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Registration number: 10861260

Swift Turner Round Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Swift Turner Round Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Swift Turner Round Limited

Company Information

Directors

Mr Nigel Round

Mr Geoffery Swift

Registered office

C/o McGinty Demack
Vermont House
Bradley Lane
Wigan
Lancashire
WN6 0XF

Accountants

McGinty Demack
Chartered Certified
Vermont House
Bradley Lane
Standish
Lancashire
WN6 0XF

 

Swift Turner Round Limited

(Registration number: 10861260)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

132,230

132,230

Current assets

 

Debtors

5

-

595

Cash at bank and in hand

 

1,100

1,267

 

1,100

1,862

Creditors: Amounts falling due within one year

6

(7,950)

(14,158)

Net current liabilities

 

(6,850)

(12,296)

Total assets less current liabilities

 

125,380

119,934

Creditors: Amounts falling due after more than one year

6

(120,987)

(121,599)

Net assets/(liabilities)

 

4,393

(1,665)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

4,293

(1,765)

Shareholders' funds/(deficit)

 

4,393

(1,665)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Swift Turner Round Limited

(Registration number: 10861260)
Balance Sheet as at 31 July 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 January 2024 and signed on its behalf by:
 

.........................................
Mr Nigel Round
Director

.........................................
Mr Geoffery Swift
Director

 

Swift Turner Round Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o McGinty Demack
Vermont House
Bradley Lane
Wigan
Lancashire
WN6 0XF
England

These financial statements were authorised for issue by the Board on 11 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Swift Turner Round Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

no depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Swift Turner Round Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 August 2022

132,230

132,230

At 31 July 2023

132,230

132,230

Depreciation

Carrying amount

At 31 July 2023

132,230

132,230

At 31 July 2022

132,230

132,230

Included within the net book value of land and buildings above is £132,230 (2022 - £132,230) in respect of freehold land and buildings.
 

 

Swift Turner Round Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Debtors

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

194

-

Accruals and deferred income

614

614

Other creditors

7,142

13,544

7,950

14,158

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

120,987

121,599

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

120,987

121,599

 

Swift Turner Round Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023