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REGISTERED NUMBER: NI037432 (Northern Ireland)















SWIFTS SUPERMARKETS LTD

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 January 2024






SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)






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




Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Income Statement 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


SWIFTS SUPERMARKETS LTD

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr Stephen Swift
Ms Sandra Swift



SECRETARY: Ms Sandra Swift



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



REGISTERED NUMBER: NI037432 (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
BT74 6AA

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report for the year ended 31 January 2024.

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

Swifts Supermarkets Ltd 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 company returned a profit for the financial year of £451,863 (2023: £310,479) on a turnover base of £10,656,064 (2023: £10,233,509). The company has net assets of £2,422,112 (2023: £2,157,249). 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 company remains profitable. The company continues to maintain a strong net asset position.

2024 2023
Revenue £10,656,064 £10,233,509
Gross profit margin 22.5% 22.1%
Operating profit £542,020 £418,839

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks from the company's operations are business interruption, customer proposition and food and product safety. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.

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

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

Food and Product Safety
We are aware that if we fail to deliver excellent standards of hygiene and safety in our products, there is a potential to harm our customers and damage our business reputation. Food safety is of paramount importance.

STRATEGY AND DEVELOPMENT
The company's success is dependent on understanding and meeting the developing needs of customers and developing innovative solutions for their needs. The company 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. With its strong capital base and proven track record the company believes it will be well placed to retain existing customers and generate new business.










SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

FUTURE DEVELOPMENTS
The company is committed to long term creation of shareholder value by increasing the company's market share. The company aims to increase revenue and operating profits. The company 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 - Secretary


30 October 2024

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

Directors' Report
FOR THE YEAR ENDED 31 JANUARY 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company is retail of non-specialist food, beverages, tobacco and alcohol in commercial premises.

DIVIDENDS
Interim dividends paid during the year amounted to £187,000 (2023: £124,000). 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 company did not make any disclosable political donations in 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, financial key performance indicators and future developments in the company'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 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 of the profit or loss of the Company 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 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. They are 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 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 Company'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 Company's auditors are aware of that information.

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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 - Secretary


30 October 2024

Independent Auditors' Report to the Members of
Swifts Supermarkets Ltd

Opinion
We have audited the financial statements of Swifts Supermarkets Ltd (the 'Company') for the year ended 31 January 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and 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 Company's affairs as at 31 January 2024 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.

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 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 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 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 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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Swifts Supermarkets Ltd


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 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, 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 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Independent Auditors' Report to the Members of
Swifts Supermarkets Ltd


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.

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.

Independent Auditors' Report to the Members of
Swifts Supermarkets Ltd


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

30 October 2024

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

Income Statement
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £

REVENUE 4 10,656,064 10,233,509

Cost of sales (8,259,303 ) (7,972,347 )
GROSS PROFIT 2,396,761 2,261,162

Administrative expenses (1,942,365 ) (1,896,041 )
454,396 365,121

Other operating income 87,624 53,718
OPERATING PROFIT 6 542,020 418,839

Finance income 892 -
542,912 418,839

Finance costs 7 (115,237 ) (68,373 )
PROFIT BEFORE TAXATION 427,675 350,466

Tax on profit 8 24,188 (39,987 )
PROFIT FOR THE FINANCIAL YEAR 451,863 310,479

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

451,863

310,479

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 10 75,000 75,000
Property, plant and equipment 11 3,748,095 3,852,253
3,823,095 3,927,253

CURRENT ASSETS
Inventories 12 419,280 364,052
Receivables 13 582,174 554,195
Cash at bank and in hand 278,668 503,230
1,280,122 1,421,477
PAYABLES
Amounts falling due within one year 14 (911,356 ) (1,092,592 )
NET CURRENT ASSETS 368,766 328,885
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,191,861

4,256,138

PAYABLES
Amounts falling due after more than
one year

15

(1,417,154

)

(1,547,009

)

PROVISIONS FOR LIABILITIES 18 (21,204 ) (167,465 )

DEFERRED INCOME 19 (331,391 ) (384,415 )
NET ASSETS 2,422,112 2,157,249

CAPITAL AND RESERVES
Called up share capital 20 210,000 210,000
Revaluation reserve 21 578,120 578,120
Retained earnings 21 1,633,992 1,369,129
SHAREHOLDERS' FUNDS 2,422,112 2,157,249

