IRIS Accounts Production v23.2.0.158 07903323 Board of Directors 1.8.22 31.7.23 31.7.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079033232022-07-31079033232023-07-31079033232022-08-012023-07-31079033232021-07-31079033232021-08-012022-07-31079033232022-07-3107903323ns10:Originalns15:EnglandWales2022-08-012023-07-3107903323ns14:PoundSterlingns10:Original2022-08-012023-07-3107903323ns10:Originalns10:Director12022-08-012023-07-3107903323ns10:Original2022-08-012023-07-3107903323ns10:Original2023-07-3107903323ns10:Originalns10:PrivateLimitedCompanyLtd2022-08-012023-07-3107903323ns10:Originalns10:SmallEntities2022-08-012023-07-3107903323ns10:Originalns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3107903323ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3107903323ns10:SmallCompaniesRegimeForAccountsns10:Original2022-08-012023-07-3107903323ns10:Originalns10:FullAccounts2022-08-012023-07-3107903323ns10:Originalns10:Director22022-08-012023-07-3107903323ns10:Originalns10:Director32022-08-012023-07-3107903323ns10:Originalns10:RegisteredOffice2022-08-012023-07-3107903323ns10:Original2022-07-3107903323ns10:Originalns5:CurrentFinancialInstruments2023-07-3107903323ns10:Originalns5:CurrentFinancialInstruments2022-07-3107903323ns10:Originalns5:Non-currentFinancialInstruments2023-07-3107903323ns10:Originalns5:Non-currentFinancialInstruments2022-07-3107903323ns5:ShareCapitalns10:Original2023-07-3107903323ns5:ShareCapitalns10:Original2022-07-3107903323ns10:Originalns5:SharePremium2023-07-3107903323ns10:Originalns5:SharePremium2022-07-3107903323ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-07-3107903323ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-07-3107903323ns10:Original2021-08-012022-07-3107903323ns10:Originalns5:FurnitureFittings2022-07-3107903323ns10:Originalns5:ComputerEquipment2022-07-3107903323ns10:Original2022-07-3107903323ns10:Originalns5:FurnitureFittings2022-08-012023-07-3107903323ns10:Originalns5:ComputerEquipment2022-08-012023-07-3107903323ns10:Originalns5:FurnitureFittings2023-07-3107903323ns10:Originalns5:ComputerEquipment2023-07-3107903323ns10:Originalns5:FurnitureFittings2022-07-3107903323ns10:Originalns5:ComputerEquipment2022-07-3107903323ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3107903323ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3107903323ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-07-3107903323ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-07-3107903323ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-07-3107903323ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-07-31
REGISTERED NUMBER: 07903323 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Swift ACI Limited

Swift ACI Limited (Registered number: 07903323)






Contents of the Financial Statements
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Swift ACI Limited

Company Information
for the year ended 31 July 2023







DIRECTORS: J Edwards
Mrs S C J Morrall
G Morrall





REGISTERED OFFICE: 1st Floor York House
38 Great Charles Street Queensway
Birmingham
West Midlands
B3 3JY





REGISTERED NUMBER: 07903323 (England and Wales)





ACCOUNTANTS: Pinfields Limited
Chartered Accountants
Meryll House
57 Worcester Road
Bromsgrove
Worcestershire
B61 7DN

Swift ACI Limited (Registered number: 07903323)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,373 28,022

CURRENT ASSETS
Debtors 5 549,793 384,037
Cash at bank 98,711 75,383
648,504 459,420
CREDITORS
Amounts falling due within one year 6 306,499 252,529
NET CURRENT ASSETS 342,005 206,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

358,378

234,913

CREDITORS
Amounts falling due after more than one
year

7

148,377

347,477
NET ASSETS/(LIABILITIES) 210,001 (112,564 )

CAPITAL AND RESERVES
Called up share capital 530,100 350,100
Share premium 40,000 40,000
Retained earnings (360,099 ) (502,664 )
210,001 (112,564 )

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

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

Swift ACI Limited (Registered number: 07903323)

Balance Sheet - continued
31 July 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 Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





G Morrall - Director


Swift ACI Limited (Registered number: 07903323)

Notes to the Financial Statements
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Swift ACI 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised be reference to the stage of completion when the stage is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Swift ACI Limited (Registered number: 07903323)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

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:

Fixtures, fittings & equipment25% straight line
Computer equipment33% straight line

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 the profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered and impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future in cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents
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 withing borrowings in current liabilities.


Swift ACI Limited (Registered number: 07903323)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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 p[art of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received,

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Swift ACI Limited (Registered number: 07903323)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

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.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is and intention to settle on a net basis or to realise the asset and settle the liability simultaneously

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 year are nt amortised.

Debt instrument are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 40 ) .

Swift ACI Limited (Registered number: 07903323)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 August 2022 37,922 38,277 76,199
Additions - 3,392 3,392
At 31 July 2023 37,922 41,669 79,591
DEPRECIATION
At 1 August 2022 25,120 23,057 48,177
Charge for year 5,366 9,675 15,041
At 31 July 2023 30,486 32,732 63,218
NET BOOK VALUE
At 31 July 2023 7,436 8,937 16,373
At 31 July 2022 12,802 15,220 28,022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 356,279 232,561
Other debtors 35,289 -
Deferred tax asset 112,471 108,218
Prepayments 45,754 43,258
549,793 384,037

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 8,333 8,333
Other loans 13,933 15,937
Trade creditors 39,059 28,104
Social security and other taxes 153,989 116,012
Other creditors 55,500 47,223
Accrued expenses 35,685 36,920
306,499 252,529

Swift ACI Limited (Registered number: 07903323)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans 21,667 31,667
Other loans 100,000 115,027
Amounts owed to group undertakings - 67,156
Other long term creditors 26,710 133,627
148,377 347,477