Sweagle Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11752207 (England and Wales)

Unaudited Financial Statements

for the Period 7 January 2019 to 31 March 2020

for

Sweagle Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M G J Verstockt

SECRETARY:

MYUKOFFICE LTD

REGISTERED OFFICE:

8 Northumberland Avenue

London

WC2N 5BY

REGISTERED NUMBER:

11752207 (England and Wales)

ACCOUNTANTS:

Try Lunn & Co

Chartered Accountants

Roland House

Princes Dock Street

Hull

HU1 2LD

FIXED ASSETS

Tangible assets

4

2,334

CURRENT ASSETS

Debtors

5

86,652

Cash at bank

265,183

351,835

CREDITORS

Amounts falling due within one year

6

1,043,737

NET CURRENT LIABILITIES

(691,902

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(689,568

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

7

(689,668

)

(689,568

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 May 2020 and were signed by:

M G J Verstockt - Director

1.	STATUTORY INFORMATION

Sweagle Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is dependant on the continued financial support of Sweagle NV, the parent company which is

registered in Belgium

Due to the ongoing Coronavirus pandemic there is a material uncertainty in relation to going concern of all

companies, the financial statements have been prepared on the basis that that uncertainty will be resolved without

undue financial harm being done to the business.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

3,518

At 31 March 2020

3,518

DEPRECIATION

Charge for period

1,184

At 31 March 2020

1,184

NET BOOK VALUE

At 31 March 2020

2,334

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

86,652

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

1,531

Amounts owed to group undertakings

745,750

Other creditors

296,456

1,043,737

7.

RESERVES

Retained

earnings

£

Deficit for the period

(689,668

)

At 31 March 2020

(689,668

)

8.	RELATED PARTY DISCLOSURES

During the year Sweagle NV, the parent company of Sweagle Ltd loaned the company £745,750. At the balance

sheet date an amount of £745,750 was due to Sweagle NV, this loan is interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent company and immediate controlling party is Sweagle NV, a company based in

Belgium.