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Company registration number: 07462969
Swiftheat Gas Services Limited
Unaudited filleted financial statements
31 December 2023
Swiftheat Gas Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Swiftheat Gas Services Limited
Directors and other information
Directors J Rodgers
M Rodgers
Secretary M Rodgers
Company number 07462969
Registered office Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
Accountants Alexander Bursk Limited
Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
Swiftheat Gas Services Limited
Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Swiftheat Gas Services Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swiftheat Gas Services Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Swiftheat Gas Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Swiftheat Gas Services Limited and state those matters that we have agreed to state to the board of directors of Swiftheat Gas Services Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swiftheat Gas Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Swiftheat Gas Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Swiftheat Gas Services Limited. You consider that Swiftheat Gas Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Swiftheat Gas Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Alexander Bursk Limited
Accountants
Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
21 August 2024
Swiftheat Gas Services Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 27,015 35,900
_______ _______
27,015 35,900
Current assets
Debtors 7 90,965 102,291
Cash at bank and in hand 252,317 96,413
_______ _______
343,282 198,704
Creditors: amounts falling due
within one year 8 ( 199,817) ( 93,031)
_______ _______
Net current assets 143,465 105,673
_______ _______
Total assets less current liabilities 170,480 141,573
Creditors: amounts falling due
after more than one year 9 ( 16,130) ( 33,140)
_______ _______
Net assets 154,350 108,433
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 154,348 108,431
_______ _______
Shareholders funds 154,350 108,433
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
J Rodgers
Director
Company registration number: 07462969
Swiftheat Gas Services Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parkgates, Bury New Road, Prestwich, Manchester, Lancashire, M25 0JW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 10 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 20,000 20,000
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 20,000 20,000
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 7,500 9,092 6,795 71,496 94,883
Disposals - - - ( 17,799) ( 17,799)
_______ _______ _______ _______ _______
At 31 December 2023 7,500 9,092 6,795 53,697 77,084
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 6,850 5,492 5,395 41,246 58,983
Charge for the year 650 720 280 3,546 5,196
Disposals - - - ( 14,110) ( 14,110)
_______ _______ _______ _______ _______
At 31 December 2023 7,500 6,212 5,675 30,682 50,069
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 - 2,880 1,120 23,015 27,015
_______ _______ _______ _______ _______
At 31 December 2022 650 3,600 1,400 30,250 35,900
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 89,465 100,791
Other debtors 1,500 1,500
_______ _______
90,965 102,291
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,800 -
Trade creditors 90,807 28,094
Corporation tax 40,377 26,228
Social security and other taxes 29,319 32,678
Other creditors 30,514 6,031
_______ _______
199,817 93,031
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 16,130 33,140
_______ _______
10. Controlling party
The company is controlled jointly by J and M Rodgers , its two director-shareholders.