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REGISTERED NUMBER: NI668323 (Northern Ireland)















SWIFTS RETAIL HOLDING LTD

Group Strategic Report, Directors' Report and

Consolidated Financial Statements for the Year Ended 31 January 2024






SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)






Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Consolidated Income Statement 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash
Flows

15

Notes to the Consolidated Financial Statements 16


SWIFTS RETAIL HOLDING LTD

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr Stephen Swift
Ms Sandra Swift



REGISTERED OFFICE: 31-33 Main Street
Lisnaskea
Co. Fermanagh
BT92 0JB



REGISTERED NUMBER: NI668323 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Ulster Bank Limited
186 Main Street
Lisnaskea
Fermanagh
BT92 0JF

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Group Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report of the Company and the Group for the year ended 31 January 2024.

REVIEW OF BUSINESS
The principal activity of the group is retail of non-specialist food, beverages, tobacco and alcohol in
commercial premises.

Swift Retail Holding Limited ("the group") continues to deliver a strong trading performance in respect of the year ended 31 January 2024 and the business remains in a sound financial position at the year end. The group returned a profit for the financial year of £388,706 (2023: £307,887) on a turnover base of £19,281,461 (2023: £18,652,184). The group has net assets of £2,649,539 (2023 : £2,320,833). The directors consider the results for the year to be satisfactory.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider the key performance indicators are those that communicate the financial performance and strengths as a whole, being revenue, gross profit margin and operating profit.

The directors have provided an analysis of the key performance indicators of the business below. The directors continue to monitor revenue and costs to ensure the group remains profitable. The group continues to maintain a strong net asset position.

2024 2023
Revenue £19,281,461 £18,652,184
Gross profit margin 20.1% 19.5%
Operating profit 729,147 583,791

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks from the group's operations are business interruption, customer proposition, food and product safety and financial risk. The directors review and agree policies for managing each of these risks and they are summarised below.

Business Interruption
Distribution and systems infrastructures are fundamental to ensuring the normal continuity of trading in the stores. If an accident occurred to this infrastructure or another key facility, this could have a detrimental impact on the group's ability to operate effectively.

Customer proposition
The group operates in a very competitive industry. Customer shopping habits are influenced by broader economic factors that the business does not control. If the group fail to keep its proposition aligned with customers' expectations, then they may choose not to shop with us and sales will suffer.

Food and product safety
The directors are aware that, if the group fails to deliver excellent standards of hygiene and safety in its products, there is a potential to harm customers and damage business reputation. Food safety is of paramount importance.

Financial Risk
The group has exposure to financial risks through interest rates applied to its bank borrowings. These risks are managed by budgetary control and maintaining a close working relationship with its bankers.

STRATEGY & DEVELOPMENT
The group's success is dependant on the ongoing management of business risks and uncertainties it faces. The group will continue to improve upon its position and concentrate on achieving maximum growth in its market sector while at the same time continuing to improve efficiency in all areas of its operations.

BUSINESS ENVIRONMENT
The local supermarket retailing market is highly saturated with multiple large supermarkets operating in the surrounding area as well as independent retailers. The group is performing well and returns strong results despite operating in a saturated market.


SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Group Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

EMPLOYEES
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group performance.

FUTURE DEVELOPMENTS
The group is committed to long term creation of shareholder value by increasing the group's market share. The group aims to increase revenue and operating profits. The group will continue to meet the needs of customers and develop innovative solutions for their needs while remaining highly competitive.

ON BEHALF OF THE BOARD:





Ms Sandra Swift - Director


31 October 2024

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Directors' Report
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the audited financial statements of the company and the group for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group is that of retail supermarkets and filling stations.

DIVIDENDS
Interim dividend paid during the year of £60,000 (2023: £97,000). The Directors do not recommend payment of a final dividend.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Mr Stephen Swift
Ms Sandra Swift

POLITICAL DONATIONS AND EXPENDITURE
The Group made no political donations during the current year (2023: £Nil).

