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REGISTERED NUMBER: 10831534 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2024

for

SWIP Ltd

SWIP Ltd (Registered number: 10831534)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


SWIP Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: P H Stokes
Mrs L Stokes
Mrs C E O'Donnell
C A O'Donnell



REGISTERED OFFICE: Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD



BUSINESS ADDRESS: ROC House
30 Inkerman Street
Birmingham
West Midlands
B7 4SB



REGISTERED NUMBER: 10831534 (England and Wales)



SENIOR STATUTORY AUDITOR: Susanna D Ault FCCA ACA



AUDITORS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

SWIP Ltd (Registered number: 10831534)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

FAIR REVIEW OF BUSINESS
During the year, the Company had an overall increase in their sales of £39,857,244 (2023: £16,167,224), an operating profit of £3,616,430 (2023: £3,150,556) and the Company's profit before tax was £2,846,225 (2023: £2,558,722). Whilst maintaining our strong connections within the retrofit and ECO industry, and the Company's continuation of our tried and tested systems, SWIP Ltd has solidified their position with a majority in the market share.

Due to an uncertain change in Government, which may impact the Energy Company Obligation Grants, the Company has diversified into other areas within the industry where the SWIP Ltd systems can be utilised. An example of this is to expand our work into the local authority schemes to help increase the energy efficiency of low-income households.

To support the growth and changes to the Company's sector, in the year ended 30th June 2024 we have conducted changes to the organisation of SWIP Ltd. These changes have consisted of an internal restructure and an increase of Company turnover to enforce clearer lines of communication throughout the reporting structure.

On a quarterly basis, the Board of Directors are reviewing the performance of the Company as well as its management systems.

SECTION 172(1) STATEMENT
Set out below is the Company's section 172 report as required by the Regulations. The Regulations require SWIP Ltd to report how the Directors of the Company have considered their duties under section 172 (of the Companies Act 2006) to promote the success of the Company for the benefit of its sole member, and in doing so have regard (amongst other matters) to:

- the likely consequences of any decision in the long term.
- the interest of the Company's employees.
- the need to foster the Company's business relationships with suppliers, customers and others.
- the impact of the Company's operating on the community and the environment.
- the desirability of the Company maintaining a reputation for high standards of business conduct; and
- the need to act fairly between members of the Company.

In giving due regard to their section 172 duty the Directors are mindful of the Company's principal activities and its purpose and function within the Group. The Directors are particularly focused on the impact of the Company's operations on its workforce, the community and the environment.

On an ongoing basis, the board assess the major risks affecting the Company and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting objectives, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis.

Employees are a key to SWIP's success and the Company engages with employees on a regular basis. Supervisor, site manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The Company monitors staff turnover and performance to understand staff progression within the business.

ON BEHALF OF THE BOARD:





P H Stokes - Director


7 February 2025

SWIP Ltd (Registered number: 10831534)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of insulation products.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

P H Stokes
Mrs L Stokes
Mrs C E O'Donnell

Other changes in directors holding office are as follows:

C A O'Donnell was appointed as a director after 30 June 2024 but prior to the date of this report.

DONATIONS AND EXPENDITURE
All donations are non political donations.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SWIP Ltd (Registered number: 10831534)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P H Stokes - Director


7 February 2025

Report of the Independent Auditors to the Members of
SWIP Ltd

Opinion
We have audited the financial statements of SWIP Ltd (the 'company') for the year ended 30 June 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.
The financial statements to 30 June 2023 are noted as unaudited. Based on the work undertaken in the course of the audit, we consider the opening balances at 1 July 2023 to be fairly stated.

Report of the Independent Auditors to the Members of
SWIP Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
SWIP Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Susanna D Ault FCCA ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

7 February 2025

SWIP Ltd (Registered number: 10831534)

Profit and Loss Account
for the Year Ended 30 June 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 4 39,857,244 16,167,224

Cost of sales (19,312,392 ) (7,831,353 )
GROSS PROFIT 20,544,852 8,335,871

Administrative expenses (16,928,422 ) (5,185,315 )
OPERATING PROFIT 6 3,616,430 3,150,556

Interest receivable and similar income 8 304,570 53,750
3,921,000 3,204,306

Interest payable and similar expenses 9 (7,223 ) (5,073 )
PROFIT BEFORE TAXATION 3,913,777 3,199,233

Tax on profit 10 (1,067,552 ) (640,511 )
PROFIT FOR THE FINANCIAL YEAR 2,846,225 2,558,722

SWIP Ltd (Registered number: 10831534)

Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 2,846,225 2,558,722


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,846,225

2,558,722

SWIP Ltd (Registered number: 10831534)

Balance Sheet
30 June 2024

2024 2023
(Unaudited)
Notes £    £   
FIXED ASSETS
Tangible assets 12 362,698 358,367
Investments 13 6 -
362,704 358,367

