Registration number:
Swan Processing Limited
for the Year Ended 31 March 2017
Swan Processing Limited
Contents
Statement of Financial Position |
|
Notes to the Financial Statements |
Swan Processing Limited
(Registration number: 3029352)
Statement of Financial Position as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders Funds |
( |
( |
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
C Tong
Director
Page 1 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
71 Cross Street
Sale
Cheshire
M33 7HF
United Kingdom
These financial statements were authorised for issue by the
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
The 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.
The financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The date of transition is 1 January 2015. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.
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 balance sheet shows that the company has net liabilities of £391,473 (£414,767) at the year end. In the opinion of the directors, the balance outstanding to Swan Mill Processing Limited, as detailed in note 9, is not expected to be repayable in the foreseeable future. The accounts are therefore drawn up on the going concern basis.
Page 2 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Foreign currency transactions and balances
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
Over 50 years |
Fixtures and fittings |
25% on cost |
Investments
Fixed Asset Investments
The company owns 100% of the issued share capital of Swan Mills Processing Limited. Aggregate capital and reserves - 2017 £1,124,000 (2016 - £1,124,013).
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.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 3 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Freehold land and buildings |
Fixtures and Fittings |
Total |
|
Cost or valuation |
|||
At 1 April 2016 |
|
|
|
At 31 March 2017 |
|
|
|
Depreciation |
|||
At 1 April 2016 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2017 |
|
|
|
Carrying amount |
|||
At 31 March 2017 |
|
|
|
At 31 March 2016 |
|
|
|
Included within the net book value of land and buildings above is £864,857 (2016 - £888,337) in respect of freehold land and buildings.
Debtors |
Note |
2017 |
2016 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
39,505 |
148,658 |
|
VAT Control account |
17,446 |
9,092 |
|
Prepayments |
10,512 |
10,048 |
|
Total current trade and other debtors |
|
|
Page 4 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals |
52,306 |
52,306 |
|
Corporation tax |
6,514 |
- |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
1,597,484 |
1,622,414 |
Creditors amounts falling due within and after more than one includes the following liabilities, on which security has been given by the company.
Page 5 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2017 |
2016 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
|
|
|
Related party transactions |
During the year the company made the following related party transactions:
Trendairo Limited
At the balance sheet date, the amount due from Trendairo Limited was £501,368 (2016 - £367,360).
Swan Mill Processing Limited
At the balance sheet date, the amount due to Swan Mill Processing was £1,329,021 (2016 - £1,329,021).
Draco Holdings Limited
At the balance sheet date, the amount due from Draco Holdings Limited was £2,518 (2016 - £2,518).
Vestis Limited
At the balance sheet date, the amount due from Vestis Limited was £36,987 (2016 - £146,140).
Parent and ultimate parent undertaking |
The ultimate controlling party is
Transition to FRS 102 |
Page 6 |