Registered number
09950233
Swift Communications Limited
Filleted Accounts
31 January 2024
Swift Communications Limited
Registered number: 09950233
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets Restated
Intangible assets 3 14,098 18,799
Tangible assets 4 79,029 99,414
Investments 5 2,200 2,200
95,327 120,413
Current assets
Stocks 10,504 5,952
Debtors 6 90,041 17,158
Cash at bank and in hand 89,559 102,573
190,104 125,683
Creditors: amounts falling due within one year 7 (149,649) (112,301)
Net current assets 40,455 13,382
Total assets less current liabilities 135,782 133,795
Creditors: amounts falling due after more than one year 8 (173,270) (151,853)
Net liabilities (37,488) (18,058)
Capital and reserves
Called up share capital 100 100
Profit and loss account (37,588) (18,158)
Shareholders' funds (37,488) (18,058)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J W Mack
Director
Approved by the board on 31 October 2024
Swift Communications Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Website development costs 5 years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Reducing balance
Leasehold improvements 10% Straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Intangible fixed assets £
Website Costs:
Cost
At 1 February 2023 23,500
At 31 January 2024 23,500
Amortisation
At 1 February 2023 4,701
Provided during the year 4,701
At 31 January 2024 9,402
Net book value
At 31 January 2024 14,098
At 31 January 2023 18,799
Website Development is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 1,323 125,573 19,190 146,086
Additions - 24,655 - 24,655
Disposals - (46,230) - (46,230)
At 31 January 2024 1,323 103,998 19,190 124,511
Depreciation
At 1 February 2023 660 43,133 2,879 46,672
Charge for the year 132 11,406 2,447 13,985
On disposals - (15,175) - (15,175)
At 31 January 2024 792 39,364 5,326 45,482
Net book value
At 31 January 2024 531 64,634 13,864 79,029
At 31 January 2023 663 82,440 16,311 99,414
5 Investments
Other
investments
£
Cost
At 1 February 2023 2,200
At 31 January 2024 2,200
Historical cost
At 1 February 2023 2,200
At 31 January 2024 2,200
6 Debtors 2024 2023
£ £
Trade debtors 23,028 13,621
Other debtors 67,013 3,537
90,041 17,158
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,001 9,926
Obligations under finance lease and hire purchase contracts 3,573 3,231
Trade creditors 61,337 56,919
Taxation and social security costs 34,142 22,509
Other creditors 40,596 19,716
149,649 112,301
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,167 24,167
Obligations under finance lease and hire purchase contracts 9,159 12,732
Other creditors 149,944 114,954
173,270 151,853
9 Secured Liabilities 2024 2023
£ £
Creditors include:
Obligations under finance lease and hire purchase contracts 12,732 15,963
The obligation under HP agreements are secured by the underlying assets to which the liability relates.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 38,775 22,944
11 Related party transactions
At the start of the year the company owed the directors £114,954. During the year the company repaid £45,000 and further amounts were advanced to the company amounting to £79,990. At the balance sheet date, £149,944 was still outstanding and is presented within creditors: amounts falling due after more than one year. No interest is being charged on the loan amounts.
12 Other information
Swift Communications Limited is a private company limited by shares and incorporated in England. Its registered office is:
19 Brookside Industrial Estate
Sawtry
Huntingdon
Cambridgeshire
PE28 5SB
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