CURRENT ASSETS
Stocks 14 468,288 230,000
Debtors 15 11,501,587 5,143,576
Cash at bank and in hand 3,209,742 4,972,716
15,179,617 10,346,292
CREDITORS
Amounts falling due within one year 16 (8,441,712 ) (6,537,480 )
NET CURRENT ASSETS 6,737,905 3,808,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,100,609

4,167,179

PROVISIONS FOR LIABILITIES 17 (87,205 ) -
NET ASSETS 7,013,404 4,167,179

CAPITAL AND RESERVES
Called up share capital 18 8 8
Retained earnings 19 7,013,396 4,167,171
SHAREHOLDERS' FUNDS 7,013,404 4,167,179

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





P H Stokes - Director


SWIP Ltd (Registered number: 10831534)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 8 1,908,449 1,908,457

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 2,558,722 2,558,722
Balance at 30 June 2023 8 4,167,171 4,167,179

Changes in equity
Total comprehensive income - 2,846,225 2,846,225
Balance at 30 June 2024 8 7,013,396 7,013,404

SWIP Ltd (Registered number: 10831534)

Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,672,135 6,286,108
Interest paid - (76 )
Interest element of hire purchase or finance
lease rental payments paid

(7,223

)

(4,997

)
Tax paid (1,054,158 ) 381
Net cash from operating activities 2,610,754 6,281,416

Cash flows from investing activities
Purchase of tangible fixed assets (149,696 ) (187,329 )
Purchase of fixed asset investments (6 ) -
Sale of tangible fixed assets 27,009 -
Interest received 304,570 53,750
Net cash from investing activities 181,877 (133,579 )

Cash flows from financing activities
New loans in year 730,142 -
Loan repayments in year 5,958 32,252
Due from associates (5,250,782 ) (3,065,408 )
Capital repayments in year - 54,460
Amount withdrawn by directors (40,923 ) (159,302 )
Equity dividends paid - (300,000 )
Net cash from financing activities (4,555,605 ) (3,437,998 )

(Decrease)/increase in cash and cash equivalents (1,762,974 ) 2,709,839
Cash and cash equivalents at beginning of
year

2

4,972,716

2,262,877

Cash and cash equivalents at end of year 2 3,209,742 4,972,716

SWIP Ltd (Registered number: 10831534)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
(Unaudited)
£    £   
Profit before taxation 3,913,777 3,199,233
Depreciation charges 108,410 94,693
Loss on disposal of fixed assets 9,946 -
Finance costs 7,223 5,073
Finance income (304,570 ) (53,750 )
3,734,786 3,245,249
Increase in stocks (238,288 ) (110,000 )
Increase in trade and other debtors (1,073,471 ) (156,666 )
Increase in trade and other creditors 1,249,108 3,307,525
Cash generated from operations 3,672,135 6,286,108

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 3,209,742 4,972,716
Year ended 30 June 2023
30.6.23 1.7.22
(Unaudited)
£    £   
Cash and cash equivalents 4,972,716 2,262,877


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 4,972,716 (1,762,974 ) 3,209,742
4,972,716 (1,762,974 ) 3,209,742
Total 4,972,716 (1,762,974 ) 3,209,742

SWIP Ltd (Registered number: 10831534)

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

1. STATUTORY INFORMATION

SWIP Ltd 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. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long-term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


SWIP Ltd (Registered number: 10831534)

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

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
(Unaudited)
£    £   
United Kingdom 39,857,244 16,167,224
39,857,244 16,167,224

SWIP Ltd (Registered number: 10831534)

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

5. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 13,991,834 3,711,789
Social security costs 1,908,574 490,908
Other pension costs 13,689 9,700
15,914,097 4,212,397

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Directors 3 3
Employees 15 10
18 13

2024 2023
(Unaudited)
£    £   
Directors' remuneration 5,578,565 3,397,450
Directors' pension contributions to money purchase schemes 2,970 2,946

Information regarding the highest paid director is as follows:
2024 2023
(Unaudited)
£    £   
Emoluments etc 4,812,516 93,749
Pension contributions to money purchase schemes 1,321 816

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
(Unaudited)
£    £   
Other operating leases 118,408 80,311
Depreciation - owned assets 108,410 94,693
Loss on disposal of fixed assets 9,946 -

7. AUDITORS' REMUNERATION
2024 2023
(Unaudited)
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,000

-

SWIP Ltd (Registered number: 10831534)

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

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
(Unaudited)
£    £   
Loan interest 304,570 53,750

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Bank loan interest - 76
Hire purchase - 3,874
Corporation tax interest 7,223 1,015
PAYE interest - 108
7,223 5,073

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 980,347 640,511

Deferred tax 87,205 -
Tax on profit 1,067,552 640,511

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
(Unaudited)
£    £   
Profit before tax 3,913,777 3,199,233
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

978,444

655,843

Effects of:
Expenses not deductible for tax purposes (5,911 ) 3,852
Capital allowances in excess of depreciation - (19,184 )
Depreciation in excess of capital allowances 7,814 -
Deferred tax 87,205 -
Total tax charge 1,067,552 640,511

