Company Registration No. 07798938 (England and Wales)
SWAN DIGITAL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
SWAN DIGITAL LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
SWAN DIGITAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SWAN DIGITAL LIMITED FOR THE YEAR ENDED 31 DECEMBER 2014
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The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swan Digital Limited for the year ended 31 December 2014 which comprise the Profit and Loss Account, the Balance Sheet and the related notes 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Swan Digital Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Swan Digital Limited and state those matters that we have agreed to state to the Board of Directors of Swan Digital Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swan Digital Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Swan Digital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Swan Digital Limited. You consider that Swan Digital Limited 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 financial statements of Swan Digital Limited. 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 financial statements.
Carpenter Box
9 December 2015
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
SWAN DIGITAL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 2 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
2,622
3,637
Tangible assets
2
24,766
37,199
27,388
40,836
Current assets
Stocks
34,590
38,297
Debtors
108,426
54,063
Cash at bank and in hand
16,388
8,054
159,404
100,414
Creditors: amounts falling due within one year
(155,851)
(106,535)
Net current assets/(liabilities)
3,553
(6,121)
Total assets less current liabilities
30,941
34,715
Creditors: amounts falling due after more than one year
-
(6,235)
Provisions for liabilities
(3,300)
(5,500)
27,641
22,980
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
27,541
22,880
Shareholders' funds
27,641
22,980
SWAN DIGITAL LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2014
31 December 2014
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For the financial year ended 31 December 2014 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 financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 2 December 2015
Mr A P W Adams
Director
Company Registration No. 07798938
SWAN DIGITAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised when goods have been despatched or services have been rendered.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings leasehold
Straight line over the period of the lease being 5 years
Computer equipment
33% straight line
Fixtures, fittings & equipment
25% reducing balance
1.5
Leasing and hire purchase commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost, including attributable overheads where appropriate, and net realisable value, on a first in first out basis.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
SWAN DIGITAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2014 & at 31 December 2014
5,075
63,423
68,498
Depreciation
At 1 January 2014
1,438
26,224
27,662
Charge for the year
1,015
12,433
13,448
At 31 December 2014
2,453
38,657
41,110
Net book value
At 31 December 2014
2,622
24,766
27,388
At 31 December 2013
3,637
37,199
40,836
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
100 ordinary shares of £1 each
100
100