Company Registration No. 04996561 (England and Wales)
SWIFT MOTOR SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
SWIFT MOTOR SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SWIFT MOTOR SERVICES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SWIFT MOTOR SERVICES LIMITED FOR THE YEAR ENDED 31 MARCH 2022
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swift Motor Services Limited for the year ended 31 March 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Swift Motor Services Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Swift Motor Services Limited and state those matters that we have agreed to state to the Board of Directors of Swift Motor Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swift Motor Services Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Swift Motor Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Swift Motor Services Limited. You consider that Swift Motor Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Swift Motor Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
7 September 2022
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SWIFT MOTOR SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,010
13,535
Current assets
Stocks
7,988
6,823
Debtors
4
35,148
75,126
Cash at bank and in hand
142,489
86,410
185,625
168,359
Creditors: amounts falling due within one year
5
(100,728)
(80,141)
Net current assets
84,897
88,218
Total assets less current liabilities
91,907
101,753
Creditors: amounts falling due after more than one year
6
-
0
(50,000)
Provisions for liabilities
-
0
(1,333)
Net assets
91,907
50,420
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
91,807
50,320
Total equity
91,907
50,420

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 31 March 2022 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.

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.

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

SWIFT MOTOR SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
Mr J S Strachan
Mr G J Strachan
Director
Director
Company Registration No. 04996561
SWIFT MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information

Swift Motor Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

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 amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In response to the COVID-19 pandemic, the directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.true Therefore the directors deem it appropriate to continue on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
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:

Land and buildings leasehold
Evenly over the lease term
Plant and machinery
25% per annum on a straight line basis
Fixtures, fittings & equipment
25% per annum on a straight line basis
Motor vehicles
25% per annum on a straight line basis

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

SWIFT MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
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.

Basic financial liabilities

Basic financial liabilities 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit..

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 16 (2021 - 17).

SWIFT MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
3
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
22,080
137,603
4,286
15,900
179,869
Additions
-
0
-
0
250
2,000
2,250
At 31 March 2022
22,080
137,603
4,536
17,900
182,119
Depreciation and impairment
At 1 April 2021
17,934
131,357
2,608
14,435
166,334
Depreciation charged in the year
3,676
3,771
845
483
8,775
At 31 March 2022
21,610
135,128
3,453
14,918
175,109
Carrying amount
At 31 March 2022
470
2,475
1,083
2,982
7,010
At 31 March 2021
4,146
6,246
1,678
1,465
13,535
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
14,177
10,204
Other debtors
20,971
64,922
35,148
75,126
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
40,414
28,421
Taxation and social security
53,404
46,829
Other creditors
6,910
4,891
100,728
80,141
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
-
0
50,000
SWIFT MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
268,000
344,000
9
Events after the reporting date

Subsequent to the year end dividends totalling £27,040 were declared.

2022-03-312021-04-01false07 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr J S StrachanMr G J StrachanMr B Strachan049965612021-04-012022-03-31049965612022-03-31049965612021-03-3104996561core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104996561core:PlantMachinery2022-03-3104996561core:FurnitureFittings2022-03-3104996561core:MotorVehicles2022-03-3104996561core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-03-3104996561core:PlantMachinery2021-03-3104996561core:FurnitureFittings2021-03-3104996561core:MotorVehicles2021-03-3104996561core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3104996561core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-3104996561core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3104996561core:Non-currentFinancialInstrumentscore:AfterOneYear2021-03-3104996561core:CurrentFinancialInstruments2022-03-3104996561core:CurrentFinancialInstruments2021-03-3104996561core:ShareCapital2022-03-3104996561core:ShareCapital2021-03-3104996561core:RetainedEarningsAccumulatedLosses2022-03-3104996561core:RetainedEarningsAccumulatedLosses2021-03-3104996561bus:Director12021-04-012022-03-3104996561bus:Director22021-04-012022-03-3104996561core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-04-012022-03-3104996561core:PlantMachinery2021-04-012022-03-3104996561core:FurnitureFittings2021-04-012022-03-3104996561core:MotorVehicles2021-04-012022-03-31049965612020-04-012021-03-3104996561core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-03-3104996561core:PlantMachinery2021-03-3104996561core:FurnitureFittings2021-03-3104996561core:MotorVehicles2021-03-31049965612021-03-3104996561core:WithinOneYear2022-03-3104996561core:WithinOneYear2021-03-3104996561core:Non-currentFinancialInstruments2022-03-3104996561core:Non-currentFinancialInstruments2021-03-3104996561bus:PrivateLimitedCompanyLtd2021-04-012022-03-3104996561bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-3104996561bus:FRS1022021-04-012022-03-3104996561bus:AuditExemptWithAccountantsReport2021-04-012022-03-3104996561bus:CompanySecretary12021-04-012022-03-3104996561bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP