Company registration number 02686015 (England and Wales)
SWAN PRINT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
SWAN PRINT LIMITED
COMPANY INFORMATION
Director
J H Spring
Company number
02686015
Registered office
Shuttleworth Road
Elm Farm Industrial Estate
Bedford
MK41 0EP
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
SWAN PRINT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SWAN PRINT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,921
9,922
Tangible assets
4
556,859
605,292
Investments
5
2
2
566,782
615,216
Current assets
Stocks
274,532
446,529
Debtors
6
2,464,331
2,074,153
Cash at bank and in hand
209,166
261,826
2,948,029
2,782,508
Creditors: amounts falling due within one year
7
(1,786,226)
(968,344)
Net current assets
1,161,803
1,814,164
Total assets less current liabilities
1,728,585
2,429,380
Creditors: amounts falling due after more than one year
8
(296,006)
(370,602)
Provisions for liabilities
(68,560)
(148,105)
Net assets
1,364,019
1,910,673
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
1,364,017
1,910,671
Total equity
1,364,019
1,910,673
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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SWAN PRINT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
..............................................
J H Spring
Director
Company registration number 02686015 (England and Wales)
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SWAN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
Company information
Swan Print Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shuttleworth Road, Elm Farm Industrial Estate, Bedford, MK41 0EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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SWAN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
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Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SWAN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
28
28
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SWAN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
3
Intangible fixed assets
Other
£
Cost
At 1 November 2021
12,403
Additions
3,100
At 31 October 2022
15,503
Amortisation and impairment
At 1 November 2021
2,481
Amortisation charged for the year
3,101
At 31 October 2022
5,582
Carrying amount
At 31 October 2022
9,921
At 31 October 2021
9,922
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2021
3,800
923,025
24,957
2,850
954,632
Additions
97,381
53,390
150,771
Disposals
(38,000)
(38,000)
At 31 October 2022
3,800
982,406
24,957
56,240
1,067,403
Depreciation and impairment
At 1 November 2021
760
332,747
13,103
2,730
349,340
Depreciation charged in the year
760
166,665
2,963
7,816
178,204
Eliminated in respect of disposals
(17,000)
(17,000)
At 31 October 2022
1,520
482,412
16,066
10,546
510,544
Carrying amount
At 31 October 2022
2,280
499,994
8,891
45,694
556,859
At 31 October 2021
3,040
590,278
11,854
120
605,292
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
2
2
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SWAN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
679,490
382,376
Corporation tax recoverable
82,217
Other debtors
1,784,841
1,609,560
2,464,331
2,074,153
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
30,000
30,000
Trade creditors
832,545
583,005
Amounts owed to group undertakings
39,749
Corporation tax
5,830
81,781
Other taxation and social security
150,500
58,989
Other creditors
727,602
214,569
1,786,226
968,344
Included in other creditors are amounts totalling £543,787 that represent an invoice financing facility which is secured over all property and undertakings of the company.
Also, included in other creditors are amounts totalling £101,087 (2021 - £91,767) which relate to hire purchase obligations that are secured by fixed charges over the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
52,500
82,500
Other creditors
243,506
288,102
296,006
370,602
Included in other creditors are amounts totalling £243,506 (2021 - £288,102) which relate to hire purchase obligations that are secured by fixed charges over the assets to which they relate.
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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SWAN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
148,125
138,036
Between two and five years
191,250
323,350
339,375
461,386
11
Related party transactions
The company has taken advantage of the exemption allowed under Section 33.1A of FRS102 not to disclose transactions with other wholly owned members of the group.
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