Swift Crafted Limited 2098421 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Construction Digita Accounts Production Advanced 6.30.9574.0 true true true 2098421 2023-01-01 2023-12-31 2098421 2023-12-31 2098421 bus:OrdinaryShareClass1 2023-12-31 2098421 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 2098421 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 2098421 core:CurrentFinancialInstruments 2023-12-31 2098421 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 2098421 core:Non-currentFinancialInstruments 2023-12-31 2098421 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 2098421 core:OtherResidualIntangibleAssets 2023-12-31 2098421 core:FurnitureFittingsToolsEquipment 2023-12-31 2098421 core:MotorVehicles 2023-12-31 2098421 bus:SmallEntities 2023-01-01 2023-12-31 2098421 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 2098421 bus:FilletedAccounts 2023-01-01 2023-12-31 2098421 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 2098421 bus:RegisteredOffice 2023-01-01 2023-12-31 2098421 bus:Director1 2023-01-01 2023-12-31 2098421 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 2098421 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 2098421 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 2098421 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 2098421 core:MotorVehicles 2023-01-01 2023-12-31 2098421 1 2023-01-01 2023-12-31 2098421 countries:England 2023-01-01 2023-12-31 2098421 2022-12-31 2098421 core:FurnitureFittingsToolsEquipment 2022-12-31 2098421 core:MotorVehicles 2022-12-31 2098421 2022-01-01 2022-12-31 2098421 2022-12-31 2098421 bus:OrdinaryShareClass1 2022-12-31 2098421 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 2098421 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 2098421 core:CurrentFinancialInstruments 2022-12-31 2098421 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 2098421 core:Non-currentFinancialInstruments 2022-12-31 2098421 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 2098421 core:FurnitureFittingsToolsEquipment 2022-12-31 2098421 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Swift Crafted Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Registration number: 2098421

 

Swift Crafted Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Swift Crafted Limited

(Registration number: 2098421)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,000

-

Tangible assets

5

160,661

54,029

 

169,661

54,029

Current assets

 

Debtors

6

1,565,952

1,330,853

Cash at bank and in hand

 

292,727

595,603

 

1,858,679

1,926,456

Creditors: Amounts falling due within one year

7

(756,943)

(786,695)

Net current assets

 

1,101,736

1,139,761

Total assets less current liabilities

 

1,271,397

1,193,790

Creditors: Amounts falling due after more than one year

7

(122,421)

(50,563)

Provisions for liabilities

(8,884)

(10,265)

Net assets

 

1,140,092

1,132,962

Capital and reserves

 

Called up share capital

8

100,000

100,000

Retained earnings

1,040,092

1,032,962

Shareholders' funds

 

1,140,092

1,132,962

For the financial year ending 31 December 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 25 March 2024 and signed on its behalf by:
 

.........................................
Mr S T Hearle
Director

 

Swift Crafted Limited

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

1

General information

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

The address of its registered office is:
2 Epsom Downs Metro Centre
Waterfield
Tadworth
Surrey
KT20 5LR

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Swift Crafted Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture, fittings & equipment

25% reducing balance

Motor vehicles

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Borrowings

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 income statement 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Swift Crafted Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 33).

 

Swift Crafted Limited

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

4

Intangible assets

Computer software
£

Total
£

Cost or valuation

Additions

12,000

12,000

At 31 December 2023

12,000

12,000

Amortisation

Amortisation charge

3,000

3,000

At 31 December 2023

3,000

3,000

Carrying amount

At 31 December 2023

9,000

9,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

124,974

80,000

204,974

Additions

6,523

138,904

145,427

Disposals

-

(56,250)

(56,250)

At 31 December 2023

131,497

162,654

294,151

Depreciation

At 1 January 2023

113,105

37,840

150,945

Charge for the year

4,597

12,857

17,454

Eliminated on disposal

-

(34,909)

(34,909)

At 31 December 2023

117,702

15,788

133,490

Carrying amount

At 31 December 2023

13,795

146,866

160,661

At 31 December 2022

11,869

42,160

54,029

 

Swift Crafted Limited

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

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

819,875

767,291

Amounts owed by related parties

463,434

406,489

Prepayments

 

34,027

30,243

Other debtors

 

248,616

126,830

   

1,565,952

1,330,853

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

48,022

16,104

Trade creditors

 

471,076

438,509

Taxation and social security

 

127,708

67,776

Accruals and deferred income

 

110,137

264,306

 

756,943

786,695

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and Hire Purchase contracts

9

122,421

50,563

 

Swift Crafted Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100,000

100,000

100,000

100,000

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

108,254

26,396

Other borrowings

14,167

24,167

122,421

50,563

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

38,022

6,104

Other borrowings

10,000

10,000

48,022

16,104

10

Parent and ultimate parent undertaking

The company's immediate parent is Swift Crafted Holdings Limited, incorporated in England.