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REGISTERED NUMBER: 04296249 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2023

for

Swift Resources Limited

Swift Resources Limited (Registered number: 04296249)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Swift Resources Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: H Bramer
N Bramer



SECRETARY: H Bramer



REGISTERED OFFICE: Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE



REGISTERED NUMBER: 04296249 (England and Wales)



AUDITORS: Cartwrights
Chartered Accountants and Business Advisors
Statutory Auditor
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE



BANKERS: Barclays Bank plc
12A Market Place
Saffron Walden
Essex
CB10 1HR

Swift Resources Limited (Registered number: 04296249)

Strategic Report
for the Year Ended 31 May 2023

The directors present their strategic report for the year ended 31 May 2023.

REVIEW OF BUSINESS
The company is a wedding venue provider, with 1 venue under its operation, the same as in the previous year.

The year to 31st May 2023 continued to present massive challenges for the company as having managed the challenges of the COVID pandemic outbreak it was then faced with significant supply chain inflationary costs and unparalleled energy price increases simultaneously.

Key performance indicators

Performance of the company is monitored internally using a variety of statutory and alternative performance measures (APMs) and key performance indicators (KPls). APMs are used where management considers they are more representative of underlying trading or in monitoring performance against the company's objectives.

Turnover is an important metric as it reflects the core underlying activities of the company by adding together the turnover from each venue.

Gross Margin is an important metric as it provides valuable insight into whether the company is pricing it's services appropriately.

Operating profit is an important metric as it is an indirect measure of efficiency. The higher the net profit, the more profitable the company's core business is.

Earnings before interest, tax, depreciation and amortisation ("EBITDA") is considered, by management, to be informative as it reflects operating profit adjusted for non-cash charges.

The figures for these 4 key performance measures are stated below:

2023 2022
Turnover £2,682,378 £2,735,130
Gross profit margin 81.56% 83.31%
Operating profit/(loss) £204,706 £248,343
EBITDA £365,066 £371,323


Turnover decreased 2% in the year as the UK economy moved out of the pandemic.

Operating profit and EBITDA reduced in the year as expected, following the cessation of various government grants and local authority concessions, and due to the significant inflationary cost pressures in the UK particularly in relation to supply chain costs and energy costs. The company also incurred £20,000 of management fees (2022: £380,000) from the parent company for Head Office services provided.,


Swift Resources Limited (Registered number: 04296249)

Strategic Report
for the Year Ended 31 May 2023

PRINCIPAL RISKS AND UNCERTAINTIES
In the course of normal business, the company continually assesses significant risks faced and takes action to mitigate the potential impacts. The principle risks (which is not intended to be a comprehensive analysis) facing the company are as follows:

Financial and liquidity

The general health of the UK economy and individuals disposable income is important to the company's success. The company manages any potential downturn in the economy by a policy of structuring payment plans for customers..

Operating capital - The availability of operating capital is crucial to ensuring that the company has sufficient funds to meet their liabilities as they fall due to suppliers and employees. The company manages this by reviewing the cash flow daily and tracks on a rolling year to ensure sufficient funds are available.

Operational risks

Customer service - The company relies on its teams to provide quality customer service. Teams are provided with rigorous training, covering customer service, digital tools to inform risk and mitigate thereafter to ensure that high standards and customer experience are maintained.

Health and safety - All staff are provided with comprehensive training to ensure they are all aware of the risks and how they can help to mitigate them.

ON BEHALF OF THE BOARD:





H Bramer - Director


15 January 2024

Swift Resources Limited (Registered number: 04296249)

Report of the Directors
for the Year Ended 31 May 2023

The directors present their report with the financial statements of the company for the year ended 31 May 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of venue hire and catering for weddings and other functions.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

H Bramer
N Bramer

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 then 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H Bramer - Director


15 January 2024

Report of the Independent Auditors to the Members of
Swift Resources Limited

Opinion
We have audited the financial statements of Swift Resources Limited (the 'company') for the year ended 31 May 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Swift Resources Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Swift Resources Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and
- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries, particularly focused around the year-end, to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Swift Resources Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Eric McIntyre FCCA (Senior Statutory Auditor)
for and on behalf of Cartwrights
Chartered Accountants and Business Advisors
Statutory Auditor
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

