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SWIFT GLASS AND GLAZING LTD

Registered Number
13645603
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

SWIFT GLASS AND GLAZING LTD
Company Information
for the year from 1 October 2023 to 30 September 2024

Director

SMITH, Kevin Neil

Registered Address

Wolfe Mead
Farnham Road
Bordon
GU35 0NH

Registered Number

13645603 (England and Wales)
SWIFT GLASS AND GLAZING LTD
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets36,8028,123
6,8028,123
Current assets
Stocks43,0003,000
Debtors3,6972,852
Cash at bank and on hand32,50950,041
39,20655,893
Creditors amounts falling due within one year5(12,862)(17,187)
Net current assets (liabilities)26,34438,706
Total assets less current liabilities33,14646,829
Provisions for liabilities6(58)(138)
Net assets33,08846,691
Capital and reserves
Called up share capital22
Profit and loss account33,08646,689
Shareholders' funds33,08846,691
The financial statements were approved and authorised for issue by the Director on 17 February 2025, and are signed on its behalf by:
SMITH, Kevin Neil
Director
Registered Company No. 13645603
SWIFT GLASS AND GLAZING LTD
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Vehicles20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 October 2351611,00011,516
Additions326-326
At 30 September 2484211,00011,842
Depreciation and impairment
At 01 October 23933,3003,393
Charge for year1071,5401,647
At 30 September 242004,8405,040
Net book value
At 30 September 246426,1606,802
At 30 September 234237,7008,123
4.Stocks

2024

2023

££
Finished goods3,0003,000
Total3,0003,000
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,018170
Bank borrowings and overdrafts1779
Taxation and social security8,90515,379
Other creditors769759
Accrued liabilities and deferred income2,153800
Total12,86217,187
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)58138
Total58138