SWG Vibrodynamics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03994458 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2020

for

SWG Vibrodynamics Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M F Evans

J M Evans

M J Norton

REGISTERED OFFICE:

Gibson Street

Tunstall

Staffordshire

REGISTERED NUMBER:

03994458 (England and Wales)

ACCOUNTANTS:

Paterson Brodie Limited

Chartered Certified Accountants

Cliveden Chambers

Cliveden Place

Longton

Stoke-on-Trent

Staffordshire

ST3 4JB

FIXED ASSETS

Intangible assets

4

5

5

Tangible assets

5

791

353

796

358

CURRENT ASSETS

Stocks

20,000

30,000

Debtors

6

15,433

7,468

Cash at bank and in hand

52,327

24,114

87,760

61,582

CREDITORS

Amounts falling due within one year

7

66,694

64,603

NET CURRENT ASSETS/(LIABILITIES)

21,066

(3,021

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,862

(2,663

)

CREDITORS

Amounts falling due after more than one year

8

20,000

-

NET ASSETS/(LIABILITIES)

1,862

(2,663

)

CAPITAL AND RESERVES

Called up share capital

900

900

Retained earnings

9

962

(3,563

)

1,862

(2,663

)

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 28 January 2021 and were signed on its behalf by:

M J Norton - Director

1.	STATUTORY INFORMATION

SWG Vibrodynamics 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill relates to the acquisition of the business in 2018. No amortisation is provided as the amounts involved are insignificant.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Government grants

Government grants receivable including those related to Covid-19 support schemes, are recognised in the accounts on an accrual basis.

Recognition occurs from the date of entitlement and when the company has complied with all conditions attached to the grant.

Amounts receivable are separately disclosed as other income within the financial statements.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

5

NET BOOK VALUE

At 31 July 2020

5

At 31 July 2019

5

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2019

-

441

441

Additions

542

96

638

At 31 July 2020

542

537

1,079

DEPRECIATION

At 1 August 2019

-

88

88

Charge for year

109

91

200

At 31 July 2020

109

179

288

NET BOOK VALUE

At 31 July 2020

433

358

791

At 31 July 2019

-

353

353

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

14,704

7,180

Other debtors

729

288

15,433

7,468

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade creditors

4,097

5,637

Taxation and social security

3,081

540

Other creditors

59,516

58,426

66,694

64,603

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans

20,000

-

9.

RESERVES

Retained

earnings

£

At 1 August 2019

(3,563

)

Profit for the year

4,525

At 31 July 2020

962