REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Swift Technology Group Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Swift Technology Group Limited |
Swift Technology Group Limited (Registered number: 06700944) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Swift Technology Group Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Swift Technology Group Limited (Registered number: 06700944) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
Swift Technology Group Limited (Registered number: 06700944) |
Balance Sheet - continued |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Retained earnings | 10 | ( |
) | ( |
) |
12 |
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. |
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 |
Swift Technology Group Limited (Registered number: 06700944) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Swift Technology Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis of accounting. |
Preparation of consolidated financial statements |
The financial statements contain information about Swift Technology Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Computer Equipment 33% straight line. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Swift Technology Group Limited (Registered number: 06700944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
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 |
Swift Technology Group Limited (Registered number: 06700944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 810,630 |
Disposals | ( |
) | (2,825 | ) |
At 31 March 2023 | 807,805 |
NET BOOK VALUE |
At 31 March 2023 | 807,805 |
At 31 March 2022 | 810,630 |
Swift Technology Group Limited (Registered number: 06700944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Swift Technology Group Limited is the holding company for the following companies |
Company |
Class of shares held |
Holding |
Nature of business |
Direct Holdings |
Swift Aviation Holdings Limited | Ordinary | 100% | Holding company |
Swift TG Solutions Limited | Ordinary | 100% | Engineering consultancy |
Swift TG Energy (Scotland) Limited | Ordinary | 100% | Wind Turbines |
TWF Solutions Limited |
Ordinary |
100% |
Marketing and Graphic Design Consultancy |
Swift Caduceus | Ordinary | 75% | UV-C Technology |
Europa Aircraft (2004) Limited |
Ordinary |
100% |
Design and sale of Europa Aircraft |
Indirect through holding in Swift Aviation Holdings Limited |
Swift Aircraft Limited | Ordinary | 100% | Engineering Design Team |
Swift TG Maintenance Limited | Ordinary | 100% | Aircraft Maintenance |
Aviation and Marine Engineering Limited | Ordinary | 51% | Manufacturer of aircraft and parts |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Swift Technology Group Limited (Registered number: 06700944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts | ( |
) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
9. | CALLED UP SHARE CAPITAL |
** | POSTING HAS BEEN MADE TO SHARE CAPITAL 1 ACCOUNT ON TRIAL BALANCE BUT NO CORRESPONDING ENTRY HAS BEEN MADE ON CLIENT SCREEN FOR SHARE CAPITAL 1 |
THIS NOTE WILL THEREFORE NOT AGREE TO AMOUNT SHOWN ON |
BALANCE SHEET |
** | POSTING HAS BEEN MADE TO SHARE CAPITAL 3 ACCOUNT ON TRIAL BALANCE BUT NO CORRESPONDING ENTRY HAS BEEN MADE ON CLIENT SCREEN FOR SHARE CAPITAL 3 |
THIS NOTE WILL THEREFORE NOT AGREE TO AMOUNT SHOWN ON |
BALANCE SHEET |
Swift Technology Group Limited (Registered number: 06700944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2022 | ( |
) | 14,219 |
Profit for the year |
At 31 March 2023 | ( |
) | 186,195 |
11. | RELATED PARTY DISCLOSURES |
Compensation of key management personnel |
The remuneration of directors and other members of key management during the year was as follows: |
2023 | 2022 |
Short-term benefits | 155,950 | 176,296 |
Transactions with Director's |
As at 31 March a director has loaned the Company £775,700 (2022 £775,700) interest free. The directors have also loaned the company £1,529,979 (2022 £1,529,979) at 5% interest.The Directors have agreed to defer the repayments of these loans for the foreseeable future see note 9 to the accounts. |
12. | RECONCILIATION OF MOVEMENTS IN RESERVES |
2023 | 2022 |
£ | £ |
Profit/(loss) for the financial year | ( |
) |
Share Premium |
Net addition/(reduction) to reserves | 171,976 | (56,588 | ) |
Opening reserves | 31,699 | 88,287 |
Closing reserves | 203,675 | 31,699 |