,200

SWIG Newco Limited

Notes to the Financial Statements

Period from 16 May 2024 to 31 March 2025

6

Creditors

	Note	2025 £
Due within one year
Amounts owed to group undertakings		21,151
Accruals and deferred income		12,354
		33,505