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Registration number: 05972099

Swings & Roundabouts (NW) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2019

 

Swings & Roundabouts (NW) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Swings & Roundabouts (NW) Ltd

(Registration number: 05972099)
Balance Sheet as at 5 April 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

31,362

20,064

Current assets

 

Stocks

5

11,500

1,500

Debtors

6

34,938

10,980

Cash at bank and in hand

 

3,647

15,191

 

50,085

27,671

Creditors: Amounts falling due within one year

7

(61,600)

(46,553)

Net current liabilities

 

(11,515)

(18,882)

Total assets less current liabilities

 

19,847

1,182

Creditors: Amounts falling due after more than one year

7

(11,655)

-

Provisions for liabilities

(5,958)

(3,811)

Net assets/(liabilities)

 

2,234

(2,629)

Capital and reserves

 

Called up share capital

8

90

90

Profit and loss account

2,144

(2,719)

Total equity

 

2,234

(2,629)

 

Swings & Roundabouts (NW) Ltd

(Registration number: 05972099)
Balance Sheet as at 5 April 2019

For the financial year ending 5 April 2019 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.

Approved and authorised by the director on 24 September 2019
 

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

Mr A C Harrison
Director

 

Swings & Roundabouts (NW) Ltd

Notes to the Financial Statements for the Year Ended 5 April 2019

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 24 September 2019.

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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Swings & Roundabouts (NW) Ltd

Notes to the Financial Statements for the Year Ended 5 April 2019

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.

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.

 

Swings & Roundabouts (NW) Ltd

Notes to the Financial Statements for the Year Ended 5 April 2019

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.

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 3 (2018 - 2).

 

Swings & Roundabouts (NW) Ltd

Notes to the Financial Statements for the Year Ended 5 April 2019

4

Tangible assets

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 6 April 2018

66,067

24,580

90,647

Additions

17,305

5,823

23,128

Disposals

(41,067)

-

(41,067)

At 5 April 2019

42,305

30,403

72,708

Depreciation

At 6 April 2018

52,680

17,903

70,583

Charge for the year

3,780

2,573

6,353

Eliminated on disposal

(35,590)

-

(35,590)

At 5 April 2019

20,870

20,476

41,346

Net book value

At 5 April 2019

21,435

9,927

31,362

At 5 April 2018

13,387

6,677

20,064

5

Stocks

2019
£

2018
£

Work in progress

10,000

-

Raw materials

1,500

1,500

11,500

1,500

6

Debtors

2019
£

2018
£

Trade debtors

18,862

10,560

Prepayments

15,275

250

Other debtors

801

170

34,938

10,980

 

Swings & Roundabouts (NW) Ltd

Notes to the Financial Statements for the Year Ended 5 April 2019

7

Creditors

Note

2019
£

2018
£

Due within one year

 

Loans and borrowings

9

54,092

39,203

Trade creditors

 

6,708

1,669

Taxation and social security

 

-

5,318

Other creditors

 

800

363

 

61,600

46,553

Due after one year

 

Loans and borrowings

9

11,655

-

8

Share capital

Allotted, called up and fully paid shares

 

2019

2018

 

No.

£

No.

£

Ordinary shares of £ 1 each

90

90

90

90

         

9

Loans and borrowings

2019
£

2018
£

Non-current loans and borrowings

Bank loans

11,655

-

2019
£

2018
£

Current loans and borrowings

Bank loans

3,842

-

Finance lease liabilities

-

516

Other borrowings

50,250

38,687

54,092

39,203