Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28true2022-03-01falseNo description of principal activity23trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13193407 2022-03-01 2023-02-28 13193407 2021-02-10 2022-02-28 13193407 2023-02-28 13193407 2022-02-28 13193407 c:Director1 2022-03-01 2023-02-28 13193407 d:PlantMachinery 2022-03-01 2023-02-28 13193407 d:PlantMachinery 2023-02-28 13193407 d:PlantMachinery 2022-02-28 13193407 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13193407 d:ComputerEquipment 2022-03-01 2023-02-28 13193407 d:ComputerEquipment 2023-02-28 13193407 d:ComputerEquipment 2022-02-28 13193407 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13193407 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13193407 d:CurrentFinancialInstruments 2023-02-28 13193407 d:CurrentFinancialInstruments 2022-02-28 13193407 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13193407 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 13193407 d:ShareCapital 2023-02-28 13193407 d:ShareCapital 2022-02-28 13193407 d:RetainedEarningsAccumulatedLosses 2023-02-28 13193407 d:RetainedEarningsAccumulatedLosses 2022-02-28 13193407 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13193407 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 13193407 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 13193407 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 13193407 d:OtherDeferredTax 2023-02-28 13193407 d:OtherDeferredTax 2022-02-28 13193407 c:OrdinaryShareClass1 2022-03-01 2023-02-28 13193407 c:OrdinaryShareClass1 2023-02-28 13193407 c:OrdinaryShareClass1 2022-02-28 13193407 c:FRS102 2022-03-01 2023-02-28 13193407 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 13193407 c:FullAccounts 2022-03-01 2023-02-28 13193407 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13193407










SWIFT RACING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SWIFT RACING LTD
REGISTERED NUMBER: 13193407

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
70,487
82,951

  
70,487
82,951

Current assets
  

Stocks
 5 
7,615
6,840

Debtors: amounts falling due within one year
 6 
199,535
141,719

Cash at bank and in hand
 7 
20,089
5,699

  
227,239
154,258

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(348,367)
(306,388)

Net current liabilities
  
 
 
(121,128)
 
 
(152,130)

Total assets less current liabilities
  
(50,641)
(69,179)

Net liabilities
  
(50,641)
(69,179)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(50,741)
(69,279)

  
(50,641)
(69,179)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
SWIFT RACING LTD
REGISTERED NUMBER: 13193407

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Gruenbaum
Director

Date: 27 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Swift Racing Ltd is a private company, limited by share capital and incorporated in England and Wales.
The company's registered office address is Unit 1 Hill Farm, Byslips Road, Studham, Dunstable, Bedfordshire, LU6 2ND.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the period end the company had net liabilities of £50,641 (2022: £69,179) having generated a profit of £18,538 (2022: incurred a loss of £69,279). The director has indicated that they are willing to continue to provide funding to support the company, to enable the company to meet its third party liabilities as they fall due, therefore the accounts have been prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 years and 10 years
Computer equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 an 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).

Page 6

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
88,886
4,789
93,675



At 28 February 2023

88,886
4,789
93,675



Depreciation


At 1 March 2022
10,304
420
10,724


Charge for the year on owned assets
11,178
1,286
12,464



At 28 February 2023

21,482
1,706
23,188



Net book value



At 28 February 2023
67,404
3,083
70,487


5.


Stocks

2023
2022
£
£

Goods for resale
7,615
6,840

7,615
6,840



6.


Debtors

2023
2022
£
£

Trade debtors
43,844
667

Other debtors
132,638
114,833

Prepayments and accrued income
4,836
1,374

Deferred taxation
18,217
24,845

199,535
141,719


Page 7

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,089
5,699

20,089
5,699



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
23,532
85,641

Other taxation and social security
2,281
703

Other creditors
271,437
216,764

Accruals and deferred income
51,117
3,280

348,367
306,388



9.


Deferred taxation




2023


£






At beginning of year
24,845


Charged to profit or loss
(6,628)



At end of year
18,217

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,622)
(20,738)

Tax losses carried forward
35,839
45,563

Short term timing differences
-
20

18,217
24,845

Page 8

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £736 (2022: £477). Contributions totalling £Nil (2022: £210) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

At the period end the company owed its director £257,164 (2022: £156,238). This amount is interest free and repayable upon demand.


13.


Controlling party

The company is controlled by its director, by virtue of their 100% shareholding.


Page 9