Registration number:
Swan Processing Limited
for the Year Ended 31 March 2019
Swan Processing Limited
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
Swan Processing Limited
(Registration number: 3029352)
Statement of Financial Position as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Investment property |
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Investments |
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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 liabilities |
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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 |
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Capital and reserves |
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Called up share capital |
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Non Distributable Reserves |
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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 2019
For the financial year ending 31 March 2019 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
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C Tong
Director
Page 2 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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 £267,548 (2018 - £226,212) and net current liabilities in the sum of £1,013,613 (2018 - £1,030,950) 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.
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.
Foreign currency transactions and balances
Page 3 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tax
The tax expense for the period comprises current tax. Tax is recognised in the statement of income, except that a change attributable to an item or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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.
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 |
Investment property
The original cost of the property was £1,174,000 when purchased. During the year to 31 March 2018, the property was re-valued by the director's at a cost of £1,500,000.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Page 4 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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 2019
Tangible assets |
Fixtures and Fittings |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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Investment properties |
2019 |
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At 1 April |
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There has been no valuation of investment property by an independent valuer. The directors have confirmed that the valuation of the property remains the same.
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Swan Processing Limited owns 100% of the issued share capital of Swan Mill Processing Limited.
Subsidiaries |
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Cost or valuation |
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At 1 April 2018 |
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Provision |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 6 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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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 |
63,339 |
89,167 |
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VAT Control account |
10,518 |
10,788 |
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Prepayments |
11,360 |
10,363 |
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Total current trade and other debtors |
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Page 7 |
Swan Processing Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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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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Other creditors |
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Accruals |
53,105 |
57,254 |
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Due after one year |
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Loans and borrowings |
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Within other creditors is an amount owed to Swan Mill Processing Limited in the sum of £1,329,009 (2018 - £1,329,022) and an amount owed to Draco Holdings Limited who is the ultimate parent of Swan Processing Limited in the sum of £49,935 (2018 - £2,518). There are no repayment structures in place and no interest has been charged on the amounts outstanding.
The company has a bank overdraft facility with HSBC bank which is shown in other creditors - due within one year. The overdrawn amount at the year end is £1,904 (2018 - £6,932 - cash at bank in hand). The overdraft is secured by a fixed and floating charge over the undertaking and all property and assets.
The company has a bank loan with The Hong Kong and Shanghai Banking Corporation Limited. The balance outstanding at the year end is £243,344 (2018 - £267,343) which is shown in other creditors. The loan is secured by a fixed and floating charge on all property and fixed assets.
The company has an overdraft facility with Shanghai Commercial Bank Limited. The amount outstanding at the year end is £200,934 (2018 - £192,557) which is shown in other creditors. The loan is secured by a fixed and floating charge over the undertaking and all property and assets and also the land and building - Duke Mill Refuge Street, Shaw, Oldham.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is
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