Relate AccountsProduction v2.7.2 v2.7.2 2022-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of the construction of commercial buildings. 28 November 2023 5 6 NI658171 2023-01-31 NI658171 2022-01-31 NI658171 2021-01-31 NI658171 2022-02-01 2023-01-31 NI658171 2021-02-01 2022-01-31 NI658171 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 NI658171 uk-curr:PoundSterling 2022-02-01 2023-01-31 NI658171 uk-bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 NI658171 uk-bus:FullAccounts 2022-02-01 2023-01-31 NI658171 uk-bus:Director1 2022-02-01 2023-01-31 NI658171 uk-bus:Director2 2022-02-01 2023-01-31 NI658171 uk-bus:RegisteredOffice 2022-02-01 2023-01-31 NI658171 uk-bus:Agent1 2022-02-01 2023-01-31 NI658171 uk-core:ShareCapital 2023-01-31 NI658171 uk-core:ShareCapital 2022-01-31 NI658171 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI658171 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI658171 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI658171 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 NI658171 uk-bus:FRS102 2022-02-01 2023-01-31 NI658171 uk-core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 NI658171 uk-core:MotorVehicles 2022-02-01 2023-01-31 NI658171 uk-core:CurrentFinancialInstruments 2023-01-31 NI658171 uk-core:CurrentFinancialInstruments 2022-01-31 NI658171 uk-core:WithinOneYear 2023-01-31 NI658171 uk-core:WithinOneYear 2022-01-31 NI658171 uk-core:WithinOneYear 2023-01-31 NI658171 uk-core:WithinOneYear 2022-01-31 NI658171 uk-core:AfterOneYear 2023-01-31 NI658171 uk-core:AfterOneYear 2022-01-31 NI658171 uk-core:AfterOneYear 2023-01-31 NI658171 uk-core:AfterOneYear 2022-01-31 NI658171 uk-core:MoreThanFiveYears 2023-01-31 NI658171 uk-core:MoreThanFiveYears 2022-01-31 NI658171 uk-core:BetweenOneFiveYears 2023-01-31 NI658171 uk-core:BetweenOneFiveYears 2022-01-31 NI658171 2022-02-01 2023-01-31 NI658171 uk-bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Swift Interiors Ltd
 
Directors' Report and Unaudited Financial Statements
 
for the financial year ended 31 January 2023
Swift Interiors Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Mr. Robert Graham
Mr. Aidan Johnston
 
 
Company Registration Number NI658171
 
 
Registered Office and Business Address 30 Mount Pleasant Road
Newtownabbey
BT37 0NQ
United Kingdom
 
 
Accountants Muldoon & Co Ltd
Chartered Accountants
16 Mount Charles
Belfast
BT7 1NZ
Northern Ireland



Swift Interiors Ltd
DIRECTORS' REPORT
for the financial year ended 31 January 2023

 
The directors present their report and the unaudited financial statements for the financial year ended 31 January 2023.
     
Directors
The directors who served during the financial year are as follows:
     
Mr. Robert Graham
Mr. Aidan Johnston
   
     
Statement of Directors' Responsibilities
     
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
     
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Mr. Robert Graham
Director
     
28 November 2023



Swift Interiors Ltd
Company Registration Number: NI658171
STATEMENT OF FINANCIAL POSITION
as at 31 January 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 27,463 33,571
───────── ─────────
 
Current Assets
Stocks 5 5,000 5,000
Debtors 6 508,885 360,873
Cash and cash equivalents 122,168 115,530
───────── ─────────
636,053 481,403
───────── ─────────
Creditors: amounts falling due within one year 7 (342,409) (266,712)
───────── ─────────
Net Current Assets 293,644 214,691
───────── ─────────
Total Assets less Current Liabilities 321,107 248,262
 
Creditors:
amounts falling due after more than one year 8 (45,124) (57,930)
───────── ─────────
Net Assets 275,983 190,332
═════════ ═════════
 
Capital and Reserves
Called up share capital 4 4
Retained earnings 275,979 190,328
───────── ─────────
Equity attributable to owners of the company 275,983 190,332
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement.
           
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 28 November 2023 and signed on its behalf by
           
           
________________________________          
Mr. Robert Graham          
Director          
           



Swift Interiors Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2023

   
1. General Information
 
Swift Interiors Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI658171. The registered office of the company is 30 Mount Pleasant Road, Newtownabbey, BT37 0NQ, United Kingdom which is also the principal place of business of the company. The principal activity of the company is that of the construction of commercial buildings. The financial statements have been presented in pound (£) sterling.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 January 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Administration 5 6
  ═════════ ═════════
         
4. Property, plant and equipment
  Fixtures, Motor Total
  fittings and vehicles  
  equipment    
  £ £ £
Cost
At 1 February 2022 8,436 40,700 49,136
Additions 2,177 - 2,177
  ───────── ───────── ─────────
At 31 January 2023 10,613 40,700 51,313
  ───────── ───────── ─────────
Depreciation
At 1 February 2022 3,886 11,679 15,565
Charge for the financial year 1,030 7,255 8,285
  ───────── ───────── ─────────
At 31 January 2023 4,916 18,934 23,850
  ───────── ───────── ─────────
Net book value
At 31 January 2023 5,697 21,766 27,463
  ═════════ ═════════ ═════════
At 31 January 2022 4,550 29,021 33,571
  ═════════ ═════════ ═════════
       
5. Stocks 2023 2022
  £ £
 
Finished goods 5,000 5,000
  ═════════ ═════════
       
6. Debtors 2023 2022
  £ £
 
Trade debtors 63,291 52,512
Taxation  (Note 9) 342,564 252,611
Prepayments and accrued income 103,030 55,750
  ───────── ─────────
  508,885 360,873
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Net obligations under finance leases
and hire purchase contracts 5,387 7,584
Trade creditors 48,150 35,703
Taxation  (Note 9) 37,481 39,575
Directors' current accounts 224,901 179,850
Accruals 26,490 4,000
  ───────── ─────────
  342,409 266,712
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 36,382 45,930
Finance leases and hire purchase contracts 8,742 12,000
  ───────── ─────────
  45,124 57,930
  ═════════ ═════════
 
Loans
Repayable in five years or more 36,382 45,930
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 5,387 7,584
Repayable between one and five years 8,742 12,000
  ───────── ─────────
  14,129 19,584
  ═════════ ═════════
       
9. Taxation 2023 2022
  £ £
 
Debtors:
VAT 51,841 13,865
Subcontractors tax 56,050 52,186
RCT Debtor/Creditor 234,673 186,560
  ───────── ─────────
  342,564 252,611
  ═════════ ═════════
Creditors:
Corporation tax 37,451 36,251
PAYE / NI 30 3,324
  ───────── ─────────
  37,481 39,575
  ═════════ ═════════