Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 06784664 Mrs N J Vose Mr A J Swift iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06784664 2022-12-31 06784664 2023-12-31 06784664 2023-01-01 2023-12-31 06784664 frs-core:CurrentFinancialInstruments 2023-12-31 06784664 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06784664 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 06784664 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06784664 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 06784664 frs-core:OtherResidualIntangibleAssets 2023-12-31 06784664 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 06784664 frs-core:OtherResidualIntangibleAssets 2022-12-31 06784664 frs-core:PlantMachinery 2023-12-31 06784664 frs-core:PlantMachinery 2023-01-01 2023-12-31 06784664 frs-core:PlantMachinery 2022-12-31 06784664 frs-core:ShareCapital 2023-12-31 06784664 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 06784664 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06784664 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 06784664 frs-bus:SmallEntities 2023-01-01 2023-12-31 06784664 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06784664 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06784664 frs-core:DeferredTaxation 2023-01-01 2023-12-31 06784664 frs-core:DeferredTaxation 2022-12-31 06784664 frs-core:DeferredTaxation 2023-12-31 06784664 frs-bus:Director1 2023-01-01 2023-12-31 06784664 frs-bus:Director2 2023-01-01 2023-12-31 06784664 frs-countries:EnglandWales 2023-01-01 2023-12-31 06784664 2021-12-31 06784664 2022-12-31 06784664 2022-01-01 2022-12-31 06784664 frs-core:CurrentFinancialInstruments 2022-12-31 06784664 frs-core:ShareCapital 2022-12-31 06784664 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 06784664
Swift Farms Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06784664
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,334 1,243
Tangible Assets 5 410,229 425,395
412,563 426,638
CURRENT ASSETS
Stocks 161,200 218,800
Debtors 6 87,940 36,303
Cash at bank and in hand 411,209 270,349
660,349 525,452
Creditors: Amounts Falling Due Within One Year 7 (254,758 ) (245,588 )
NET CURRENT ASSETS (LIABILITIES) 405,591 279,864
TOTAL ASSETS LESS CURRENT LIABILITIES 818,154 706,502
PROVISIONS FOR LIABILITIES
Deferred Taxation (59,522 ) (50,635 )
NET ASSETS 758,632 655,867
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 758,532 655,767
SHAREHOLDERS' FUNDS 758,632 655,867
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs N J Vose
Director
10 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Swift Farms Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06784664 . The registered office is Bridge Farm, School Lane, Maghull, Merseyside, L31 1HH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are entitlements. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Intangible Assets
Other
£
Cost
As at 1 January 2023 16,670
Additions 1,925
As at 31 December 2023 18,595
Amortisation
As at 1 January 2023 15,427
Provided during the period 834
As at 31 December 2023 16,261
Net Book Value
As at 31 December 2023 2,334
As at 1 January 2023 1,243
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 224,562 530,703 755,265
Additions - 52,895 52,895
As at 31 December 2023 224,562 583,598 808,160
Depreciation
As at 1 January 2023 27,233 302,637 329,870
Provided during the period 4,491 63,570 68,061
As at 31 December 2023 31,724 366,207 397,931
Net Book Value
As at 31 December 2023 192,838 217,391 410,229
As at 1 January 2023 197,329 228,066 425,395
6. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 54,094 5,122
Other debtors 33,846 31,181
87,940 36,303
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 86,034 74,518
Other creditors 143,205 171,070
Taxation and social security 25,519 -
254,758 245,588
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 50,635 50,635
Additions 8,887 8,887
Balance at 31 December 2023 59,522 59,522
9. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
10. Transition to FRS 102
RECONCILIATIONS OF EQUITY                                                                                            01 January 2022 31 December 2022
                                                                 £                        £
                                                   Notes                                                       
Equity as previously reported under FRS 105                                                                                     518,945               706,502 
Deferred Tax Provision                                                                                               A                  (19,616)               (31,019)
Transition date adjustments      -                    (19,616)
499,329               655,867 
Equity reported under FRS 102 499,329              655,867 
RECONCILIATION OF PROFIT OR LOSS                                                                                                                   Year ended
                                                                                             31 December 2022
                                                   Notes                                         £
Profit or (loss) as previously reported under FRS 105                                                                                                    187,557 
Deferred Tax Provision A (31,019)
156,538 
Profit or loss reported under FRS 102 156,538
Notes to the reconciliations
A. Deferred Tax Provision 
Under FRS 105, deferred tax is not recognised. Under FRS 102, deferred tax is recognised. 
The deferred tax provision recognised at 1 January 2022 was £19,616. 
An additional provision for deferred tax was recognised at 31 December 2022 amounting to £31,019. 
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