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Company No: 08473773 (England and Wales)

# SCHWARZMILAN LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

SCHWARZMILAN LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SCHWARZMILAN LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
SCHWARZMILAN LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 3 | 992,994 |  | 992,994
|  | 992,994 |  | 992,994
Current assets |  |  |  |
Debtors | 4 | 1,353,689 |  | 1,345,081
Cash at bank and in hand |  | 296,780 |  | 854,244
|  | 1,650,469 |  | 2,199,325
Creditors: amounts falling due within one year | 5 | ( 3,156,385) |  | ( 3,532,299)
Net current liabilities |  | (1,505,916) |  | (1,332,974)
Total assets less current liabilities |  | (512,922) |  | (339,980)
Creditors: amounts falling due after more than one year | 6 | ( 9,167) |  | ( 19,167)
Net liabilities |  | ( 522,089) |  | ( 359,147)
Capital and reserves |  |  |  |
Called-up share capital | 7 | 100 |  | 100
Profit and loss account |  | ( 522,189 ) |  | ( 359,247 )
Total shareholders' deficit |  | ( 522,089) |  | ( 359,147)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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; 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Schwarzmilan Limited (registered number: 08473773) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Kyte Director |

15 June 2026

SCHWARZMILAN LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SCHWARZMILAN LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 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

Schwarzmilan 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 35 Ballards Lane, London, N3 1XW, 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 £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### 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

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 2 |  | 2

#### 3. Fixed asset investments

Investments in subsidiaries

| 2024
| £
Cost |
At 01 January 2024 | 992,994
At 31 December 2024 | 992,994
Carrying value at 31 December 2024 | 992,994
Carrying value at 31 December 2023 | 992,994

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Other debtors | 1,353,689 |  | 1,345,081

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 10,000 |  | 10,000
Amounts owed to group undertakings | 2,975,594 |  | 3,351,484
Amounts owed to directors | 2,147 |  | 2,147
Accruals | 73,644 |  | 73,668
Other creditors | 95,000 |  | 95,000
| 3,156,385 |  | 3,532,299

#### 6. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 9,167 |  | 19,167

There are no amounts included above in respect of which any security has been given by the small entity.

#### 7. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 8. Related party transactions

Other related party transactions

| 2024 |  | 2023
| £ |  | £
Included within other debtors is a balance owed by companies under common control. The balance is unsecured and interest-free with no fixed repayment terms. | 470,090 |  | 461,482
Included within other debtors is a balance owed by a shareholder. The balance is unsecured and interest-free with no fixed repayment terms. | 883,599 |  | 883,599
Included within other creditors is a balance owed to a subsidiary company under common control. The balance is unsecured and interest-free with no fixed repayment terms. | 2,975,593 |  | 3,351,483
Included within other creditors is a balance due to the ultimate shareholder of the company. | 95,000 |  | 95,000