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, employment policy, future developments and financial performance indicators in the group's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Directors' Report
FOR THE YEAR ENDED 31 JANUARY 2024


AUDITORS
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Ms Sandra Swift - Director


31 October 2024

Independent Auditors' Report to the Members of
Swifts Retail Holding Ltd

Opinion
We have audited the financial statements of Swifts Retail Holding Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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 Group's and of the Parent Company affairs as at 31 January 2024 and of the Group's 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 directors' 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 Group's and the Parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Swifts Retail Holding Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
- the Parent Company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and the Parent 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

Independent Auditors' Report to the Members of
Swifts Retail Holding Ltd

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud - continued

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;
- Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our 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 Auditors' 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.




Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

31 October 2024

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Consolidated
Income Statement
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £

TURNOVER 4 19,281,461 18,652,184

Cost of sales (15,409,685 ) (15,020,151 )
GROSS PROFIT 3,871,776 3,632,033

Administrative expenses (3,262,066 ) (3,120,680 )
609,710 511,353

Other operating income 119,437 72,438
OPERATING PROFIT 6 729,147 583,791


Finance costs 7 (215,440 ) (125,706 )
PROFIT BEFORE TAXATION 513,707 458,085

Tax on profit 8 (125,001 ) (150,198 )
PROFIT FOR THE FINANCIAL YEAR 388,706 307,887

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

388,706

307,887

Profit attributable to:
Owners of the parent 388,706 307,887

Total comprehensive income attributable to:
Owners of the parent 388,706 307,887

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Consolidated Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 11 725,000 787,500
Tangible assets 12 5,250,880 5,365,714
Investments 13 - -
5,975,880 6,153,214

CURRENT ASSETS
Stocks 14 768,579 665,876
Receivables: amounts falling due within
one year

15

194,536

155,018
Cash at bank and in hand 886,370 1,187,061
1,849,485 2,007,955
PAYABLES
Amounts falling due within one year 16 (1,972,887 ) (2,289,702 )
NET CURRENT LIABILITIES (123,402 ) (281,747 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,852,478

5,871,467

PAYABLES
Amounts falling due after more than
one year

17

(2,594,335

)

(2,849,633

)

PROVISIONS FOR LIABILITIES 21 (277,213 ) (314,881 )

DEFERRED INCOME 22 (331,391 ) (386,120 )
NET ASSETS 2,649,539 2,320,833

CAPITAL AND RESERVES
Called up share capital 23 105,300 105,300
Revaluation reserve 24 523,252 523,252
Retained earnings 24 2,020,987 1,692,281
SHAREHOLDERS' FUNDS 2,649,539 2,320,833

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Ms Sandra Swift - Director


SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Company Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 605,300 605,300
605,300 605,300

CURRENT ASSETS
Receivables: amounts falling due within
one year

15

376

-
Cash in hand 100 100
476 100
PAYABLES
Amounts falling due within one year 16 (346,476 ) (473,100 )
NET CURRENT LIABILITIES (346,000 ) (473,000 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

259,300

132,300

CAPITAL AND RESERVES
Called up share capital 23 105,300 105,300
Retained earnings 24 154,000 27,000
SHAREHOLDERS' FUNDS 259,300 132,300

Company's profit for the financial year 187,000 124,000

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Ms Sandra Swift - Director


SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 February 2022 105,300 1,481,394 523,252 2,109,946

Changes in equity
Dividends - (97,000 ) - (97,000 )
Total comprehensive income - 307,887 - 307,887
Balance at 31 January 2023 105,300 1,692,281 523,252 2,320,833

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 388,706 - 388,706
Balance at 31 January 2024 105,300 2,020,987 523,252 2,649,539

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 February 2022 105,300 - 105,300

Changes in equity
Dividends - (97,000 ) (97,000 )
Total comprehensive income - 124,000 124,000
Balance at 31 January 2023 105,300 27,000 132,300

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 187,000 187,000
Balance at 31 January 2024 105,300 154,000 259,300

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 508,599 749,179
Interest paid (215,440 ) (125,706 )
Tax paid (203,942 ) (148,297 )
Net cash from operating activities 89,217 475,176

Cash flows from investing activities
Purchase of tangible fixed assets (90,951 ) (129,139 )
Sale of tangible fixed assets - 15,600
Net cash from investing activities (90,951 ) (113,539 )

Cash flows from financing activities
Loan repayments in year (229,834 ) (198,475 )
Capital repayments in year (9,123 ) (9,124 )
Equity dividends paid (60,000 ) (97,000 )
Net cash from financing activities (298,957 ) (304,599 )

(Decrease)/increase in cash and cash equivalents (300,691 ) 57,038
Cash and cash equivalents at
beginning of year

2

1,186,291

1,129,253

Cash and cash equivalents at end
of year

2

885,600

1,186,291

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£ £
Profit before taxation 513,707 458,085
Depreciation charges 205,785 217,514
Profit on disposal of fixed assets - (5,400 )
Impairment loss - 125,000
Movement in deferred income (54,729 ) (53,024 )
Amortisation 62,500 62,500
Finance costs 215,440 125,706
942,703 930,381
Increase in stocks (102,703 ) (114,837 )
Increase in trade and other debtors (39,518 ) (17,771 )
Decrease in trade and other creditors (291,883 ) (48,594 )
Cash generated from operations 508,599 749,179

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31/1/24 1/2/23
£ £
Cash and cash equivalents 886,370 1,187,061
Bank overdrafts (770 ) (770 )
885,600 1,186,291
Year ended 31 January 2023
31/1/23 1/2/22
£ £
Cash and cash equivalents 1,187,061 1,129,253
Bank overdrafts (770 ) -
1,186,291 1,129,253


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/23 Cash flow At 31/1/24
£ £ £
Net cash
Cash at bank and in hand 1,187,061 (300,691 ) 886,370
Bank overdrafts (770 ) - (770 )
1,186,291 (300,691 ) 885,600
Debt
Finance leases (15,622 ) 9,123 (6,499 )
Debts falling due within 1 year (275,443 ) (25,464 ) (300,907 )
Debts falling due after 1 year (2,849,633 ) 255,298 (2,594,335 )
(3,140,698 ) 238,957 (2,901,741 )
Total (1,954,407 ) (61,734 ) (2,016,141 )

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Swifts Retail Holding Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements are stated in sterling which is the functional currency of the company.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention modified as necessary to include the revaluation of certain fixed assets . Historical cost is generally based on the fair value of 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 group financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of its subsidiary undertakings drawn up to 31 January each year. Consistent accounting policies are applied across companies within the group. The results of subsidiary undertakings sold or acquired are included in the consolidated income statement up to or from the date control passes. Intra-group sales, profits and balances are eliminated fully on consolidation. No income statement is presented for Swifts Retail Holding Ltd as permitted by section 408 of the Companies Act 2006.

Significant judgements and estimates
The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. Therefore, management believe the critical accounting policies where estimates, judgements and assumptions are necessarily applied are summarised below:

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experiences and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.

a) Critical judgements in applying the entity's accounting policies
There are no critical judgements in applying the entity's accounting policies.

b) Key accounting estimates and assumptions
There are no critical accounting estimates and assumptions

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the group has transferred the significant risks and rewards of ownership to the buyer;
- the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the group will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, at the rates detailed below:

Freehold property- 2% Straight Line
Plant and machinery- 20% & 15% Reducing Balance
Fixtures, fittings and equipment- 20% & 15% Reducing Balance
Motor vehicles- 25% & 15% Reducing Balance

The carrying values of property, plant and equipment 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.

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company and group have 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 parties and 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 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 profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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.

(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.


SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

Distributions to equity holders
Dividends and other distributions to the Group`s shareholders are recognised as a liability in the financial statements in the period in which the dividend`s and other distributions are approved by the Group`s shareholders. These amounts are recognised in the statement of changes in equity.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment in the separate
financial statements of the parent company.

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Provision for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to in the income statement in the year that the group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Impairment of non-financial assets
The group assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates, the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

An impairment loss recognised for all assets, including goodwill, is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of the new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds..

4. TURNOVER

All turnover is derived from the Groups`s principal activities. No analysis of turnover is presented
as the directors consider disclosure to be seriously prejudicial to the interests of the Group.

5. EMPLOYEES AND DIRECTORS

Staff costs, including directors' remuneration, were as follows:
2024 2023
£    £   
Wages and salaries 1,476,148 1,402,463
Social security costs 69,289 80,443
Other pension costs 91,016 117,435
1,636,453 1,600,341

The average number of employees during the year was as follows:
2024 2023
Directors 2 2
Selling, distribution & admininistration 133 130
135 132
The company had no employees during the year (2023: NIL).

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

Retirement benefits are accruing to the directors at the year end.

2024 2023
£    £   
Directors' remuneration 26,600 26,519
Directors' pensions paid 70,424 78,950
97,024 97,024

Directors are considered the key management of the group and company.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 79,212 74,975
Rent payable 19,100 18,916
Depreciation - owned assets 205,783 217,514
Foreign exchange differences 129 (466 )
Goodwill amortisation 62,500 62,500
Profit/loss on sale of tangible assets - 5,400
Fees payable to the auditors:
- audit fee 17,000 17,000

7. FINANCE COSTS
2024 2023
£ £
Bank interest 215,440 125,706

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 160,065 103,581
Adjustment in respect of prior period 2,604 -
Total current tax 162,669 103,581

Deferred tax:
Origination and reversal of temporary
differences

(3,070

)

86,114
Impact of rate change (207,163 ) 1,556
Prior year adjustment 172,565 (41,053 )
Total deferred tax (37,668 ) 46,617

Tax on profit 125,001 150,198

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 513,707 458,085
Profit multiplied by the standard rate of corporation tax in the UK
of 24.030 % (2023 - 19 %)

123,444

87,036

Effects of:
Expenses not deductible for tax purposes 17,731 -
Income not taxable for tax purposes - (576 )
Depreciation in excess of capital allowances 15,995 21,129
Adjustments to tax charge in respect of previous periods (31,995 ) 41,053
Effect of rate change (135 ) 1,556
Impact of super deduction (39 ) -
Total tax charge 125,001 150,198

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

Swift Retail Holding Limited ("the company") made a profit of £187,000 (2023: £124,000).

10. DIVIDENDS
2024 2023
£ £
Ordinary shares of 1.00 each
Interim 60,000 97,000

11. INTANGIBLE FIXED ASSETS

Group
Patents and
Goodwill licences Totals
£ £ £
COST
At 1 February 2023
and 31 January 2024 625,000 225,000 850,000
AMORTISATION
At 1 February 2023 62,500 - 62,500
Amortisation for year 62,500 - 62,500
At 31 January 2024 125,000 - 125,000
NET BOOK VALUE
At 31 January 2024 500,000 225,000 725,000
At 31 January 2023 562,500 225,000 787,500

The company did not hold intangible fixed assets at 31 January 2024 (2023:£NIL).

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

12. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 February 2023 5,733,446 1,002,871 1,309,724 73,378 8,119,419
Additions - 11,113 79,838 - 90,951
At 31 January 2024 5,733,446 1,013,984 1,389,562 73,378 8,210,370
DEPRECIATION
At 1 February 2023 814,929 820,512 1,075,930 42,334 2,753,705
Charge for year 105,878 36,760 58,483 4,664 205,785
At 31 January 2024 920,807 857,272 1,134,413 46,998 2,959,490
NET BOOK VALUE
At 31 January 2024 4,812,639 156,712 255,149 26,380 5,250,880
At 31 January 2023 4,918,517 182,359 233,794 31,044 5,365,714

The company did not hold tangible fixed assets at 31 January 2024 (2023: £NIL).

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

13. FIXED ASSET INVESTMENTS

Company
2024 2023
£    £   
Cost 605,300 605,300

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries - Direct holding

Swifts Supermarkets Ltd
Registered office: 31-33 Main Street, Lisnaskea, Co. Fermanagh, BT92 0JB
Nature of business: Retail supermarkets

Class of shares: Ordinary
Holding: 100%

Swifts Retail Cushwash Ltd
Registered office: 31-33 Main Street, Lisnaskea, Co. Fermanagh, BT92 0JB
Nature of business: Retail supermarkets

Class of shares: Ordinary
Holding: 100%

Drumliska Limited
Registered office: 31-33 Main Street, Lisnaskea, Co. Fermanagh, BT92 0JB
Nature of business: Holding Company

Class of shares: Ordinary
Holding: 100%

Subsidiaries - Indirect holding

Goldland Merchants Limited
Registered office: 31-33 Main Street, Lisnaskea, Co. Fermanagh, BT92 0JB
Nature of business: Retail supermarkets

Class of shares: Ordinary
Holding: 100%

14. STOCKS

Group
2024 2023
£ £
Inventories 768,579 665,876

The company did not hold any inventory at 31 January 2024 (2023:NIL).

