false false false false false false false false false true false false true true true true true No description of principal activity 2016-11-01 Sage Accounts Production Advanced 2018 - FRS 39,354 1,557 40,911 39,352 390 39,742 1,169 2 xbrli:pure xbrli:shares iso4217:GBP 03752278 2016-11-01 2017-10-31 03752278 2017-10-31 03752278 2016-10-31 03752278 2015-11-01 2016-10-31 03752278 2016-10-31 03752278 core:FurnitureFittings 2016-11-01 2017-10-31 03752278 bus:RegisteredOffice 2016-11-01 2017-10-31 03752278 bus:LeadAgentIfApplicable 2016-11-01 2017-10-31 03752278 bus:Director1 2016-11-01 2017-10-31 03752278 bus:CompanySecretary1 2016-11-01 2017-10-31 03752278 core:FurnitureFittings 2016-10-31 03752278 core:FurnitureFittings 2017-10-31 03752278 core:WithinOneYear 2017-10-31 03752278 core:WithinOneYear 2016-10-31 03752278 core:ShareCapital 2017-10-31 03752278 core:ShareCapital 2016-10-31 03752278 core:RetainedEarningsAccumulatedLosses 2017-10-31 03752278 core:RetainedEarningsAccumulatedLosses 2016-10-31 03752278 core:FurnitureFittings 2016-10-31 03752278 bus:SmallEntities 2016-11-01 2017-10-31 03752278 bus:AuditExempt-NoAccountantsReport 2016-11-01 2017-10-31 03752278 bus:FullAccounts 2016-11-01 2017-10-31 03752278 bus:SmallCompaniesRegimeForAccounts 2016-11-01 2017-10-31 03752278 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31
COMPANY REGISTRATION NUMBER: 03752278
SWAM & CO. LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2017
SWAM & CO. LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
SWAM & CO. LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
A Marcotty
Company secretary
M Leguay
Registered office
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
Accountants
BSG Valentine (UK) LLP
Chartered Accountants
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
SWAM & CO. LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,169
2
Current assets
Debtors
6
49,697
73,028
Cash at bank and in hand
116,083
151,003
---------
---------
165,780
224,031
Creditors: amounts falling due within one year
7
( 60,723)
( 86,905)
---------
---------
Net current assets
105,057
137,126
---------
---------
Total assets less current liabilities
106,226
137,128
---------
---------
Net assets
( 106,226)
( 137,128)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
106,224
137,126
---------
---------
Shareholders funds
106,226
137,128
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 October 2017 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 year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SWAM & CO. LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2017
These financial statements were approved by the board of directors and authorised for issue on 21 May 2018 , and are signed on behalf of the board by:
A Marcotty
Director
Company registration number: 03752278
SWAM & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2017
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 November 2016
39,354
39,354
Additions
1,557
1,557
--------
--------
At 31 October 2017
40,911
40,911
--------
--------
Depreciation
At 1 November 2016
39,352
39,352
Charge for the year
390
390
--------
--------
At 31 October 2017
39,742
39,742
--------
--------
Carrying amount
At 31 October 2017
1,169
1,169
--------
--------
At 31 October 2016
2
2
--------
--------
6. Debtors
2017
2016
£
£
Trade debtors
34,574
64,953
Other debtors
15,123
8,075
--------
--------
49,697
73,028
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,218
15,466
Corporation tax
37,479
41,519
Social security and other taxes
13,417
19,792
Other creditors
3,609
10,128
--------
--------
60,723
86,905
--------
--------
8. Controlling party
The company was under the control of A Marcotty throughout the current and previous yea. A Marcotty is the managing director and sole shareholder.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
No transitional adjustments were required in equity or profit or loss for the year.

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