REGISTERED NUMBER: |
SWIFTS RETAIL CUSHWASH LTD |
Financial Statements for the Year Ended 31 January 2024 |
REGISTERED NUMBER: |
SWIFTS RETAIL CUSHWASH LTD |
Financial Statements for the Year Ended 31 January 2024 |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
SWIFTS RETAIL CUSHWASH LTD |
Company Information |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
BANKERS: |
186 Main Street |
Lisnaskea |
Fermanagh |
BT74 6AA |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Statement of Financial Position |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Receivables: amounts falling due within one year |
8 |
Cash at bank and in hand |
PAYABLES |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PAYABLES |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Swifts Retail Cushwash Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
Revenue |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised when, and to the extent that the company obtains the right to consideration in exchange for its transfer of goods. |
Goodwill |
Goodwill represents the difference between the cost of a business combination and the company's interest in the fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses (which are not reversed). Goodwill can be subsequently adjusted for changes to estimates of contingent considerations given in a business combination. |
Goodwill is amortised on a straight-line basis over its useful economic life. This is assessed individually for each acquisition taking into account the period over which the company expects to realise the synergies from the combination. The useful life of goodwill on the balance sheet has been set to ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
The company assesses at each reporting date whether there is any indication that the intangible asset may be impaired. If any such indication exists, the company estimates the recoverable amount of the intangible asset and recognises an impairment loss for any shortfall below carrying amount. |
An impairment loss has been recognised in the income statement, following an assessment at the Statement of Financial Position date indicating the recoverable amount was less than its carrying value. |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment less their estimated residual value, over their expected useful lives as follows: |
Freehold property - 2% straight line |
Fixtures and fittings - 20% reducing balance |
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Inventories |
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to be incurred in marketing and selling. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments continued |
(iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash flow statement |
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value |
Finance costs |
Finance costs are charged to the Income Statement over the term of the debt. |
Share Capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Patents and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
Amortisation for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Goods for resale |
8. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other receivables | 15,379 | 8,142 |
Prepayments and accrued income |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
9. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Trade payables |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 11,674 | 17,945 |
Other payables |
Accruals and deferred income |
10. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 11) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 470,502 | 535,746 |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 470,502 | 535,746 |
SWIFTS RETAIL CUSHWASH LTD (REGISTERED NUMBER: NI679424) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
11. | LOANS - continued |
The bank loans noted above are secured by way of: |
- Fixed charge over the property at 23-33 Main Street, Lisnaskea, Co Fermanagh; |
- Fixed charge over the property at 36-38 Main street, Lisnaskea, Enniskillen, Co Fermanagh; |
- Fixed charge over the property at Moorlough Road, Lisnaskea, Enniskillen, Co Fermanagh; |
- Fixed and floating charge over the assets of the company and assets of fellow group undertakings: Swifts Supermarket Ltd, Drumliska Ltd and Goldland Merchants Ltd ; |
- Cross company guarantee for £1,500,000 from fellow group undertakings: Swifts Supermarket Ltd, Swifts Retail Holdings Ltd, Drumliska Ltd and Goldland Merchants Ltd; and |
- Personal guarantee provided by the directors for £325,000. |
Details of loans not wholly repayable within five years are as follows: |
- interest is charged at 2.75% above base rate; |
- repayable during August 2036; |
- repayable by monthly instalments; and |
- have a closing balance of £1,039,572 (2023: £1,104,816). |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 33,716 | 26,175 |
Deferred tax |
£ |
Balance at 1 February 2023 | 26,175 |
Provided during year | 7,541 |
Balance at 31 January 2024 | 33,716 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions. |
15. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent company is Swifts Retail Holding Ltd, a company incorporated in Northern Ireland. |
The smallest and largest group for which consolidated accounts are prepared including the results of this company is Swifts Retail Holding Ltd. |
The ultimate controlling parties are deemed to be Stephen Swift and Sandra Quigley. |