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Registered number: 11973763









THATCHAM SWIFT LIMITED









GROUP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
THATCHAM SWIFT LIMITED
 
 
COMPANY INFORMATION


Director
James Swift 




Company secretary
James Swift



Registered number
11973763



Registered office
St Mary's House
Netherhampton

Salisbury

Wiltshire

SP2 8PU




Independent auditors
Clifford Fry & Co LLP (Statutory auditors)

Netherhampton

Salisbury

Wiltshire

SP2 8PU





 
THATCHAM SWIFT LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of income and retained earnings
9
Consolidated balance sheet
10 - 11
Company balance sheet
12 - 13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 33


 
THATCHAM SWIFT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
Vision
We remain focused on our vision of producing excellent pizzas and delivering them fast!
Organisational Structure and Governance
The director convenes a quarterly senior management meeting. The meeting consists of the director and two senior managers to discuss the strategy and related matters. Weekly meetings are also held with the senior leadership team, with representation from Sales, Operations, Finance and IT to check with day to day events.  

Business review
 
The year has been affected by the cost of living crisis, and like everyone, we have had to adapt to the economic conditions and continue to service our customers' needs. Fortunately, there has been a move from restaurants to takeaway food to save money over the period and this has allowed us to maintain a good level of turnover and profitability.
Despite the year, we still managed to increase turnover by 11.8% compared to the same period in the prior year - £5.8m compared to £5.2m.
The Gross Profit Margin of 35.2% showed a decrease against the previous year of 40.7%. The operational net return for the company was £185,348 which is a 3.2% return on the overall revenue.

Principal risks and uncertainties
 
Operational Risk
• Quality of service
The Group has vast experience of making and delivering pizzas through robust procedure, operational and marketing systems which are reviewed on a regular basis.  We constantly strive to improve the quality of our overall procedures and continue to invest to achieve this.
• The Market Place
Although, we do not have control over the wider economy, the confidence is that for the foreseeable future there will always be a demand for home delivered food. This is reinforced by the population generally reducing travel and reducing the use of in house hospitality and food venues which continues to improve the takeaway market place.
The director therefore remains optimistic that the opportunities still exist to expand, and that the business continues to be in a strong and stable position to take advantage of the future potential in the market place.

Financial key performance indicators
 
Sales growth 11.8% (2022 - 5.7%)
• Gross Profit Margin 35.2% (2022 40.7%)
• Overheads 32.0% (2022 33.0%)
• Operational Net Profit 3.2% (2022 7.6%)
• Net Assets £2.5m (2022 £2.6m)

Page 1

 
THATCHAM SWIFT LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Other key performance indicators
 
Future Developments
We anticipate this year will be a similar year to the previous one with growth being limited by the present economic slowdown. 


This report was approved by the board on 31 January 2024 and signed on its behalf.



................................................
James Swift
Director

Page 2

 
THATCHAM SWIFT LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £97,962 (2022 - £256,477).

The director has paid a final dividend of £211,288  (2022 - £151,207).

Director

The director who served during the year and his interest in the Group's issued share capital was:

Ordinary shares
of £1 each

31/3/23

1/4/22


James Swift 
2,532
2,532


Future developments

The Group continues to trade successfully with no material future developments planned.

Page 3

 
THATCHAM SWIFT LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Engagement with employees

We aim to provide opportunities and fulfilling careers to our staff, helping them to be the best they can be so that we can become a company that people aspire to work for. We also encourage and support learning opportunities to help our staff develop. We actively encourage staff to contribute to the business and provide competitive pay.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsClifford Fry & Co LLP (Statutory auditors)will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 January 2024 and signed on its behalf.
 





................................................
James Swift
Secretary

Page 4

 
THATCHAM SWIFT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THATCHAM SWIFT LIMITED
 

Opinion


We have audited the financial statements of Thatcham Swift Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
THATCHAM SWIFT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THATCHAM SWIFT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines is 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
THATCHAM SWIFT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THATCHAM SWIFT LIMITED (CONTINUED)


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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that 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, intentional misrepresentations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to,  the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 7

 
THATCHAM SWIFT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THATCHAM SWIFT LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Simon Allenby FCA (Senior statutory auditor)
  
for and on behalf of
Clifford Fry & Co LLP (Statutory auditors)
 
Netherhampton
Salisbury
Wiltshire
SP2 8PU

31 January 2024
Page 8

 
THATCHAM SWIFT LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,810,548
5,199,728

Cost of sales
  
(3,764,290)
(3,085,465)

Gross profit
  
2,046,258
2,114,263

Distribution costs
  
(92,363)
(109,713)

Administrative expenses
  
(1,764,934)
(1,606,316)

Operating profit
  
188,961
398,234

Interest payable and similar expenses
 7 
(3,613)
(3,569)

Profit before tax
  
185,348
394,665

Tax on profit
 8 
(87,386)
(138,188)

Profit after tax
  
97,962
256,477

  

  

Retained earnings at the beginning of the year
  
113,326
8,056

  
113,326
8,056

Profit for the year attributable to the owners of the parent
  
97,962
256,477

Dividends declared and paid
  
(211,288)
(151,207)

Retained earnings at the end of the year
  
-
113,326

  

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
THATCHAM SWIFT LIMITED
REGISTERED NUMBER: 11973763

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
3,720,011
4,017,741

Tangible assets
 11 
853,626
645,520

  
4,573,637
4,663,261

Current assets
  

Stocks
 13 
16,744
15,946

Debtors: amounts falling due within one year
 14 
848,128
628,856

Cash at bank and in hand
 15 
65,536
14,996

  
930,408
659,798

Creditors: amounts falling due within one year
 16 
(2,668,931)
(2,400,516)

Net current liabilities
  
 
 
(1,738,523)
 
 
(1,740,718)

Total assets less current liabilities
  
2,835,114
2,922,543

Creditors: amounts falling due after more than one year
 17 
(292,566)
(302,194)

Provisions for liabilities
  

Deferred taxation
 20 
(80,448)
(44,923)

  
 
 
(80,448)
 
 
(44,923)

Net assets excluding pension asset
  
2,462,100
2,575,426

Net assets
  
2,462,100
2,575,426


Capital and reserves
  

Called up share capital 
 21 
2,532
2,532

Share premium account
 22 
2,459,568
2,459,568

Profit and loss account
 22 
-
113,326

Equity attributable to owners of the parent Company
  
2,462,100
2,575,426

  
2,462,100
2,575,426


Page 10

 
THATCHAM SWIFT LIMITED
REGISTERED NUMBER: 11973763
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.




................................................
James Swift
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
THATCHAM SWIFT LIMITED
REGISTERED NUMBER: 11973763

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
-
1,125

Investments
 12 
4,924,000
4,924,000

  
4,924,000
4,925,125

Current assets
  

Debtors: amounts falling due within one year
 14 
415,171
363,665

Cash at bank and in hand
 15 
3,091
384

  
418,262
364,049

Creditors: amounts falling due within one year
 16 
(2,587,596)
(2,524,880)

Net current liabilities
  
 
 
(2,169,334)
 
 
(2,160,831)

Total assets less current liabilities
  
2,754,666
2,764,294

  

Creditors: amounts falling due after more than one year
 17 
(292,566)
(302,194)

  

Net assets excluding pension asset
  
2,462,100
2,462,100

Net assets
  
2,462,100
2,462,100


Capital and reserves
  

Called up share capital 
 21 
2,532
2,532

Share premium account
 22 
2,459,568
2,459,568

Profit and loss account brought forward
  
-
8,056

Profit for the year
  
211,288
143,151

Other changes in the profit and loss account

  

(211,288)
(151,207)

  
 
 
2,462,100
 
 
2,462,100


Page 12

 
THATCHAM SWIFT LIMITED
REGISTERED NUMBER: 11973763
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.


................................................
James Swift
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
THATCHAM SWIFT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
97,962
256,477

Adjustments for:

Amortisation of intangible assets
319,596
319,596

Depreciation of tangible assets
123,913
85,500

Loss on disposal of tangible assets
-
1,102

Interest paid
3,613
3,569

Taxation charge
87,386
138,188

(Increase) in stocks
(798)
(2,312)

(Increase) in debtors
(40,604)
(4,870)

(Increase) in amounts owed by groups
(178,668)
(143,851)

Increase in creditors
193,126
3,335

Increase in amounts owed to participating ints
152,218
629,677

Corporation tax (paid)
(93,265)
(179,431)

Net cash generated from operating activities

664,479
1,106,980


Cash flows from investing activities

Purchase of intangible fixed assets
(26,067)
-

Purchase of tangible fixed assets
(327,818)
(285,725)

HP interest paid
(3,613)
(3,072)

Net cash from investing activities

(357,498)
(288,797)

Cash flows from financing activities

Repayment of other loans
(9,628)
(779,843)

Dividends paid
(246,813)
(151,207)

Interest paid
-
(497)

Net cash used in financing activities
(256,441)
(931,547)

Net increase/(decrease) in cash and cash equivalents
50,540
(113,364)

Cash and cash equivalents at beginning of year
14,996
128,360

Cash and cash equivalents at the end of year
65,536
14,996


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
65,536
14,996

65,536
14,996

Page 14

 
THATCHAM SWIFT LIMITED
 

The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
THATCHAM SWIFT LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

14,996

50,540

65,536

Debt due after 1 year

(302,194)

9,628

(292,566)


(287,198)
60,168
(227,030)

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Thatcham Swift Limited is a private company limited by share capital, incorporated and registered in England and Wales. The principal activity of the Company is that of a management holding company. The principal activity of its subsidiaries was that of making and delivering pizzas. The Group's registered office and number is detailed on the Company information page. The Group trades from multiple addresses but the principal place of business is 301 Windrush, Highworth, Swindon, SN6 7ED.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The financial statements are presented in Sterling (£) and rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 30 April 2017.

Audit exempt subsidiaries
The subsidiaries KKWJS Limited (11973775) and Thatcham Pizza Limited (10352295) are exempt from the requirements of the act relating to the audit of individual accounts. This is due to the parent company filing a statement s479c.

Page 17

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 18

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 19

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Franchise fee
-
5 years
Legal and acquisition fees
-
4, 5 and 10 years
Goodwill
-
10 years

 
2.9

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.

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

Depreciation is provided on the following basis:

Property improvements
-
10% Straight line and 15% Reducing balance
Plant and machinery
-
15% Reducing balance
Motor vehicles
-
20% Reducing balance
Fixtures and fittings
-
15% Reducing balance
Integral features
-
15% Reducing balance

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.

Page 20

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 21

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The director does not believe that the financial statements are materially impacted by their use of judgements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
5,810,548
5,199,728

5,810,548
5,199,728


All turnover arose within the United Kingdom.

Page 22

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,100
10,150


6.


Employees

Staff costs were as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,613,777
1,420,337
-
-

Cost of defined contribution scheme
18,056
15,246
-
-

-
-
-
-

1,631,833
1,435,583
-
-

The average monthly number of employees, including the director, for the Group,  during the year was as follows:


        2023
        2022
            No.
            No.







Employees
137
156

The parent Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

7.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
-
497

Other interest payable
3,613
3,072

3,613
3,569

Page 23

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
51,861
93,265


Deferred tax


Origination and reversal of timing differences
35,525
44,923


Taxation on profit on ordinary activities
87,386
138,188

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
185,348
394,665


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
35,216
74,986

Effects of:


Non-tax deductible amortisation of goodwill and impairment
60,936
61,136

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
548
849

Capital allowances for year in excess of depreciation
(44,839)
(43,706)

Other timing differences leading to an increase in taxation
35,525
44,923

Total tax charge for the year
87,386
138,188


9.


Dividends

2023
2022
£
£


Dividends
211,288
151,207

211,288
151,207

Page 24

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Intangible assets

Group





Legal and acquisition costs
Franchise fee
Goodwill
Total

£
£
£
£



Cost


At 1 April 2022
14,475
6,500
4,782,511
4,803,486


Additions
26,067
-
-
26,067



At 31 March 2023

40,542
6,500
4,782,511
4,829,553



Amortisation


At 1 April 2022
10,149
5,958
769,638
785,745


Charge for the year on owned assets
4,784
542
318,471
323,797



At 31 March 2023

14,933
6,500
1,088,109
1,109,542



Net book value



At 31 March 2023
25,609
-
3,694,402
3,720,011



At 31 March 2022
4,326
542
4,012,873
4,017,741



Page 25

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
           10.Intangible assets (continued)

Company




Franchise fee

£



Cost


At 1 April 2022
4,500



At 31 March 2023

4,500



Amortisation


At 1 April 2022
3,375


Charge for the year
1,125



At 31 March 2023

4,500



Net book value



At 31 March 2023
-



At 31 March 2022
1,125

Page 26

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Tangible fixed assets

Group






Integral features
Plant and machinery
Motor vehicles
Fixtures and fittings
Property improve-ments
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
2,760
296,298
7,886
20,911
628,803
956,658


Additions
-
137,427
-
-
190,391
327,818



At 31 March 2023

2,760
433,725
7,886
20,911
819,194
1,284,476



Depreciation


At 1 April 2022
891
97,883
919
10,285
201,160
311,138


Charge for the year on owned assets
280
47,608
1,393
1,594
68,837
119,712



At 31 March 2023

1,171
145,491
2,312
11,879
269,997
430,850



Net book value



At 31 March 2023
1,589
288,234
5,574
9,032
549,197
853,626



At 31 March 2022
1,869
198,415
6,967
10,626
427,643
645,520

Page 27

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
4,924,000



At 31 March 2023
4,924,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Thatcham Pizza Limited
St Mary's House, Netherhampton, Salisbury, Wiltshire, SP2 8PU
Ordinary
100%
KKWJS Limited
St Mary's House, Netherhampton, Salisbury, Wiltshire, SP2 8PU
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit
£
£

