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Registration number: 05972099

Swings & Roundabouts (NW) Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 5 April 2017

KM
Chartered Accountants
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

 

Swings & Roundabouts (NW) Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Abridged Financial Statements

5 to 7

 

Swings & Roundabouts (NW) Ltd

Company Information

Director

Mr A C Harrison

Registered office

24 Grenada Close
Lower Darwen
Darwen
Lancashire
BB3 0SB

Accountants

KM
Chartered Accountants
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Swings & Roundabouts (NW) Ltd
for the Year Ended 5 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Swings & Roundabouts (NW) Ltd for the year ended 5 April 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Swings & Roundabouts (NW) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Swings & Roundabouts (NW) Ltd and state those matters that we have agreed to state to the Board of Directors of Swings & Roundabouts (NW) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swings & Roundabouts (NW) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Swings & Roundabouts (NW) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Swings & Roundabouts (NW) Ltd. You consider that Swings & Roundabouts (NW) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Swings & Roundabouts (NW) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

KM
Chartered Accountants
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

22 September 2017

 

Swings & Roundabouts (NW) Ltd

(Registration number: 05972099)
Abridged Balance Sheet as at 5 April 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

26,545

30,857

Current assets

 

Stocks

1,500

-

Debtors

17,080

3,862

Cash at bank and in hand

 

13,792

32,082

 

32,372

35,944

Prepayments and accrued income

 

423

250

Creditors: Amounts falling due within one year

(50,534)

(50,542)

Net current liabilities

 

(17,739)

(14,348)

Total assets less current liabilities

 

8,806

16,509

Creditors: Amounts falling due after more than one year

(837)

(6,533)

Provisions for liabilities

(5,043)

(5,933)

Accruals and deferred income

 

(1,000)

(1,455)

Net assets

 

1,926

2,588

Capital and reserves

 

Called up share capital

90

90

Profit and loss account

1,836

2,498

Total equity

 

1,926

2,588

 

Swings & Roundabouts (NW) Ltd

(Registration number: 05972099)
Abridged Balance Sheet as at 5 April 2017

For the financial year ending 5 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 22 September 2017
 

.........................................

Mr A C Harrison

Director

 

Swings & Roundabouts (NW) Ltd

Notes to the Abridged Financial Statements for the Year Ended 5 April 2017

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
24 Grenada Close
Lower Darwen
Darwen
Lancashire
BB3 0SB

These financial statements were authorised for issue by the director on 22 September 2017.

2

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

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

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

Motor vehicles

25% per annum reducing balance basis

Plant and machinery

25% per annum reducing balance basis

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.

 

Swings & Roundabouts (NW) Ltd

Notes to the Abridged Financial Statements for the Year Ended 5 April 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Swings & Roundabouts (NW) Ltd

Notes to the Abridged Financial Statements for the Year Ended 5 April 2017

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2016 - 2).

4

Tangible assets

Total
£

Cost

At 6 April 2016

95,066

Additions

8,612

Disposals

(13,204)

At 5 April 2017

90,474

Depreciation

At 6 April 2016

64,209

Charge for the year

7,455

Eliminated on disposal

(7,735)

At 5 April 2017

63,929

Net book value

At 5 April 2017

26,545

At 5 April 2016

30,857