Silverfin false false 31/12/2023 01/01/2023 31/12/2023 M A Allen 21/07/2016 M R Warren 21/07/2016 17 September 2024 The principal activity of the Company during the financial year was that of buying and selling of own real estate. 10290298 2023-12-31 10290298 bus:Director1 2023-12-31 10290298 bus:Director2 2023-12-31 10290298 2022-12-31 10290298 core:CurrentFinancialInstruments 2023-12-31 10290298 core:CurrentFinancialInstruments 2022-12-31 10290298 core:Non-currentFinancialInstruments 2023-12-31 10290298 core:Non-currentFinancialInstruments 2022-12-31 10290298 core:ShareCapital 2023-12-31 10290298 core:ShareCapital 2022-12-31 10290298 core:RetainedEarningsAccumulatedLosses 2023-12-31 10290298 core:RetainedEarningsAccumulatedLosses 2022-12-31 10290298 core:InvestmentPropertyIncludedWithinPPE 2022-12-31 10290298 core:Vehicles 2022-12-31 10290298 core:InvestmentPropertyIncludedWithinPPE 2023-12-31 10290298 core:Vehicles 2023-12-31 10290298 bus:OrdinaryShareClass1 2023-12-31 10290298 bus:OrdinaryShareClass2 2023-12-31 10290298 2023-01-01 2023-12-31 10290298 bus:FilletedAccounts 2023-01-01 2023-12-31 10290298 bus:SmallEntities 2023-01-01 2023-12-31 10290298 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10290298 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10290298 bus:Director1 2023-01-01 2023-12-31 10290298 bus:Director2 2023-01-01 2023-12-31 10290298 core:Vehicles 2023-01-01 2023-12-31 10290298 2022-01-01 2022-12-31 10290298 core:InvestmentPropertyIncludedWithinPPE 1 2023-01-01 2023-12-31 10290298 core:Vehicles 1 2023-01-01 2023-12-31 10290298 1 2023-01-01 2023-12-31 10290298 core:InvestmentPropertyIncludedWithinPPE 2023-01-01 2023-12-31 10290298 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 10290298 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10290298 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10290298 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 10290298 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10290298 (England and Wales)

SWIFT 100 LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SWIFT 100 LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SWIFT 100 LIMITED

BALANCE SHEET

As at 31 December 2023
SWIFT 100 LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 10,178,817 7,919,265
10,178,817 7,919,265
Current assets
Debtors 5 9,801 0
Cash at bank and in hand 268,932 1,014,375
278,733 1,014,375
Creditors: amounts falling due within one year 6 ( 4,019,612) ( 4,691,159)
Net current liabilities (3,740,879) (3,676,784)
Total assets less current liabilities 6,437,938 4,242,481
Creditors: amounts falling due after more than one year 7 ( 2,642,303) ( 2,523,734)
Net assets 3,795,635 1,718,747
Capital and reserves
Called-up share capital 8 200 200
Profit and loss account 3,795,435 1,718,547
Total shareholders' funds 3,795,635 1,718,747

For the financial 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 financial statements of Swift 100 Limited (registered number: 10290298) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

M A Allen
Director
SWIFT 100 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SWIFT 100 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Swift 100 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is:
Church Farm Barn
Brick Kiln Lane
Horsmonden
Tonbridge
Kent
TN12 8EJ
United Kingdom

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - ‘The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102 1A’), and with the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Swift 100 Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

The level of rounding of these financial statements is to the nearest £.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable in the ordinary course of the company’s activities. Turnover comprises rental income and is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company’s activities.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors by reference from time to time to professional valuations. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the useful economic lives of fixed assets, the recoverability of trade debtors and the adoption of the going concern basis in preparing these accounts.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Investment property Vehicles Total
£ £ £
Cost
At 01 January 2023 7,894,175 39,165 7,933,340
Revaluation 2,265,825 0 2,265,825
At 31 December 2023 10,160,000 39,165 10,199,165
Accumulated depreciation
At 01 January 2023 0 14,075 14,075
Charge for the financial year 0 6,273 6,273
At 31 December 2023 0 20,348 20,348
Net book value
At 31 December 2023 10,160,000 18,817 10,178,817
At 31 December 2022 7,894,175 25,090 7,919,265

5. Debtors

2023 2022
£ £
Other debtors 9,801 0

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 330,270
Trade creditors 27,274 7,120
Amounts owed to Group undertakings 5,000 0
Taxation and social security 0 82,963
Other creditors 3,987,338 4,270,806
4,019,612 4,691,159

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 2,492,303 2,523,734
Other creditors 150,000 0
2,642,303 2,523,734

Bank loans hold a fixed and floating charge over all property and undertakings of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
174 Ordinary A 1 GBP shares of £ 1.00 each 174 174
26 Ordinary B 1 GBP shares of £ 1.00 each 26 26
200 200

9. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts payable to related party 372,246 192,514

All amounts due to related parties are provided interest free and without security.