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





Ms Sandra Swift - Director


SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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 210,000 1,182,650 578,120 1,970,770

Changes in equity
Dividends - (124,000 ) - (124,000 )
Total comprehensive income - 310,479 - 310,479
Balance at 31 January 2023 210,000 1,369,129 578,120 2,157,249

Changes in equity
Dividends - (187,000 ) - (187,000 )
Total comprehensive income - 451,863 - 451,863
Balance at 31 January 2024 210,000 1,633,992 578,120 2,422,112

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

1. STATUTORY INFORMATION

Swifts Supermarkets Ltd is a private company limited by shares, registered in Northern Ireland. The company's registered number is NI037432 and the registered office address is 31-33 Main Street, Lisnaskea, Co Fermanagh, BT92 0JB.

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

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis and in accordance with 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 financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the "Act") and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Financial Reporting Standard 102 - reduced disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Swifts Retail Holding Ltd which can be obtained from Companies House.

The company has taken advantage of the following exemptions:

- from disclosing related party transactions that are wholly within the same group under
paragraph 33.1 of the provisions of FRS102, on the grounds that at 31 January 2024 the
company was a wholly owned subsidiary of Swift Retail Holding Ltd;
- from preparing a Statement of cash flows on the basis that it is a qualifying entity and its
cash flows are included in the cash flow statement in the consolidated financial statements
of its parent company; and
- from the financial instrument disclosures required under FRS 102 paragraphs 11.41(b) to
11.48(c) and 12.26 to 12.29, as the information is provided in the consolidated financial
statement disclosures.



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 SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

3. ACCOUNTING POLICIES - continued

Revenue
Revenue 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.

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.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment less their estimated residual value, over their expected useful lives as follows:


Freehold property-2% straight line
Plant and machinery-20% reducing balance
Fixtures and fittings-20% reducing balance
Motor vehicles-25% 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
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items.

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

3. ACCOUNTING POLICIES - continued

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 group and 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 group and 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.

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.


SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

Notes to the 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 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
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Leasing
Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement

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 the income statement in the period to which they relate.

Distributions to equity holders
Dividends and other distributions to the Company`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 Company`s shareholders. These amounts are recognised in the statement of changes in equity.

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 of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

3. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

Share Capital of the company
The ordinary share capital of the company is presented as equity.

Government Grants
Grants received in respect of capital equipment purchases are credited to a deferred income account and released to the profit and loss accounts over the useful life of the asset.

4. REVENUE

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

5. EMPLOYEES AND DIRECTORS

Staff costs, including directors' remuneration, were as follows:
20242023
£   £   
Wages and salaries970,589932,314
Social security costs51,71856,312
Other pension costs15,00432,096
1,037,3111,021,261

The average number of employees during the year was as follows:
20242023
Directors22
Selling, distribution & admininistration7984
8186


The directors are considered to be the key management of the company. Retirement benefits are accruing to the directors at the year end.

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

2024 2023
£    £   
Directors' remuneration 26,600 26,519
Directors' pensions paid 424 32,645
27,024 59,164

Directors are considered the key management of the company.

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

6. OPERATING PROFIT

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

20242023
£   £   
Hire of plant and machinery35,98636,010
Rent payable10,52010,336
Depreciation - owned assets119,141135,798
Foreign exchange differences(63)(142)
Fees payable to the company's auditors:
- fee for audit of the financial statements8,4008,000

7. FINANCE COSTS
2024 2023
£ £
Bank interest 115,237 68,373

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 122,073 81,453

Deferred tax:
Origination and reversal of timing differences (3,266 ) (413 )
Prior year adjustment (142,995 ) (41,053 )
Total deferred tax (146,261 ) (41,466 )
Tax on profit (24,188 ) 39,987

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

2024 2023
£ £
Profit before tax 427,675 350,466
Profit multiplied by the standard rate of corporation tax in the UK
of 24.030% (2023 - 19%)

