2023-01-012023-12-312023-12-31false04834342SWIFT 957 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SWIFT 957 LIMITED

Registered Number
04834342
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SWIFT 957 LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

DAWSON, Kenneth David
DAWSON, Paul Trevor
DAWSON, Stephen Peter

Company Secretary

DAWSON, Kenneth David

Registered Address

Tecaz House, Norham Road
North Shields
Tyne And Wear
NE29 7TN

Registered Number

04834342 (England and Wales)
SWIFT 957 LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property51,120,4861,120,486
1,120,4861,120,486
Current assets
Debtors920,41020,131
Cash at bank and on hand61,89340,869
82,30361,000
Creditors amounts falling due within one year10(185,215)(283,093)
Net current assets (liabilities)(102,912)(222,093)
Total assets less current liabilities1,017,574898,393
Creditors amounts falling due after one year11(823,754)(714,891)
Net assets193,820183,502
Capital and reserves
Called up share capital33
Profit and loss account193,817183,499
Shareholders' funds8193,820183,502
The financial statements were approved and authorised for issue by the Board of Directors on 12 August 2024, and are signed on its behalf by:
DAWSON, Kenneth David
Director
Registered Company No. 04834342
SWIFT 957 LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
The turnover shown in the profit and loss account represents rental income and other similar amounts receivable, exclusive of Value Added Tax. Income is recognised in the period to which it relates, when there is a right to consideration.
Investment property policy
Leasehold investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss.
Taxation policy
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 policy
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year33
5.Investment property
The value of the investment property was estimated by the directors on an open market value for existing use basis as at 31 December 2023, which they consider to be a reasonable estimate of fair value at the balance sheet date. The historic cost of the property is £1,113,322 (2022: £1,113,322).

£
Fair value at 01 January 231,120,486
At 31 December 231,120,486
6.Description of financial commitments other than capital commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:- Not later than 1 year - £81,458 (2022: £81,458) Later than 1 year and not later than 5 years - £325,832 (2022: £325,832) Later than 5 years - £7,412,678 (2022: £7,494,136)
7.Description of nature of transactions and balances with related parties
The turnover in the accounts is generated from Tecaz Limited, a company under common control. At 31 December 2023 the company owes Tecaz Limited, £792,681 (2022: £636,018). During the year the directors had a loan account with the company. At the balance sheet date the company owed the directors £NIL (2022: £100,097), This loan was unsecured, interest free and repayable upon demand. The bank loan disclosed in notes 10 and 11 to the accounts is guaranteed by Tecaz Limited, a company under the control of the directors of Swift 957 Limited.
8.Fair value reserve
Included within the profit and loss account is a non-distributable reserve. This reserve records the cumulative fair value movements on leasehold investment property valued above original cost.

£
Fair value reserve at 01 January 237,164
At 31 December 237,164
9.Debtors

2023

2022

££
Prepayments and accrued income20,41020,131
Total20,41020,131
10.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts49,34146,306
Taxation and social security7,4207,265
Other creditors-100,097
Accrued liabilities and deferred income128,454129,425
Total185,215283,093
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.
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts31,07378,872
Other creditors792,681636,019
Total823,754714,891
There are two loans falling due after more than one year. They are repayable in May 2025 and January 2026. The loan repayable in January 2026 bears interest at 2.9% p.a. over base rate. The rate at 31 December 2022 was 8.15%. The loan repayable in May 2025 bears a fixed interest rate of 2.57%. The loans are secured by a first legal charge on the leasehold investment property and a fixed and floating charge over all the assets of the company.