Company Registration No. 06693075 (England and Wales)
SWING PATROL UK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
SWING PATROL UK LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
SWING PATROL UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2018
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2018.
Principal activities
The principal activity of the company continued to be that of running dance classes.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S R Cupit
C Funder
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
S R Cupit
Director
26 March 2019
SWING PATROL UK LIMITED
BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,133
1,708
Current assets
Stocks
3,068
3,314
Debtors
4
29,531
50,697
Cash at bank and in hand
10,791
26,288
43,390
80,299
Creditors: amounts falling due within one year
5
(42,852)
(38,878)
Net current assets
538
41,421
Total assets less current liabilities
2,671
43,129
Provisions for liabilities
-
(307)
Net assets
2,671
42,822
Capital and reserves
Called up share capital
6
100
100
Share premium account
64,980
64,980
Profit and loss reserves
(62,409)
(22,258)
Total equity
2,671
42,822
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 26 March 2019 and are signed on its behalf by:
S R Cupit
Director
Company Registration No. 06693075
SWING PATROL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information
Swing Patrol UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
33-44 Tunstall Studios, Tunstall Road, London, SW9 8DA.
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 a
mounts
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
. Turnover is recognised on the date that the goods are physically delivered to the customer or in the case of services the date on which the services are provided.
1.3
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:
Office equipment
25% straight line
Fixtures and fittings
25% 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 profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
The company has
the following financial instruments :
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.
SWING PATROL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 5).
SWING PATROL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017
15,420
Additions
2,009
At 30 June 2018
17,429
Depreciation and impairment
At 1 July 2017
13,712
Depreciation charged in the year
1,584
At 30 June 2018
15,296
Carrying amount
At 30 June 2018
2,133
At 30 June 2017
1,708
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
5,461
8,175
Other debtors
24,070
38,048
29,531
46,223
Deferred tax asset
-
4,474
29,531
50,697
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
9,100
4,024
Other taxation and social security
12,257
12,762
Other creditors
19,116
19,659
Accruals and deferred income
2,379
2,433
42,852
38,878
SWING PATROL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
7
Controlling party
The company is controlled by S R Cupit, a director of the company, by virtue of the fact that he owns 67% of the issued share capital.