Company registration number 04190648 (England and Wales)
SWIFTLINE ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SWIFTLINE ENGINEERING LIMITED
COMPANY INFORMATION
Director
Mr K McLoughlin
Company number
04190648
Registered office
28-30 Theobalds Road
London
WC1X 8NX
Auditor
SPW (UK) LLP
Gable House
239 Regents Park Road
London
N3 3LF
SWIFTLINE ENGINEERING LIMITED
CONTENTS
Page
Director's report
1
Independent auditor's report
2 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 16
SWIFTLINE ENGINEERING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of mechanical and electrical contractors.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr K McLoughlin
Auditor
SPW (UK) LLP were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr K McLoughlin
Director
31 July 2024
SWIFTLINE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFTLINE ENGINEERING LIMITED
- 2 -
Opinion
We have audited the financial statements of Swiftline Engineering Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The impact of uncertainties due to the UK exiting the European Union and the Coronvirus Pandemic on our audit
Uncertainties related to the effects of Brexit and and the Coronvirus Pandemic are relevant to understanding our audit of the accounts. All audits assess and challenge the reasonableness of estimates made by the director's, such as the valuation of property and related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the businesses future prospects and performance.
The Coronvirus Pandemic is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We applied a standardised firm-wide approach in response to that uncertainty when assessing the Company’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future. Having said this there is uncertainty around the construction sector and the ability for the entity to obtain additional funding if required. These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
SWIFTLINE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFTLINE ENGINEERING LIMITED (CONTINUED)
- 3 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
SWIFTLINE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFTLINE ENGINEERING LIMITED (CONTINUED)
- 4 -
The objectives of our audit, in respect to detecting irregularities including fraud, are;
to identify and assess the risks of material misstatement of the financial statements due to fraud;
to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses;
and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).
We understood how the company complies with laws and regulations by making enquiries of management, internal audit, those responsible for legal and compliance procedures. We made enquiries through our review of board minutes and internal controls process documentation and considered the results of our audit procedures.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to discuss areas where we considered there was susceptibility to fraud. We considered the internal controls that the company has implemented to address any risks identified, or to prevent, deter and detect fraud, and how senior management monitor them.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
reading minutes of meetings of those charged with governance
The key audit areas identified at planning included revenue recognition, accounting estimates and testing manual journals. We planned and designed our work to provide reasonable assurance that the financial statements were free from fraud or error. However due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected an irregularity or fraud that could result in a material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
SWIFTLINE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFTLINE ENGINEERING LIMITED (CONTINUED)
- 5 -
For and on behalf of SPW (UK) LLP
31 July 2024
Chartered Accountants
Statutory Auditor
Gable House
Paul J Winter FCA
239 Regents Park Road
London
N3 3LF
SWIFTLINE ENGINEERING LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
54,531,325
49,189,781
Cost of sales
(52,646,432)
(47,448,670)
Gross profit
1,884,893
1,741,111
Administrative expenses
(917,868)
(901,169)
Operating profit
5
967,025
839,942
Interest receivable and similar income
4
49,373
3,080
Profit before taxation
1,016,398
843,022
Tax on profit
6
(2,448)
555,650
Profit for the financial year
1,013,950
1,398,672
The income statement has been prepared on the basis that all operations are continuing operations.
SWIFTLINE ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
456,778
462,843
Current assets
Stocks
9
1,582,383
538,729
Debtors
10
6,499,867
4,886,952
Cash at bank and in hand
2,677,430
3,649,510
10,759,680
9,075,191
Creditors: amounts falling due within one year
11
(5,003,552)
(4,221,525)
Net current assets
5,756,128
4,853,666
Total assets less current liabilities
6,212,906
5,316,509
Provisions for liabilities
Deferred tax liability
12
38,906
36,459
(38,906)
(36,459)
Net assets
6,174,000
5,280,050
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
6,173,900
5,279,950
Total equity
6,174,000
5,280,050
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr K McLoughlin
Director
Company registration number 04190648 (England and Wales)
SWIFTLINE ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
3,881,278
3,881,378
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,398,672
1,398,672
Balance at 31 December 2022
100
5,279,950
5,280,050
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,013,950
1,013,950
Dividends
7
-
(120,000)
(120,000)
Balance at 31 December 2023
100
6,173,900
6,174,000
SWIFTLINE ENGINEERING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
17
(842,219)
95,559
Income taxes (paid)/refunded
(1)
1,014,089
Net cash (outflow)/inflow from operating activities
(842,220)
1,109,648
Investing activities
Purchase of tangible fixed assets
(16,951)
(25,866)
Interest received
49,373
3,080
Net cash generated from/(used in) investing activities
32,422
(22,786)
Financing activities
Dividends paid
(162,282)
Net cash used in financing activities
(162,282)
-
Net (decrease)/increase in cash and cash equivalents
(972,080)
1,086,862
Cash and cash equivalents at beginning of year
3,649,510
2,562,648
Cash and cash equivalents at end of year
2,677,430
3,649,510
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