17 January 2024

Swift Resources Limited (Registered number: 04296249)

Income Statement
for the Year Ended 31 May 2023

31/5/23 31/5/22
Notes £    £   

TURNOVER 2,682,378 2,735,130

Cost of sales (494,757 ) (456,542 )
GROSS PROFIT 2,187,621 2,278,588

Administrative expenses (1,913,849 ) (1,992,711 )
273,772 285,877

Other operating income - 6,065
OPERATING PROFIT 4 273,772 291,942


Interest payable and similar expenses 5 (428 ) -
PROFIT BEFORE TAXATION 273,344 291,942

Tax on profit 6 (68,638 ) (43,599 )
PROFIT FOR THE FINANCIAL YEAR 204,706 248,343

Swift Resources Limited (Registered number: 04296249)

Other Comprehensive Income
for the Year Ended 31 May 2023

31/5/23 31/5/22
Notes £    £   

PROFIT FOR THE YEAR 204,706 248,343


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

204,706

248,343

Swift Resources Limited (Registered number: 04296249)

Balance Sheet
31 May 2023

31/5/23 31/5/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 4,127,282 4,082,420

CURRENT ASSETS
Stocks 8 38,403 40,411
Debtors 9 2,242,279 1,203,109
Cash at bank 42,097 39,307
2,322,779 1,282,827
CREDITORS
Amounts falling due within one year 10 4,429,418 3,637,679
NET CURRENT LIABILITIES (2,106,639 ) (2,354,852 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,020,643

1,727,568

CREDITORS
Amounts falling due after more than one year 11 (198,588 ) (122,662 )

PROVISIONS FOR LIABILITIES 12 (61,010 ) (48,567 )
NET ASSETS 1,761,045 1,556,339

CAPITAL AND RESERVES
Called up share capital 13 2 2
Retained earnings 14 1,761,043 1,556,337
SHAREHOLDERS' FUNDS 1,761,045 1,556,339

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2024 and were signed on its behalf by:





H Bramer - Director


Swift Resources Limited (Registered number: 04296249)

Statement of Changes in Equity
for the Year Ended 31 May 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2021 2 1,307,994 1,307,996

Changes in equity
Total comprehensive income - 248,343 248,343
Balance at 31 May 2022 2 1,556,337 1,556,339

Changes in equity
Total comprehensive income - 204,706 204,706
Balance at 31 May 2023 2 1,761,043 1,761,045

Swift Resources Limited (Registered number: 04296249)

Cash Flow Statement
for the Year Ended 31 May 2023

31/5/23 31/5/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 139,377 438,280
Interest paid (428 ) -
Tax paid - 33,983
Net cash from operating activities 138,949 472,263

Cash flows from investing activities
Purchase of tangible fixed assets (136,156 ) (451,091 )
Net cash from investing activities (136,156 ) (451,091 )

Cash flows from financing activities
Amount withdrawn by directors (3 ) -
Net cash from financing activities (3 ) -

Increase in cash and cash equivalents 2,790 21,172
Cash and cash equivalents at beginning of
year

2

39,307

18,135

Cash and cash equivalents at end of year 2 42,097 39,307

Swift Resources Limited (Registered number: 04296249)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31/5/23 31/5/22
£    £   
Profit before taxation 273,344 291,942
Depreciation charges 91,295 79,381
Government grants - (6,065 )
Finance costs 428 -
365,067 365,258
Decrease/(increase) in stocks 2,008 (14,001 )
(Increase)/decrease in trade and other debtors (42,957 ) 53,232
(Decrease)/increase in trade and other creditors (184,741 ) 33,791
Cash generated from operations 139,377 438,280

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 42,097 39,307
Year ended 31 May 2022
31/5/22 1/6/21
£    £   
Cash and cash equivalents 39,307 18,135


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/6/22 Cash flow At 31/5/23
£    £    £   
Net cash
Cash at bank 39,307 2,790 42,097
39,307 2,790 42,097
Total 39,307 2,790 42,097

Swift Resources Limited (Registered number: 04296249)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Swift Resources 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" 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.

Turnover is recognised on the day of the wedding event when the income has been earned and the service has been provided to the customer.

Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings (freehold) - Nil
Fixtures, fittings & equipment - 10-15% on cost
Motor vehicles - 20% on cost

Freehold is not being depreciated on the basis that it would not be material to do so.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Swift Resources Limited (Registered number: 04296249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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
31/5/23 31/5/22
£    £   
Wages and salaries 1,176,237 1,025,762
Social security costs 82,199 76,305
Other pension costs 22,713 10,343
1,281,149 1,112,410

The average number of employees during the year was as follows:
31/5/23 31/5/22

Production and administration 60 51

31/5/23 31/5/22
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

31/5/23 31/5/22
£    £   
Hire of plant and machinery 55,325 43,497
Depreciation - owned assets 91,294 79,381
Auditors' remuneration 7,153 6,994

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/5/23 31/5/22
£    £   
Bank loan interest 428 -

Swift Resources Limited (Registered number: 04296249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/5/23 31/5/22
£    £   
Current tax:
UK corporation tax 34,524 -
Corporation tax adjustment 21,671 -
Total current tax 56,195 -

Deferred tax 12,443 43,599
Tax on profit 68,638 43,599

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/5/23 31/5/22
£    £   
Profit before tax 273,344 291,942
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

51,935

55,469

Effects of:
Expenses not deductible for tax purposes 17,346 15,082
Capital allowances in excess of depreciation (34,758 ) (13,709 )
Utilisation of tax losses - (56,842 )
Adjustments to tax charge in respect of previous periods 21,672 -
Deferred tax 12,443 43,599
Total tax charge 68,638 43,599

Swift Resources Limited (Registered number: 04296249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 3,792,840 823,994 11,990 33,040 4,661,864
Additions - 125,425 - 10,731 136,156
At 31 May 2023 3,792,840 949,419 11,990 43,771 4,798,020
DEPRECIATION
At 1 June 2022 - 547,128 11,990 20,326 579,444
Charge for year - 80,037 - 11,257 91,294
At 31 May 2023 - 627,165 11,990 31,583 670,738
NET BOOK VALUE
At 31 May 2023 3,792,840 322,254 - 12,188 4,127,282
At 31 May 2022 3,792,840 276,866 - 12,714 4,082,420

8. STOCKS
31/5/23 31/5/22
£    £   
Raw materials 38,403 40,411

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade debtors 97,157 58,427
Purchase Ledger Debit Balances 14,548 -
Amounts owed by group undertakings 2,116,331 1,098,447
Other debtors 2,300 253
Tax - 21,671
Prepayments and accrued income 11,943 24,311
2,242,279 1,203,109

Swift Resources Limited (Registered number: 04296249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade creditors 115,049 73,501
Sales incomplete 748,714 613,549
Sales ledger credit balance 81,205 284,989
Amounts owed to group undertakings 3,201,312 2,480,978
Tax 34,524 -
Social security and other taxes 42,762 74,613
VAT 173,180 75,946
Wages control account 16,942 14,933
Directors' current accounts 1,965 1,968
Accruals and deferred income 13,765 17,202
4,429,418 3,637,679

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/23 31/5/22
£    £   
Sales Incomplete - More than 1
year 198,588 122,662
198,588 122,662

Bank loans and overdrafts are secured by a fixed charge on the property of the company.

12. PROVISIONS FOR LIABILITIES
31/5/23 31/5/22
£    £   
Deferred tax
Accelerated capital allowances 61,010 48,567

Deferred
tax
£   
Balance at 1 June 2022 48,567
Provided during year 12,443
Balance at 31 May 2023 61,010

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/5/23 31/5/22
value: £    £   
2 Ordinary £1 2 2

Swift Resources Limited (Registered number: 04296249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

14. RESERVES
Retained
earnings
£   

At 1 June 2022 1,556,337
Profit for the year 204,706
At 31 May 2023 1,761,043

15. CONTROL

The ultimate parent company is Country House Weddings Holdings Limited, a company registered in England and Wales. The ultimate controlling party is H Bramer, by virtue of his shareholding.

16. RELATED PARTY DISCLOSURES

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.

17. CONTINGENT LIABILITIES

The company is party to a cross guarantee arrangement relating to borrowings of the group. Net indebtedness under these arrangements at 31 May 2023 was £6,910,247 (2022: £7,355,710).