Company registration number 08213809 (England and Wales)
SWOGO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SWOGO LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
SWOGO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
3
59,227
Tangible assets
4
10,197
181,757
Investments
5
341,139
26,632
410,563
208,389
Current assets
Debtors
6
492,553
556,843
Cash at bank and in hand
213,962
870,100
706,515
1,426,943
Creditors: amounts falling due within one year
7
(1,402,934)
(272,448)
Net current (liabilities)/assets
(696,419)
1,154,495
Total assets less current liabilities
(285,856)
1,362,884
Creditors: amounts falling due after more than one year
8
(351,503)
Provisions for liabilities
(8,000)
(6,000)
Net (liabilities)/assets
(293,856)
1,005,381
Capital and reserves
Called up share capital
513
513
Share premium account
912,987
912,987
Profit and loss reserves
(1,207,356)
91,881
Total equity
(293,856)
1,005,381
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
J Descano
Director
Company Registration No. 08213809
SWOGO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
513
912,987
(74,799)
838,701
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
166,680
166,680
Balance at 31 December 2021
513
912,987
91,881
1,005,381
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(1,299,237)
(1,299,237)
Balance at 31 December 2022
513
912,987
(1,207,356)
(293,856)
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Swogo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hikenield House, East Anton Court, Icknield Way, Andover, Hampshire, SP10 5RG.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At 31 December 2022, the company had net liabilities of £293,856. Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The parent company 1WorldSync, Holdings, Inc, has provided the company with an undertaking that it will continue to make available such funds as are necessary to enable it to meet its liabilities as they fall due for a period of at least 12 months from approval of these financial statements and the directors believe that the parent company has adequate resources to give this undertaking. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover from commissions received on incremental sales is recognised at the fair value of the consideration received or receivable in the normal course of business in the period they are incurred, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and settlement discounts.
Revenue from maintenance fees is recognised in turnover in equal instalments on a monthly basis over the length of the contract.
Revenue from set up fees is recognised once the software goes live provided that the performance obligations have been met.
1.4
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. Intangible assets are amortised once they become available for use.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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
1.5
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:
Land and buildings
Not depreciated
Plant and machinery
25% straight-line
Development costs
20% straight-line
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 the statement of income.
1.6
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 the income statement.
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.
1.7
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through the statement of income, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
1.15
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
4
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
3
Intangible fixed assets
Software
£
Cost
At 1 January 2022
Additions
59,227
At 31 December 2022
59,227
Amortisation and impairment
At 1 January 2022 and 31 December 2022
Carrying amount
At 31 December 2022
59,227
At 31 December 2021
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Development costs
Total
£
£
£
£
Cost
At 1 January 2022
14,519
43,548
265,064
323,131
Disposals
(590)
(590)
Transfers
(14,519)
(14,519)
At 31 December 2022
42,958
265,064
308,022
Depreciation and impairment
At 1 January 2022
24,708
116,666
141,374
Depreciation charged in the year
8,349
8,004
16,353
Impairment losses
140,394
140,394
Eliminated in respect of disposals
(296)
(296)
At 31 December 2022
32,761
265,064
297,825
Carrying amount
At 31 December 2022
10,197
10,197
At 31 December 2021
14,519
18,840
148,398
181,757
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
341,139
26,632
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
26,632
Additions
314,507
At 31 December 2022
341,139
Carrying amount
At 31 December 2022
341,139
At 31 December 2021
26,632
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
485,251
271,485
Corporation tax recoverable
24,250
Other debtors
7,302
261,108
492,553
556,843
7
Creditors: amounts falling due within one year
Restated
2022
2021
£
£
Bank loans (secured)
76,313
Trade creditors
31,346
36,461
Amounts owed to group undertakings
968,204
118,867
Taxation and social security
25,108
15,293
Other creditors
378,276
25,514
1,402,934
272,448
The comparative period has been restated to reclassify an amount of £118,867 in respect of amounts owed to group undertakings that was previously included in trade creditors.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans (secured)
351,503
SWOGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jeremy Asher FCA
Statutory Auditor:
Wilson Wright LLP
10
Related party transactions
The company has taken advantage of the exemption available in accordance with Section 1AC.35 of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
11
Directors' transactions
During the year, the company paid £2,990 (2021: £11,960) in respect of rental expenses to a director for the use of an office space.
12
Parent company
The immediate parent undertaking is 1WorldSync, Holdings, Inc. a company incorporated in the US with registered office 300 S Riverside Plz, Suite 1400, Chicago. The results of Swogo Limited are included in the consolidated financial statements of 1WorldSync, Holdings, Inc.
The ultimate controlling party is 1WS Holdings, LLC, a company incorporated in the US with registered office 300 S Riverside Plz, Suite 1400, Chicago.
2022-12-312022-01-01false28 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedJ DescanoA Monica082138092022-01-012022-12-31082138092022-12-31082138092021-12-3108213809core:IntangibleAssetsOtherThanGoodwill2022-12-3108213809core:IntangibleAssetsOtherThanGoodwill2021-12-3108213809core:LandBuildings2022-12-3108213809core:OtherPropertyPlantEquipment2022-12-3108213809core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3108213809core:LandBuildings2021-12-3108213809core:OtherPropertyPlantEquipment2021-12-3108213809core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-3108213809core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108213809core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3108213809core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3108213809core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3108213809core:ShareCapital2022-12-3108213809core:ShareCapital2021-12-3108213809core:SharePremium2022-12-3108213809core:SharePremium2021-12-3108213809core:RetainedEarningsAccumulatedLosses2022-12-3108213809core:RetainedEarningsAccumulatedLosses2021-12-3108213809core:ShareCapital2020-12-3108213809core:SharePremium2020-12-3108213809core:RetainedEarningsAccumulatedLosses2020-12-3108213809bus:Director12022-01-012022-12-3108213809core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31082138092021-01-012021-12-3108213809core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3108213809core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3108213809core:ComputerSoftware2022-01-012022-12-3108213809core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-3108213809core:ComputerEquipment2022-01-012022-12-3108213809core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-012022-12-3108213809core:IntangibleAssetsOtherThanGoodwill2021-12-3108213809core:LandBuildings2021-12-3108213809core:OtherPropertyPlantEquipment2021-12-3108213809core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-31082138092021-12-3108213809core:LandBuildings2022-01-012022-12-3108213809core:OtherPropertyPlantEquipment2022-01-012022-12-3108213809core:CurrentFinancialInstruments2022-12-3108213809core:CurrentFinancialInstruments2021-12-3108213809core:WithinOneYear2022-12-3108213809core:WithinOneYear2021-12-3108213809core:Non-currentFinancialInstruments2022-12-3108213809core:Non-currentFinancialInstruments2021-12-3108213809bus:PrivateLimitedCompanyLtd2022-01-012022-12-3108213809bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3108213809bus:FRS1022022-01-012022-12-3108213809bus:Audited2022-01-012022-12-3108213809bus:Director22022-01-012022-12-3108213809bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP