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REGISTERED NUMBER: NI025353 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SUNSWIFT ENTERPRISES LIMITED

SUNSWIFT ENTERPRISES LIMITED (REGISTERED NUMBER: NI025353)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


SUNSWIFT ENTERPRISES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Micheal Rodgers
Michael McGranaghan



SECRETARY: Michael McGranaghan



REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



REGISTERED NUMBER: NI025353 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
Chartered Certified Accountants
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: First Trust Bank
31 - 35 High Street
Belfast
Co. Antrim
BT1 2AL



SOLICITORS: Michael F. Curran
29 Central Promenade
Newcastle
BT33 0AA

SUNSWIFT ENTERPRISES LIMITED (REGISTERED NUMBER: NI025353)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 141,072 144,775

CURRENT ASSETS
Stocks 5 3,000 3,000
Debtors 6 14,936 11,772
Investments 7 299,892 -
Cash at bank and in hand 41,464 250,054
359,292 264,826
CREDITORS
Amounts falling due within one year 8 41,978 40,132
NET CURRENT ASSETS 317,314 224,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

458,386

369,469

CAPITAL AND RESERVES
Called up share capital 48,000 48,000
Retained earnings 9 410,386 321,469
SHAREHOLDERS' FUNDS 458,386 369,469

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SUNSWIFT ENTERPRISES LIMITED (REGISTERED NUMBER: NI025353)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




Michael McGranaghan - Director



Micheal Rodgers - Director


SUNSWIFT ENTERPRISES LIMITED (REGISTERED NUMBER: NI025353)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Sunswift Enterprises Limited is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
The company's place of business is 27A Central Promenade, Newcastle, Co.Down.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% on reducing balance
Fixtures, fittings & equipment - 10% on reducing balance

Stocks and work in progress
Stocks are stated at the lower of cost and net realisable value.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Other financial instruments, including investments in equity instruments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.


SUNSWIFT ENTERPRISES LIMITED (REGISTERED NUMBER: NI025353)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants are credited to deferred revenue. Capital grants are released to the profit and loss account over the expected useful life of the assets concerned.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 17 ) .

SUNSWIFT ENTERPRISES LIMITED (REGISTERED NUMBER: NI025353)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Plant and fittings
property machinery & equipment Totals
£    £    £    £   
COST
At 1 January 2023 296,440 140,217 70,746 507,403
Additions - - 1,915 1,915
At 31 December 2023 296,440 140,217 72,661 509,318
DEPRECIATION
At 1 January 2023 180,340 128,200 54,088 362,628
Charge for year 2,700 1,203 1,715 5,618
At 31 December 2023 183,040 129,403 55,803 368,246
NET BOOK VALUE
At 31 December 2023 113,400 10,814 16,858 141,072
At 31 December 2022 116,100 12,017 16,658 144,775

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 3,000 3,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors - 3,367
Other debtors 14,936 8,405
14,936 11,772

7. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Investments 299,892 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Finance leases 8,682 7,650
Trade creditors 11,186 9,240
Taxation and social security 12,146 10,228
Other creditors 9,964 13,014
41,978 40,132

SUNSWIFT ENTERPRISES LIMITED (REGISTERED NUMBER: NI025353)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. RESERVES
Retained
earnings
£   

At 1 January 2023 321,469
Profit for the year 88,917
At 31 December 2023 410,386

10. CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.