102,770

66,589

Effects of:
Expenses not deductible for tax purposes 169 -
Depreciation in excess of capital allowances 15,995 14,451
Adjustment to deferred tax in respect of previous periods (142,995 ) (41,053 )
Impact of rate change (127 ) -
Total tax (credit)/charge (24,188 ) 39,987

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

9. DIVIDENDS
2024 2023
£ £
Ordinary Share Capital shares of 1 each
Interim 187,000 124,000

10. INTANGIBLE FIXED ASSETS
Patents and
licences
£
COST
At 1 February 2023
and 31 January 2024 75,000
NET BOOK VALUE
At 31 January 2024 75,000
At 31 January 2023 75,000

11. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 February 2023 4,074,623 795,985 850,514 29,778 5,750,900
Additions - - 14,983 - 14,983
At 31 January 2024 4,074,623 795,985 865,497 29,778 5,765,883
DEPRECIATION
At 1 February 2023 439,565 656,275 773,105 29,702 1,898,647
Charge for year 72,701 28,464 17,957 19 119,141
At 31 January 2024 512,266 684,739 791,062 29,721 2,017,788
NET BOOK VALUE
At 31 January 2024 3,562,357 111,246 74,435 57 3,748,095
At 31 January 2023 3,635,058 139,710 77,409 76 3,852,253

12. INVENTORIES
2024 2023
£ £
Goods for resale 419,280 364,052

13. RECEIVABLES
2024 2023
£ £
Other receivables 13,772 23,021
Amounts owed by group undertakings 428,977 432,681
Amounts owed by related parties 115,988 81,058
Prepayments and accrued income 23,437 17,435
582,174 554,195

The amounts owed by group undetakings are unsecured, interest free and payable on demand.

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

14. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 16)
128,245

127,495
Hire purchase contracts (see note 17) 6,499 15,622
Trade payables 458,491 557,545
Amounts owed to group undertakings 376 -
Corporation Tax 42,535 81,453
Social security and other taxes 20,829 19,021
VAT 49,218 51,476
Other payables 381 18,271
Directors' current accounts 1,185 6,225
Accruals and deferred income 203,597 215,484
911,356 1,092,592

15. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans (see note 16) 1,417,154 1,547,009

The hire purchase liability is secured on the assets to which it relates.

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 770 770
Bank loans 127,475 126,725
128,245 127,495

Amounts falling due between one and two years:
Bank loans - 1-2 years 1,417,154 1,547,009

The bank loans noted above are secured by way of:

- Fixed charge over the property at 23-33 Main Street, Lisnaskea, Co Fermanagh;
- Fixed and floating charge over the assets of the company;
- Cross company guarantee with Goldland Merchants Limited for £1,350,000; and
- Joint and several guarantee in the sum of £200,000.

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 6,499 15,622

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

18. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 21,204 167,465

Deferred tax
£
Balance at 1 February 2023 167,465
Credit to Income Statement during year (146,261 )
Balance at 31 January 2024 21,204

19. DEFERRED INCOME
2024 2023
£ £
Deferred income 331,391 384,415

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
210,000 Ordinary Share Capital 1 210,000 210,000

21. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 February 2023 1,369,129 578,120 1,947,249
Profit for the year 451,863 - 451,863
Dividends (187,000 ) - (187,000 )
At 31 January 2024 1,633,992 578,120 2,212,112

22. 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 with wholly owned subsidiaries within the group on the grounds that it is a 100% owned subsidiary and included in the consolidated accounts of Swift Retail Holding Limited.

The following related party transaction have been identified under the terms of FRS102.

At the year end 31 January 2024 there were amounts owed by related parties of £115,988 (2023:£81,058). Related parties are deemed to be related by virtue of common directors and shareholders.

The directors are regarded as related parties due to their position in the company. At the 31 January 2024 the directors were owed £1,185 (2023: £6,225) from the company. This has been disclosed in note 14 to the financial statements.

23. POST BALANCE SHEET EVENTS

There were no significant events affecting the company since year end.

SWIFTS SUPERMARKETS LTD (REGISTERED NUMBER: NI037432)

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

24. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Swifts Retail Holding Ltd, a company incorporated in Northern Ireland, which owns 100% of the issued share capital of Swifts Supermarkets Ltd.

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.