SWN Accountancy Services Limited Company Accounts

SWN ACCOUNTANCY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07680781

SWN Accountancy Services Limited

Filleted Unaudited Financial Statements

31 March 2017

SWN Accountancy Services Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

SWN Accountancy Services Limited

Officers and Professional Advisers

Director	Mr S W Norton

Registered office	59-60 Grosvenor Street
	London
	W1K 3HZ

Accountants	Shipleys LLP
	Chartered Accountants
	3 Godalming Business Centre
	Woolsack Way
	Godalming
	Surrey
	GU7 1XW

SWN Accountancy Services Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	770	534
Investments	6	7,650	22,650
		-------	--------
		8,420	23,184

Current assets

Debtors	7	180,154	136,225
Cash at bank and in hand		10,143	4,152
		---------	---------
		190,297	140,377

Creditors: amounts falling due within one year	8	( 33,388)		( 52,115)
		---------		---------
Net current assets			156,909	88,262
			---------	---------
Total assets less current liabilities			165,329	111,446
			---------	---------
Net assets			165,329	111,446
			---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	165,327	111,444
	---------	---------
Members funds	165,329	111,446
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 .

SWN Accountancy Services Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 28 December 2017 , and are signed on behalf of the board by:

Mr S W Norton
Director

Company registration number: 07680781

SWN Accountancy Services Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 59-60 Grosvenor Street, London, W1K 3HZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer equipment	-	33% straight line

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2016	1,101	1,101
Additions	1,009	1,009
Disposals	( 733)	( 733)
	-------	-------
At 31 March 2017	1,377	1,377
	-------	-------
Depreciation
At 1 April 2016	568	568
Charge for the year	527	527
Disposals	( 488)	( 488)
	-------	-------
At 31 March 2017	607	607
	-------	-------
Carrying amount
At 31 March 2017	770	770
	-------	-------
At 31 March 2016	533	533
	-------	-------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2016 and 31 March 2017	22,650
	--------
Impairment
Impairment losses	15,000
	--------
At 31 March 2017	15,000
	--------

Carrying amount
At 31 March 2017	7,650
	--------
At 31 March 2016	22,650
	--------

7. Debtors

	2017	2016
	£	£
Other debtors	180,154	136,225
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	2,040	835
Corporation tax	15,554	37,357
Other creditors	15,794	13,923
	--------	--------
	33,388	52,115
	--------	--------

9. Director's advances, credits and guarantees

At the year end date the company was owed by the director £82,343 (2016 - £4,934) by way of a directors loan. This amount is accruing interest at 3% and is repayable on demand. This amount has been fully repaid 9 months after the year end.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.