SWIP Ltd (Registered number: 10831534)

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

11. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary A shares of £1 each
Interim - 300,000

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 54,372 124,910 304,803 62,454 546,539
Additions 30,128 1,100 116,790 1,678 149,696
Disposals (2,009 ) - (68,990 ) - (70,999 )
At 30 June 2024 82,491 126,010 352,603 64,132 625,236
DEPRECIATION
At 1 July 2023 13,585 35,877 106,797 31,913 188,172
Charge for year 14,658 17,978 57,399 18,375 108,410
Eliminated on disposal (42 ) - (34,002 ) - (34,044 )
At 30 June 2024 28,201 53,855 130,194 50,288 262,538
NET BOOK VALUE
At 30 June 2024 54,290 72,155 222,409 13,844 362,698
At 30 June 2023 40,787 89,033 198,006 30,541 358,367

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 6
At 30 June 2024 6
NET BOOK VALUE
At 30 June 2024 6

SWIP Ltd (Registered number: 10831534)

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

13. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

PSCM Insulation & Fabrication Ltd
Registered office: As parent undertaking - see page 1
Nature of business: supply of cladding products
%
Class of shares: holding
Ordinary £ 1 shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 432,398 311,810
Profit for the year 120,588 113,987

CDP Transport Solutions Ltd
Registered office: As parent undertaking - see page 1
Nature of business: Transport services
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 269,705 121,090
Profit for the year 148,615 64,620

Green Roof Product Supplies Ltd
Registered office: As parent undertaking - see page 1
Nature of business: Supply of roofing products
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 219,233 105,573
Profit for the year 113,660 77,859

Shares in all subsidiaries were transferred to SWIP Ltd on 31 March 2021.

14. STOCKS
2024 2023
(Unaudited)
£    £   
Stocks 468,288 230,000

SWIP Ltd (Registered number: 10831534)

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

15. DEBTORS
2024 2023
(Unaudited)
£    £   
Amounts falling due within one year:
Trade debtors 3,046,605 2,001,360
Amounts owed by group undertakings - 5,958
Amounts owed by associates 620 658
Other debtors 23,763 23,708
Directors' current accounts 39,716 -
Prepayments 75,313 47,142
3,186,017 2,078,826

Amounts falling due after more than one year:
Amounts owed by associates 8,315,570 3,064,750

Aggregate amounts 11,501,587 5,143,576

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade creditors 2,303,169 1,225,612
Amounts owed to group undertakings 1,076,166 346,024
Tax 567,081 640,892
Social security and other taxes 1,323,812 46,054
Pension 3,126 2,029
VAT 907,994 612,590
Other creditors 6,264 4,472
Directors' current accounts - 1,207
Accrued expenses 2,254,100 3,658,600
8,441,712 6,537,480

17. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax 87,205 -

Deferred
tax
£   
Charge to Profit and Loss Account during year 87,205
Balance at 30 June 2024 87,205

SWIP Ltd (Registered number: 10831534)

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

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary A £1 2 2
2 Ordinary B £1 2 2
2 Ordinary C £1 2 2
2 Ordinary D £1 2 2
8 8

Each class of shares has equal voting rights and equal rights to dividends and to assets in respect of a capital distribution on the winding up of the company.

19. RESERVES
Retained
earnings
£   

At 1 July 2023 4,167,171
Profit for the year 2,846,225
At 30 June 2024 7,013,396

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Pension contributions totalling £3,126 (2023: £2,029) were payable at the year end and are included in creditors.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
(Unaudited)
£    £   
P H Stokes
Balance outstanding at start of year (1,207 ) -
Amounts advanced 40,927 -
Amounts repaid - (1,207 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,720 (1,207 )

The amount outstanding at the year end will be repaid by 31 March 2025.

SWIP Ltd (Registered number: 10831534)

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

22. RELATED PARTY DISCLOSURES

ROCL Housing Limited

A company in which Mr P H Stokes & Mr C A O'Donnell are shareholders.


The related party transactions with ROCL Housing Limited consists of two loan agreements, which are as follows:
- Loan Agreement Number 1 is a sum of £450,000 which commenced on the 1st April 2022 and is fully repayable on the 31st March 2027. The rate of interest associated with the loan is set at 3% per annum at a flat rate and commenced on the 1st April 2022.
- Loan Agreement Number 2 is a sum of £2,561,000 which commenced on the 1st October 2022 and is fully repayable on the 30th September 2027. This agreement is not limited to £2,561,000 and further sums can be advanced to ROCL Housing Limited from SWIP Limited. The rate of interest associated with the loan is set at 6% per annum at a flat rate and commenced on the 1st October 2022. During the year ended 30 June 2024, further sums totalling £5,000,000 were loaned to ROCL Housing Limited.

The amount outstanding at 30 June 2024 was £8,316,190 (2023: £3,065,408).