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REGISTERED NUMBER: 06700944















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: A Goodwin
G E C M Hellinx
D I Stanbridge





SECRETARY:





REGISTERED OFFICE: Hornbeam House
Bidwell Road
Rackheath
Norwich
Norfolk
NR13 6PT





REGISTERED NUMBER: 06700944






Swift Technology Group Limited (Registered number: 06700944)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,760 4,230
Investments 5 807,805 810,630
810,565 814,860

CURRENT ASSETS
Debtors 6 2,852,205 2,748,851
Cash at bank and in hand 40,251 2,147
2,892,456 2,750,998
CREDITORS
Amounts falling due within one year 7 1,234,133 1,228,480
NET CURRENT ASSETS 1,658,323 1,522,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,468,888

2,337,378

CREDITORS
Amounts falling due after more than one year 8 2,265,213 2,305,679
NET ASSETS 203,675 31,699

Swift Technology Group Limited (Registered number: 06700944)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 17,480 17,480
Share premium 10 2,874,135 2,874,135
Retained earnings 10 (2,687,940 ) (2,859,916 )
12 203,675 31,699

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 Board of Directors and authorised for issue on 31 May 2023 and were signed on its behalf by:





D I Stanbridge - Director


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 private company, limited by shares , registered in Not specified/Other. 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.


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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 6 (2022 - 6 ) .

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 109,443
Additions 1,533
At 31 March 2023 110,976
DEPRECIATION
At 1 April 2022 105,213
Charge for year 3,003
At 31 March 2023 108,216
NET BOOK VALUE
At 31 March 2023 2,760
At 31 March 2022 4,230

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2022 689,139 121,491 810,630
Disposals (2,825 ) - (2,825 )
At 31 March 2023 686,314 121,491 807,805
NET BOOK VALUE
At 31 March 2023 686,314 121,491 807,805
At 31 March 2022 689,139 121,491 810,630

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 418,989 216,936
Amounts owed by group undertakings 200,480 273,487
Other debtors 53,281 221,816
672,750 712,239

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,179,455 2,036,612

Aggregate amounts 2,852,205 2,748,851

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 - 305
Hire purchase contracts (5,436 ) -
Trade creditors 397,650 344,769
Amounts owed to group undertakings 340,606 423,574
Taxation and social security 455,373 388,324
Other creditors 45,940 71,508
1,234,133 1,228,480

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 2,265,213 2,305,679

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 1,510,047 1,529,979

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 (2,859,916 ) 2,874,135 14,219
Profit for the year 171,976 171,976
At 31 March 2023 (2,687,940 ) 2,874,135 186,195

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 171,976 (56,588 )
Share Premium
Net addition/(reduction) to reserves 171,976 (56,588 )
Opening reserves 31,699 88,287
Closing reserves 203,675 31,699