Registered number
12073042
SwiftRaise Limited
Unaudited Filleted Accounts
31 March 2024
SwiftRaise Limited
Registered number: 12073042
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 12,371 -
Current assets
Debtors 4 38,021 27,943
Cash at bank and in hand 36,158 -
74,179 27,943
Creditors: amounts falling due within one year 5 (428,602) (320,939)
Net current liabilities (354,423) (292,996)
Net liabilities (342,052) (292,996)
Capital and reserves
Called up share capital 100 100
Profit and loss account (342,152) (293,096)
Shareholders' funds (342,052) (292,996)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A C Sainty
Director
Approved by the board on 22 October 2024
SwiftRaise Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Investments
Other
investments
£
Cost
Additions 12,371
At 31 March 2024 12,371
4 Debtors 2024 2023
£ £
Trade debtors 7,599 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 30,422 27,943
38,021 27,943
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 23
Trade creditors 45,530 50,009
Amounts owed to group undertakings and undertakings in which the company has a participating interest 349,267 234,245
Taxation and social security costs 14,910 17,313
Other creditors 18,895 19,349
428,602 320,939
6 Related party transactions
The company received services from Tech City Ventures Ltd, a company in which the director G Johnston also serve as directors to the value of £2,529 (2023 - £2,266). Included in creditors at the balance sheet date is an amount of £4,818 (2023 - £2,284) due to Tech City Ventures Ltd. The company received short-term funding from Tech City Ventures Ltd and included within creditors at the balance sheet date is an amount of £13,356 (2023 - £14,856) due to Tech City Ventures Ltd.
7 Controlling party
The controlling party is SwiftScale Holdings Ltd, a company registered in England under company number 11790119 whose registered office is 3 Totman Crescent, Rayleigh, Essex, SS6 7UY.
8 Other information
SwiftRaise Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Totman Crescent
Rayleigh
Essex
SS6 7UY
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