Registered number
04961282
Swift Digital Solutions Limited
Filleted Accounts
31 May 2023
Swift Digital Solutions Limited
Registered number: 04961282
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 15,093 16,285
Current assets
Stocks 500 500
Debtors 5 12,880 42,010
Cash at bank and in hand 17,351 18,315
30,731 60,825
Creditors: amounts falling due within one year 6 (11,028) (33,276)
Net current assets 19,703 27,549
Net assets 34,796 43,834
Capital and reserves
Called up share capital 100 100
Profit and loss account 34,696 43,734
Shareholder's funds 34,796 43,834
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A. Georgopoulos
Director
Approved by the board on 15 January 2024
Swift Digital Solutions Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 15% on redcuing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 20,750
At 31 May 2023 20,750
Amortisation
At 1 June 2022 20,750
At 31 May 2023 20,750
Net book value
At 31 May 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 June 2022 60,753
Additions 1,472
At 31 May 2023 62,225
Depreciation
At 1 June 2022 44,468
Charge for the year 2,664
At 31 May 2023 47,132
Net book value
At 31 May 2023 15,093
At 31 May 2022 16,285
5 Debtors 2023 2022
£ £
Trade debtors 8,283 23,011
Other debtors 4,597 18,999
12,880 42,010
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 390 5,891
Taxation and social security costs 9,688 25,934
Other creditors 950 1,451
11,028 33,276
7 Other information
Swift Digital Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Daybrook Road
London
SW19 3DJ
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