Swiftline Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28-30 Theobalds Road, London, WC1X 8NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Nil
Plant and machinery
15% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis
Motor vehicles
25% reducing balance basis
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Full time employees
19
16
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
903,164
718,763
Social security costs
101,896
84,608
Pension costs
41,444
36,505
1,046,504
839,876
3
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
31,200
31,525
Company pension contributions to defined contribution schemes
18,333
18,333
49,533
49,858
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
4
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
49,373
3,080
5
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
23,016
25,703
Operating lease charges
249,339
237,506
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(555,176)
Deferred tax
Origination and reversal of timing differences
2,448
(474)
Total tax charge/(credit)
2,448
(555,650)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,016,398
843,022
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2022: 19.00%)
203,280
160,174
Tax effect of expenses that are not deductible in determining taxable profit
11,681
Tax effect of utilisation of tax losses not previously recognised
(215,635)
(159,528)
Permanent capital allowances in excess of depreciation
(3,929)
(5,530)
Depreciation on assets not qualifying for tax allowances
4,603
4,884
Research and development tax credit
(555,650)
Deferred tax adjustments in respect of prior years
2,448
Taxation charge/(credit) for the year
2,448
(555,650)
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
7
Dividends
2023
2022
£
£
Final paid
120,000
8
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
247,165
84,248
437,357
5,000
773,770
Additions
16,951
16,951
At 31 December 2023
247,165
84,248
454,308
5,000
790,721
Depreciation and impairment
At 1 January 2023
72,118
238,393
416
310,927
Depreciation charged in the year
1,796
21,012
208
23,016
At 31 December 2023
73,914
259,405
624
333,943
Carrying amount
At 31 December 2023
247,165
10,334
194,903
4,376
456,778
At 31 December 2022
247,165
12,130
198,964
4,584
462,843
9
Stocks
2023
2022
£
£
Work in progress
349,227
525,229
Finished goods and goods for resale
1,233,156
13,500
1,582,383
538,729
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,087,073
2,834,834
Other debtors
3,324,178
1,978,802
Prepayments and accrued income
88,616
73,316
6,499,867
4,886,952
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
11
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,174,953
1,503,447
Amounts owed to group undertakings
42,282
Taxation and social security
67,603
48,998
Dividends payable
42,282
Other creditors
2,030,955
1,645,991
Accruals and deferred income
687,759
980,807
5,003,552
4,221,525
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
38,906
36,459
2023
Movements in the year:
£
Liability at 1 January 2023
36,459
Charge to profit or loss
2,447
Liability at 31 December 2023
38,906
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
13
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,444
36,505
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
SWIFTLINE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
14
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Between two and five years
200,000
200,000
16
Ultimate controlling party
The ultimate parent company is Swiftline Group Limited, a company registered in England & Wales.
Swiftline Group Limited prepares group financial statements.
17
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
1,013,950
1,398,672
Adjustments for:
Taxation charged/(credited)
2,448
(555,650)
Investment income
(49,373)
(3,080)
Depreciation and impairment of tangible fixed assets
23,016
25,703
Movements in working capital:
Increase in stocks
(1,043,654)
(238,950)
(Increase)/decrease in debtors
(1,612,915)
814,838
Increase/(decrease) in creditors
824,309
(1,345,974)
Cash (absorbed by)/generated from operations
(842,219)
95,559
18
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,649,510
(972,080)
2,677,430
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Mr K McLoughlinfalsefalse041906482023-01-012023-12-3104190648bus:Director12023-01-012023-12-3104190648bus:RegisteredOffice2023-01-012023-12-31041906482023-12-31041906482022-01-012022-12-3104190648core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3104190648core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31041906482022-12-3104190648core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3104190648core:PlantMachinery2023-12-3104190648core:FurnitureFittings2023-12-3104190648core:MotorVehicles2023-12-3104190648core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3104190648core:PlantMachinery2022-12-3104190648core:FurnitureFittings2022-12-3104190648core:MotorVehicles2022-12-3104190648core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104190648core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104190648core:CurrentFinancialInstruments2023-12-3104190648core:CurrentFinancialInstruments2022-12-3104190648core:ShareCapital2023-12-3104190648core:ShareCapital2022-12-3104190648core:RetainedEarningsAccumulatedLosses2023-12-3104190648core:RetainedEarningsAccumulatedLosses2022-12-3104190648core:ShareCapital2021-12-3104190648core:RetainedEarningsAccumulatedLosses2021-12-31041906482022-12-31041906482021-12-3104190648core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3104190648core:PlantMachinery2023-01-012023-12-3104190648core:FurnitureFittings2023-01-012023-12-3104190648core:MotorVehicles2023-01-012023-12-3104190648core:UKTax2023-01-012023-12-3104190648core:UKTax2022-01-012022-12-310419064812023-01-012023-12-310419064812022-01-012022-12-3104190648core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3104190648core:PlantMachinery2022-12-3104190648core:FurnitureFittings2022-12-3104190648core:MotorVehicles2022-12-3104190648core:BetweenTwoFiveYears2023-12-3104190648core:BetweenTwoFiveYears2022-12-3104190648bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104190648bus:FRS1022023-01-012023-12-3104190648bus:Audited2023-01-012023-12-3104190648bus:FullAccounts2023-01-012023-12-3104190648bus:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP