Company registration number 04370912 (England and Wales)
Swift Packaging Supplies Limited
Unaudited financial statements
For the year ended 31 August 2023
Swift Packaging Supplies Limited
Balance sheet
As at 31 August 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,279
8,926
Investment property
4
4,755,320
3,637,792
Investments
5
165,991
184,600
4,923,590
3,831,318
Current assets
Debtors
7,697
61,111
Cash at bank and in hand
61,809
61,015
69,506
122,126
Creditors: amounts falling due within one year
(737,384)
(476,341)
Net current liabilities
(667,878)
(354,215)
Total assets less current liabilities
4,255,712
3,477,103
Provisions for liabilities
(91,031)
(10,834)
Net assets
4,164,681
3,466,269
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
4,164,680
3,466,268
Total equity
4,164,681
3,466,269
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Swift Packaging Supplies Limited
Balance sheet (CONTINUED)
As at 31 August 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
Mr S Willetts
Director
Company registration number 04370912 (England and Wales)
SWIFT PACKAGING SUPPLIES LIMITED
Swift Packaging Supplies Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Swift Packaging Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Pedmore Road Industrial Estate, Brierley Hill, West Midlands, DY5 1TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts together with rental income from investment properties.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SWIFT PACKAGING SUPPLIES LIMITED
Swift Packaging Supplies Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Foreign operations are accounted for using the closing rate method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
SWIFT PACKAGING SUPPLIES LIMITED
Swift Packaging Supplies Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 September 2022
183,585
Disposals
(50,700)
At 31 August 2023
132,885
Depreciation and impairment
At 1 September 2022
174,659
Depreciation charged in the year
2,288
Eliminated in respect of disposals
(46,341)
At 31 August 2023
130,606
Carrying amount
At 31 August 2023
2,279
At 31 August 2022
8,926
4
Investment property
2023
£
Fair value
At 1 September 2022
3,637,791
Additions
804,921
Revaluations
312,608
At 31 August 2023
4,755,320
The fair value of investment properties was measured by the director as at 31 August 2023 on an open market basis.
5
Fixed asset investments
2023
2022
£
£
Investments
165,991
184,600
SWIFT PACKAGING SUPPLIES LIMITED
Swift Packaging Supplies Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 September 2022
184,600
Valuation changes
(18,609)
Disposals
-
At 31 August 2023
165,991
Carrying amount
At 31 August 2023
165,991
At 31 August 2022
184,600
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Related party transactions
The company was provided a loan by Willpack Ltd in the year. Mr S Willets controls both companies. At the balance sheet date other creditors includes £442,862 (2022 - £nil)