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REGISTERED NUMBER: 02724904 (England and Wales)















Financial Statements for the Year Ended 30 June 2024

for

Swift Aerospace Services Limited

Swift Aerospace Services Limited (Registered number: 02724904)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Swift Aerospace Services Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R Gerber
B C Stephens



SECRETARY: R Gerber



REGISTERED OFFICE: Unit B
City Park
Watchmead
Welwyn Garden City
Hertfordshire
AL7 1LT



REGISTERED NUMBER: 02724904 (England and Wales)



SENIOR STATUTORY
AUDITOR:
P Waite



AUDITORS: Aspen Waite Chartered Certified Accountants
Rubis House
15 Friarn Street
Somerset
TA6 3LH

Swift Aerospace Services Limited (Registered number: 02724904)

Balance Sheet
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,991 29,436
Investments 5 28,260 28,260
73,251 57,696

CURRENT ASSETS
Stocks 5,069,084 4,340,362
Debtors 6 5,216,322 4,104,815
Cash in hand 2 2
10,285,408 8,445,179
CREDITORS
Amounts falling due within one year 7 3,881,898 2,465,125
NET CURRENT ASSETS 6,403,510 5,980,054
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,476,761

6,037,750

PROVISIONS FOR LIABILITIES 10,895 6,929
NET ASSETS 6,465,866 6,030,821

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 6,455,866 6,020,821
SHAREHOLDERS' FUNDS 6,465,866 6,030,821

Swift Aerospace Services Limited (Registered number: 02724904)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:




R Gerber - Director



B C Stephens - Director


Swift Aerospace Services Limited (Registered number: 02724904)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. Statutory information

Swift Aerospace Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Swift Aerospace Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - on cost over the term of the lease
Plant and machinery etc - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Swift Aerospace Services Limited (Registered number: 02724904)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. 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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 29 (2023 - 25 ) .

Swift Aerospace Services Limited (Registered number: 02724904)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 July 2023 279,593 252,985 532,578
Additions - 36,295 36,295
At 30 June 2024 279,593 289,280 568,873
Depreciation
At 1 July 2023 275,163 227,979 503,142
Charge for year 1,366 19,374 20,740
At 30 June 2024 276,529 247,353 523,882
Net book value
At 30 June 2024 3,064 41,927 44,991
At 30 June 2023 4,430 25,006 29,436

5. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 July 2023
and 30 June 2024 28,260
Net book value
At 30 June 2024 28,260
At 30 June 2023 28,260

6. Debtors: amounts falling due within one year
30/6/24 30/6/23
£    £   
Trade debtors 2,401,802 1,338,748
Amounts owed by group undertakings 2,658,701 2,590,825
Other debtors 155,819 175,242
5,216,322 4,104,815

Swift Aerospace Services Limited (Registered number: 02724904)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


7. Creditors: amounts falling due within one year
30/6/24 30/6/23
£    £   
Bank loans and overdrafts 1,152,600 507,026
Trade creditors 1,566,115 980,211
Taxation and social security 233,735 200,330
Other creditors 929,448 777,558
3,881,898 2,465,125

8. Secured debts

The following secured debts are included within creditors:

30/6/24 30/6/23
£    £   
Bank overdrafts 1,152,600 507,026

Secured by a fixed and floating charge over company assets.

9. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

P Waite (Senior Statutory Auditor)
for and on behalf of Aspen Waite Chartered Certified Accountants

10. Other financial commitments

Land and buildings - operating leases expiring30/6/2430/6/23
££
- within one year61,400122,800
- within two to five years-61,400
61,400184,200

Swift Aerospace Services Limited (Registered number: 02724904)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


11. Directors' advances, credits and guarantees

The following advances and credits from a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30/6/24 30/6/23
£    £   
R Gerber
Balance outstanding at start of year (225,000 ) -
Amounts advanced 200,000 25,000
Amounts repaid - (250,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (25,000 ) (225,000 )

Other transactions
The following amounts were paid to a director:30/6/2430/6/23
£ £
R Gerber
Dividends--250,000