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REGISTERED NUMBER: 01616423 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

SWIFT FASTENERS LIMITED

SWIFT FASTENERS LIMITED (REGISTERED NUMBER: 01616423)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SWIFT FASTENERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: Mr N V Gould





REGISTERED OFFICE: 20 Oldends Lane Industrial Estate
Stonehouse
Gloucestershire
GL10 3RQ





REGISTERED NUMBER: 01616423 (England and Wales)





ACCOUNTANTS: Shiner Mitchell Fisher & Co Ltd
Smith House
George Street
Nailsworth
Stroud
Gloucestershire
GL6 0AG

SWIFT FASTENERS LIMITED (REGISTERED NUMBER: 01616423)

BALANCE SHEET
31 JANUARY 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 26,835 3,858
26,835 3,858

CURRENT ASSETS
Stocks 37,380 34,880
Debtors 6 106,052 109,529
Cash at bank and in hand 14,606 18,920
158,038 163,329
CREDITORS
Amounts falling due within one year 7 61,310 43,569
NET CURRENT ASSETS 96,728 119,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

123,563

123,618

CREDITORS
Amounts falling due after more than one
year

8

(14,977

)

(9,513

)

PROVISIONS FOR LIABILITIES (4,000 ) -
NET ASSETS 104,586 114,105

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 104,486 114,005
104,586 114,105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

SWIFT FASTENERS LIMITED (REGISTERED NUMBER: 01616423)

BALANCE SHEET - continued
31 JANUARY 2023


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 20 October 2023 and were signed by:





Mr N V Gould - Director


SWIFT FASTENERS LIMITED (REGISTERED NUMBER: 01616423)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Swift Fasteners 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 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.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of five years.

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 etc - 25% on cost and 12% 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.

SWIFT FASTENERS LIMITED (REGISTERED NUMBER: 01616423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued

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.

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 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022
and 31 January 2023 49,303
AMORTISATION
At 1 February 2022
and 31 January 2023 49,303
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 149,501
Additions 25,675
At 31 January 2023 175,176
DEPRECIATION
At 1 February 2022 145,643
Charge for year 2,698
At 31 January 2023 148,341
NET BOOK VALUE
At 31 January 2023 26,835
At 31 January 2022 3,858

SWIFT FASTENERS LIMITED (REGISTERED NUMBER: 01616423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

5. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
Additions 25,675
At 31 January 2023 25,675
DEPRECIATION
Charge for year 2,140
At 31 January 2023 2,140
NET BOOK VALUE
At 31 January 2023 23,535

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 84,832 85,218
Other debtors 21,220 24,311
106,052 109,529

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 9,513 15,667
Hire purchase contracts (see note 9) 8,558 -
Trade creditors 15,682 3,766
Taxation and social security 23,354 18,257
Other creditors 4,203 5,879
61,310 43,569

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans - 9,513
Hire purchase contracts (see note 9) 14,977 -
14,977 9,513

SWIFT FASTENERS LIMITED (REGISTERED NUMBER: 01616423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.23 31.1.22
£    £   
Net obligations repayable:
Within one year 8,558 -
Between one and five years 14,977 -
23,535 -

Non-cancellable operating leases
31.1.23 31.1.22
£    £   
Between one and five years 56,700 86,940

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank loans 9,513 25,180
Hire purchase contracts 23,535 -
33,048 25,180

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr N V Gould.