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

15. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Other receivables 38,459 42,007 - -
Amounts owed by group undertakings - - 376 -
Amounts owed by related parties 115,988 81,058 - -
Prepayments and accrued income 40,089 31,953 - -
194,536 155,018 376 -

The company did not have any receivables at 31 January 2024 (2023:NIL).

The amounts owed by group and related party undertakings are unsecured and repayable on demand.

16. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 18)
301,677

276,213

-

-
Hire purchase contracts (see note 19) 6,499 15,622 - -
Trade payables 768,027 942,845 - -
Amounts owed to related parties 15,000 15,000 - -
Tax 62,273 103,546 - -
Social security and other taxes 28,865 26,278 - -
VAT 79,370 82,287 - -
Other payables 348,797 505,479 346,476 473,100
Directors' current accounts 1,185 6,225 - -
Accruals and deferred income 361,194 316,207 - -
1,972,887 2,289,702 346,476 473,100

The amounts owed to group and related party undertakings are unsecured and repayable on demand.

17. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

Group
2024 2023
£ £
Bank loans (see note 18) 2,594,335 2,849,633

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 770 770
Bank loans 300,907 275,443
301,677 276,213
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,782,391 1,972,445
Amounts falling due between two and five years:
Bank loans - 2-5 years 341,442 341,442
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 470,502 535,746

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).

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 6,499 15,622

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

20. FINANCIAL INSTRUMENTS

2024 2023
£ £
Carrying amount of financial assets in the Group
Measured at fair value through the income statement 1,040,815 1,310,126

Carrying amount of financial liabilities in the Group
Measured at amortised cost 4,396,712 4,927,224

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax
Accelerated capital allowances 277,213 314,881

Group
Deferred tax
£
Balance at 1 February 2023 314,881
Credit to Income Statement during year (37,668 )
Balance at 31 January 2024 277,213

22. DEFERRED INCOME

Group
2024 2023
£ £
Deferred Income 331,391 386,120

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
105,300 Ordinary 1.00 105,300 105,300

24. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 February 2023 1,692,281 523,252 2,215,533
Profit for the year 388,706 - 388,706
Dividends (60,000 ) - (60,000 )
At 31 January 2024 2,020,987 523,252 2,544,239

SWIFTS RETAIL HOLDING LTD (REGISTERED NUMBER: NI668323)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

24. RESERVES - continued

Company
Retained
earnings
£

At 1 February 2023 27,000
Profit for the year 187,000
Dividends (60,000 )
At 31 January 2024 154,000


25. RELATED PARTY DISCLOSURES

The group and its subsidiary companies have 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 with wholly owned subsidiaries within the group.

The following transactions fall to be disclosed under financial reporting standard 102 (FRS 102) in respect of transactions with related undertakings as the directors and shareholders are deemed to be related undertakings due to their position within the group.

As at 31 January 2024 the directors were owed £1,185 (2023: £6,225). This is disclosed in note 16 to the financial statements.

Directors of the group Ms Sandra Swift and Mr Stephen Swift received a dividend by nature of their shareholding in the company.

The directors of the company have provided personal gurantees in respect of the bank loans held by the company. Details of the gurantees are included in note 18 to the financial statements.

At the year end 31 January 2024 there were amounts owed by related parties of £115,988
(2023: £81,788) and amounts owed to related parties of £15,000 (2023 :£15,000). Related parties are deemed to be related by virtue of common directors and shareholders.

26. POST BALANCE SHEET EVENTS

On 24 July 2024, the group sold its 100% shareholding in Goldland Merchants Limited to an unconnected third party.

27. ULTIMATE CONTROLLING PARTY

The smallest and largest group for which consolidated accounts are prepared including the results
of this company is Swifts Retail Holding Ltd. These financial statements are available to the public
from Companies House at 32-38 Linenhall Street, Belfast.

At the year end the ultimate controlling parties are Stephen Swift and Sandra Swift.