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REGISTERED NUMBER: 10831534 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

SWIP Ltd

SWIP Ltd (Registered number: 10831534)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

SWIP Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTORS: P H Stokes
Mrs L Stokes
Mrs C E O'Donnell





REGISTERED OFFICE: Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD





REGISTERED NUMBER: 10831534 (England and Wales)





ACCOUNTANTS: Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

SWIP Ltd (Registered number: 10831534)

Balance Sheet
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 358,367 265,731

CURRENT ASSETS
Stocks 230,000 120,000
Debtors 5 5,143,576 1,921,502
Cash at bank and in hand 4,972,716 2,262,877
10,346,292 4,304,379
CREDITORS
Amounts falling due within one year 6 (6,537,480 ) (2,591,576 )
NET CURRENT ASSETS 3,808,812 1,712,803
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,167,179

1,978,534

CREDITORS
Amounts falling due after more than one
year

7

-

(70,077

)
NET ASSETS 4,167,179 1,908,457

CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 4,167,171 1,908,449
SHAREHOLDERS' FUNDS 4,167,179 1,908,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

SWIP Ltd (Registered number: 10831534)

Balance Sheet - continued
30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





P H Stokes - Director


SWIP Ltd (Registered number: 10831534)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

SWIP Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

SWIP Ltd (Registered number: 10831534)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 28,305 110,910 174,303 45,692 359,210
Additions 26,067 14,000 130,500 16,762 187,329
At 30 June 2023 54,372 124,910 304,803 62,454 546,539
DEPRECIATION
At 1 July 2022 7,087 13,612 55,857 16,923 93,479
Charge for year 6,498 22,265 50,940 14,990 94,693
At 30 June 2023 13,585 35,877 106,797 31,913 188,172
NET BOOK VALUE
At 30 June 2023 40,787 89,033 198,006 30,541 358,367
At 30 June 2022 21,218 97,298 118,446 28,769 265,731

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022 86,770
Transfer to ownership (86,770 )
At 30 June 2023 -
DEPRECIATION
At 1 July 2022 17,564
Transfer to ownership (17,564 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 69,206

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,001,360 1,171,666
Amounts owed by group undertakings 5,958 296,864
Other debtors 71,508 52,352
2,078,826 1,520,882

SWIP Ltd (Registered number: 10831534)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 3,064,750 400,620

Aggregate amounts 5,143,576 1,921,502

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 7,760
Hire purchase contracts - 8,867
Trade creditors 1,225,612 1,790,803
Amounts owed to group undertakings 346,024 -
Taxation and social security 1,301,565 496,587
Other creditors 3,664,279 287,559
6,537,480 2,591,576

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 24,492
Hire purchase contracts - 45,585
- 70,077

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
SWIP Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SWIP Ltd for the year ended 30 June 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SWIP Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SWIP Ltd and state those matters that we have agreed to state to the Board of Directors of SWIP Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SWIP Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SWIP Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SWIP Ltd. You consider that SWIP Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SWIP Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


25 October 2023