Registration number:
Swan Processing Limited
for the Year Ended 31 March 2018
Swan Processing Limited
Contents
Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Swan Processing Limited
(Registration number: 3029352)
Statement of Financial Position as at 31 March 2018
Note |
2018 |
(As restated) |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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- |
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Profit and loss account |
( |
( |
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Shareholders Funds |
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( |
Page 1 |
Swan Processing Limited
(Registration number: 3029352)
Statement of Financial Position as at 31 March 2018
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 2 |
Swan Processing Limited
Statement of Changes in Equity for the Year Ended 31 March 2018
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2017 |
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- |
( |
( |
Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
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Total comprehensive income |
- |
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At 31 March 2018 |
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( |
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Share capital |
Profit and loss account |
Total |
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At 1 April 2016 |
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( |
( |
Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 March 2017 |
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( |
( |
Page 3 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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
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.
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 assets of £226,212 (2017 - liability - £397,987) 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.
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:
Page 4 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Asset class |
Depreciation method and rate |
Freehold land and buildings |
Over 50 years |
Fixtures and fittings |
25% on cost |
Investment property
Investments
Fixed Asset Investments
The company owns 100% of the issued share capital of Swan Mill Processing Limited. Aggregate capital and reserves - 2018 £1,123,237 (2017- £1,124,000).
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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 5 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Fixtures and Fittings |
Total |
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Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
- |
- |
At 31 March 2017 |
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Investment properties |
2018 |
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At 1 April |
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Fair value adjustments |
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At 31 March |
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There has been no valuation of investment property by an independent valuer. The directors have revalued the property via an open market basis.
Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
89,167 |
39,505 |
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VAT Control account |
10,788 |
17,446 |
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Prepayments |
10,363 |
10,512 |
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Total current trade and other debtors |
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Page 6 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals |
57,254 |
52,306 |
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Corporation tax |
- |
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Due after one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,571,960 |
1,597,484 |
Parent and ultimate parent undertaking |
The ultimate controlling party is
Page 7 |