Thatcham Pizza Limited
100
10,393

KKWJS Limited
3,326,100
86,948

Page 28

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
16,744
15,946

16,744
15,946



14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,637
-
-
-

Amounts owed by connected companies
614,363
435,695
415,171
363,425

Amounts owed by joint ventures and associated undertakings
108,142
108,142
-
-

Other debtors
80,249
51,564
-
240

Prepayments and accrued income
41,737
33,455
-
-

848,128
628,856
415,171
363,665



15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
65,536
14,996
3,091
384

65,536
14,996
3,091
384


Page 29

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
136,813
82,718
1,020
5,340

Amounts owed to connected companies
2,176,139
2,059,446
2,580,071
2,514,225

Corporation tax
51,861
93,265
-
-

Other taxation and social security
223,321
93,046
945
-

Other creditors
4,940
7,479
-
-

Accruals and deferred income
75,857
64,562
5,560
5,315

2,668,931
2,400,516
2,587,596
2,524,880



17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
292,566
302,194
292,566
302,194

292,566
302,194
292,566
302,194





18.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£




Amounts falling due after more than 5 years

Other loans
292,566
302,194
292,566
302,194

292,566
302,194
292,566
302,194


Page 30

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
65,536
14,996
-
384




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


20.


Deferred taxation


Group



2023


£






At beginning of year
(44,923)


Charged to profit or loss
(35,525)



At end of year
(80,448)


The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(80,448)
(44,923)

(80,448)
(44,923)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,532 (2022 - 2,532) Ordinary shares of £1 each
2,532
2,532


Page 31

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Reserves

Share premium account

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Profit and loss account

Includes all current and prior period retained profits and losses.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £18,056 (2022 - £15,246) . Contributions totalling £4,940 (2022 - £4,433) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
73,500
73,500

Later than 1 year and not later than 5 years
268,932
293,932

Later than 5 years
151,755
200,255

494,187
567,687
Page 32

 
THATCHAM SWIFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


Related party transactions

The Group is not disclosing transactions with its 100% subsidiaries as it is taking advantage of the exemption available under FRS 102 to not disclose transactions with subsidiaries if wholly owned.
During the year the Group made transfers totalling £214,193 (2022 - £401,710) with Team West Limited, a company under common control. At the year end the Group owed £538,285 (2022 £752,478) to Team West Limited.
During the year the Group made transfers totalling £nil (2022 – £21,038) with Bath Pizza Limited, a company under common control. At the year end the Group owed £118,859 to (2022 - £118,859) Bath Pizza Limited.
During the year the Group made transfers totalling £nil (2022 - £21,038) with Beast Pizza Limited, a company under common control. At the year end the Group owed £31,500 to (2022 - £31,500) Beast Pizza Limited.
During the year the Group made transfers totalling £nil (2022 - £21,038) with DJS Pizza Limited, a company under common control. At the year end the Group owed £242,050 to (2022 - £242,050) DJS Pizza Limited.
During the year the Group made transfers totalling £nil (2022 - £11,038) with Yate Pizza Limited, a company under common control. At the year end the Group owed £211,460 to (2022 - £211,460) Yate Pizza Limited.
During the year the Group made transfers totalling £nil (2022 - £11,038) with TW Pizza Limited, a company under common control. At the year end the Group owed £11,500 to (2022 - £11,500) TW Pizza Limited.
During the year the Group made transfers totalling £154,474 (2022 – £1,074) with Text Management Limited, a company in which the director, James Swift, is also a director. At the year end the Group owed £155,000 to (2022 - £526) Text Management Limited.
During the year the Group made transfers totalling £2,256 (2022 – £nil) with Text Management (Holdings) Limited, a company in which the director, James Swift, is also a director and shareholder. At the year end the Group owed £147,217 to (2022 - £149,473) Text Management (Holdings) Limited.
During the year the Group made transfers totalling £nil (2022 - £nil) with Gym Factory Swindon I Ltd , a company in which the director, James Swift, is also a director and shareholder. At the year end the Group was owed £1,335 by (2022 -  £1,335) Gym Factory Swindon I Ltd.
During the year the Group made transfers totalling £nil (2022 - £nil) with COT Automotive Ltd, a company in which the director, James Swift, is also a director and shareholder. At the year end the Group was owed £903 by (2022 -  £903) COT Automotive Ltd.


26.


Controlling party

The Group is controlled by the director, James Swift, by virtue of his shareholding as described in the Director's report.

Page 33