Registered number
02041044
SWIFTFOOT LIMITED
Filleted Accounts
31 October 2023
SWIFTFOOT LIMITED
Registered number: 02041044
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 526,027 390,836
Current assets
Debtors 4 643,476 726,196
Cash at bank and in hand 204,567 220,418
848,043 946,614
Creditors: amounts falling due within one year 5 (279,878) (334,413)
Net current assets 568,165 612,201
Total assets less current liabilities 1,094,192 1,003,037
Creditors: amounts falling due after more than one year 6 (51,250) -
Provisions for liabilities (99,945) (69,224)
Net assets 942,997 933,813
Capital and reserves
Called up share capital 101 101
Profit and loss account 942,896 933,712
Shareholders' funds 942,997 933,813
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 J Ralph
Director
Approved by the board on 26 July 2024
SWIFTFOOT LIMITED
Notes to the Accounts
for the year ended 31 October 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 receivable, net of value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
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 over its expected useful life, as follows:
Plant and machinery 20% per annum reducing balance basis
Motor vehicles 25% per annum reducing balance basis
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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 24
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 49,289 725,407 774,696
Additions 1,602 347,800 349,402
Disposals - (172,800) (172,800)
At 31 October 2023 50,891 900,407 951,298
Depreciation
At 1 November 2022 31,801 352,059 383,860
Charge for the year 3,753 119,524 123,277
On disposals - (81,866) (81,866)
At 31 October 2023 35,554 389,717 425,271
Net book value
At 31 October 2023 15,337 510,690 526,027
At 31 October 2022 17,488 373,348 390,836
4 Debtors 2023 2022
£ £
Trade debtors and prepayments 635,404 718,124
Other debtors 8,072 8,072
643,476 726,196
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 100,000 18,750
Trade creditors and accruals 65,047 71,621
Corporation tax 8,570 156,243
Other taxes and social security costs 101,735 87,766
Other creditors - directors' loan accounts 4,526 33
279,878 334,413
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 51,250 -
7 Loans 2023 2022
£ £
Creditors include:
Secured hire purchase loans 151,250 18,750
8 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
9 Contingent liabilities
There were no contingent liabilities in existence at the year end.
10 Controlling party
The company is controlled by Mr G Ralph, Mr J Ralph and family associates.
11 Other information
SWIFTFOOT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit C & D Westbrook Park
Trafford Park Road
Trafford Park
Manchester
M17 1AW
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