Sword Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05054927 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

SWORD SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L Sword

Mrs S Sword

SECRETARY:

Mrs S Sword

REGISTERED OFFICE:

Prospero House

46-48 Rothesay Road

Luton

Bedfordshire

LU1 1QZ

BUSINESS ADDRESS:

7 & 8 Waterside Drive

Langley

Berkshire

SL3 6EZ

REGISTERED NUMBER:

05054927 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

Prospero House

46-48 Rothesay Road

Luton

Bedfordshire

LU1 1QZ

FIXED ASSETS

Intangible assets

4

105,300

122,850

Tangible assets

5

205,912

134,176

Investments

6

90,000

90,000

401,212

347,026

CURRENT ASSETS

Stocks

7

85,000

211,387

Debtors

8

448,745

777,629

Cash at bank and in hand

28,742

25,267

562,487

1,014,283

CREDITORS

Amounts falling due within one year

9

154,694

315,584

NET CURRENT ASSETS

407,793

698,699

TOTAL ASSETS LESS CURRENT LIABILITIES

809,005

1,045,725

CREDITORS

Amounts falling due after more than one year

10

(39,853

)

(26,022

)

PROVISIONS FOR LIABILITIES

13

(27,368

)

-

NET ASSETS

741,784

1,019,703

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

741,684

1,019,603

SHAREHOLDERS' FUNDS

741,784

1,019,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 17 September 2018 and were signed on its behalf by:

Mr L Sword - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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

lease.

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 year was 35 (2017 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

351,000

AMORTISATION

At 1 April 2017

228,150

Amortisation for year

17,550

At 31 March 2018

245,700

NET BOOK VALUE

At 31 March 2018

105,300

At 31 March 2017

122,850

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2017

41,661

120,030

153,338

50,788

365,817

Additions

-

-

147,568

-

147,568

Disposals

-

-

(30,695

)

-

(30,695

)

At 31 March 2018

41,661

120,030

270,211

50,788

482,690

DEPRECIATION

At 1 April 2017

21,601

66,560

100,617

42,863

231,641

Charge for year

3,010

8,020

47,776

2,625

61,431

Eliminated on disposal

-

-

(16,294

)

-

(16,294

)

At 31 March 2018

24,611

74,580

132,099

45,488

276,778

NET BOOK VALUE

At 31 March 2018

17,050

45,450

138,112

5,300

205,912

At 31 March 2017

20,060

53,470

52,721

7,925

134,176

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2017

and 31 March 2018

23,500

DEPRECIATION

At 1 April 2017

and 31 March 2018

5,875

NET BOOK VALUE

At 31 March 2018

17,625

At 31 March 2017

17,625

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2017

and 31 March 2018

90,000

NET BOOK VALUE

At 31 March 2018

90,000

At 31 March 2017

90,000

7.

STOCKS

2018

2017

£

£

Stock and work in progress

85,000

211,387

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

322,471

708,483

Other debtors

87,092

59,758

Tax

28,940

-

Prepayments

10,242

9,388

448,745

777,629

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 11)

21,687

17,865

Trade creditors

99,361

139,445

Corporation tax

-

28,940

Taxation and social security

15,605

111,911

Other creditors

10,906

4,288

Directors' loan accounts

1,122

7,122

Accrued expenses

6,013

6,013

154,694

315,584

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 11)

39,853

26,022

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

21,687

17,865

Between one and five years

39,853

26,022

61,540

43,887

Non-cancellable operating

leases

2018

2017

£

£

Between one and five years

429,990

429,990

In more than five years

-

85,998

429,990

515,988

12.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

61,540

43,887

13.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

27,368

-

Deferred

tax

£

Capital allowances

27,368

Balance at 31 March 2018

27,368

14.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr & Mrs L Sword by virtue of their 100% shareholdings.