Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-282024-02-28true22No description of principal activity2023-03-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13193407 2023-03-01 2024-02-28 13193407 2022-03-01 2023-02-28 13193407 2024-02-28 13193407 2023-02-28 13193407 c:Director1 2023-03-01 2024-02-28 13193407 d:PlantMachinery 2023-03-01 2024-02-28 13193407 d:PlantMachinery 2024-02-28 13193407 d:PlantMachinery 2023-02-28 13193407 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 13193407 d:ComputerEquipment 2023-03-01 2024-02-28 13193407 d:ComputerEquipment 2024-02-28 13193407 d:ComputerEquipment 2023-02-28 13193407 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 13193407 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 13193407 d:CurrentFinancialInstruments 2024-02-28 13193407 d:CurrentFinancialInstruments 2023-02-28 13193407 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-28 13193407 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13193407 d:ShareCapital 2024-02-28 13193407 d:ShareCapital 2023-02-28 13193407 d:RetainedEarningsAccumulatedLosses 2024-02-28 13193407 d:RetainedEarningsAccumulatedLosses 2023-02-28 13193407 d:AcceleratedTaxDepreciationDeferredTax 2024-02-28 13193407 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13193407 d:TaxLossesCarry-forwardsDeferredTax 2024-02-28 13193407 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 13193407 c:OrdinaryShareClass1 2023-03-01 2024-02-28 13193407 c:OrdinaryShareClass1 2024-02-28 13193407 c:OrdinaryShareClass1 2023-02-28 13193407 c:FRS102 2023-03-01 2024-02-28 13193407 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 13193407 c:FullAccounts 2023-03-01 2024-02-28 13193407 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 13193407 e:PoundSterling 2023-03-01 2024-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13193407










SWIFT RACING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2024

 
SWIFT RACING LTD
REGISTERED NUMBER: 13193407

BALANCE SHEET
AS AT 28 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
58,467
70,487

  
58,467
70,487

Current assets
  

Stocks
 5 
2,550
7,615

Debtors: amounts falling due within one year
 6 
186,845
199,535

Cash at bank and in hand
 7 
45,031
20,089

  
234,426
227,239

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(337,093)
(348,367)

Net current liabilities
  
 
 
(102,667)
 
 
(121,128)

Total assets less current liabilities
  
(44,200)
(50,641)

Net liabilities
  
(44,200)
(50,641)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(44,300)
(50,741)

  
(44,200)
(50,641)


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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
SWIFT RACING LTD
REGISTERED NUMBER: 13193407

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Gruenbaum
Director

Date: 28 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1.


General information

Swift Racing Ltd is a private company, limited by share capital and incorporated in England and Wales.
The company's registered office address is Unit 1 Hill Farm, Byslips Road, Studham, Dunstable, Bedfordshire, LU6 2ND.

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

Going concern

At the period end the company had net liabilities of £44,200 (2023: £50,641) having generated a profit of £6,441 (2023: £18,538). The director has indicated that they are willing to continue to provide funding to support the company, to enable the company to meet its third party liabilities as they fall due, therefore the accounts have been prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

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. The following criteria must also 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

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.

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:

Plant and machinery
-
5 years and 10 years
Computer equipment
-
5 years

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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.

Page 5

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

2024
£

Wages and salaries
26,763

Cost of defined contribution scheme
616

27,379


The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
88,886
4,789
93,675


Additions
-
140
140



At 28 February 2024

88,886
4,929
93,815



Depreciation


At 1 March 2023
21,482
1,706
23,188


Charge for the year on owned assets
11,179
981
12,160



At 28 February 2024

32,661
2,687
35,348



Net book value



At 28 February 2024
56,225
2,242
58,467

Page 6

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

5.


Stocks

2024
2023
£
£

Goods for resale
2,550
7,615

2,550
7,615



6.


Debtors

2024
2023
£
£

Trade debtors
48,271
43,844

Other debtors
122,996
132,638

Prepayments and accrued income
-
4,836

Deferred taxation
15,578
18,217

186,845
199,535



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
45,031
20,089

45,031
20,089



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
26,536
23,532

Other taxation and social security
666
2,281

Other creditors
297,877
271,437

Accruals and deferred income
12,014
51,117

337,093
348,367


Page 7

 
SWIFT RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

9.


Deferred taxation




2024


£






At beginning of year
18,217


Charged to profit or loss
(2,639)



At end of year
15,578

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(14,616)
(17,622)

Tax losses carried forward
30,194
35,839

15,578
18,217


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £616 (2023: £736). Contributions totalling £132 (2023: £79) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

At the period end the company owed its director £287,245 (2022: £257,164). This amount is interest free and repayable upon demand.


13.


Controlling party

The company is controlled by its director, by virtue of their 100% shareholding.


Page 8