Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10538602 2023-01-01 2023-12-31 10538602 2022-01-01 2022-12-31 10538602 2023-12-31 10538602 2022-12-31 10538602 c:Director1 2023-01-01 2023-12-31 10538602 d:OfficeEquipment 2023-01-01 2023-12-31 10538602 d:ComputerEquipment 2023-12-31 10538602 d:ComputerEquipment 2022-12-31 10538602 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10538602 d:CurrentFinancialInstruments 2023-12-31 10538602 d:CurrentFinancialInstruments 2022-12-31 10538602 d:Non-currentFinancialInstruments 2023-12-31 10538602 d:Non-currentFinancialInstruments 2022-12-31 10538602 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10538602 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10538602 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10538602 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10538602 d:ShareCapital 2023-12-31 10538602 d:ShareCapital 2022-12-31 10538602 d:RetainedEarningsAccumulatedLosses 2023-12-31 10538602 d:RetainedEarningsAccumulatedLosses 2022-12-31 10538602 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10538602 c:OrdinaryShareClass1 2023-12-31 10538602 c:OrdinaryShareClass1 2022-12-31 10538602 c:FRS102 2023-01-01 2023-12-31 10538602 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10538602 c:FullAccounts 2023-01-01 2023-12-31 10538602 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10538602 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10538602









SWIFEX LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SWIFEX LTD
REGISTERED NUMBER: 10538602

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
505
809

Current assets
  

Debtors: amounts falling due within one year
 5 
46,035
53,944

Cash at bank and in hand
  
1,638
345

  
47,673
54,289

Creditors: amounts falling due within one year
 6 
(10,840)
(11,868)

Net current assets
  
 
 
36,833
 
 
42,421

Total assets less current liabilities
  
37,338
43,230

Creditors: amounts falling due after more than one year
 7 
(36,401)
(37,815)

Net assets
  
937
5,415


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
837
5,315

  
937
5,415


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 November 2024.

A Anand
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
SWIFEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Swifex Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and business address is 124 City Road, London EC1V 2NX.
The company's principal activity is that of the provision of investment advice.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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.
Revenue from a contract to provide services is recognised in the period in which the services are provided.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Page 2

 
SWIFEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 3

 
SWIFEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
1,214



At 31 December 2023

1,214



Depreciation


At 1 January 2023
405


Charge for the year on owned assets
304



At 31 December 2023

709



Net book value



At 31 December 2023
505



At 31 December 2022
809


5.


Debtors

2023
2022
£
£


Trade debtors
-
321

Other debtors
46,035
53,623

46,035
53,944



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan and overdraft
10,000
10,000

Corporation tax
270
1,070

Other creditors
570
798

10,840
11,868


Page 4

 
SWIFEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,401
37,815


Included within creditors is £50,000 in respect of a bank loan which is guaranteed by the government under the coronavirus Bounce Bank Loan Scheme.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


 
Page 5