Swift Brake & Clutch Limited Filleted Accounts Cover
Swift Brake & Clutch Limited
Company No. 03807216
Information for Filing with The Registrar
31 July 2024
Swift Brake & Clutch Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 July 2024.
Principal activities
The principal activity of the company during the year under review was that of the sale of motor vehicle parts.
Directors
The Directors who served at any time during the year were as follows:
E. Paisley
R.E. Paisley
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
R.E. Paisley
Company Secretary
10 April 2025
Swift Brake & Clutch Limited Balance Sheet Registrar
at
31 July 2024
Company No.
03807216
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
62,91364,146
62,91364,146
Current assets
Stocks
5
46,19640,750
Debtors
6
391,731323,379
Cash at bank and in hand
434,953506,242
872,880870,371
Creditors: Amount falling due within one year
7
(254,509)
(207,175)
Net current assets
618,371663,196
Total assets less current liabilities
681,284727,342
Provisions for liabilities
Deferred taxation
(2,504)
(2,504)
Net assets
678,780724,838
Capital and reserves
Called up share capital
100100
Profit and loss account
9
678,680724,738
Total equity
678,780724,838
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 10 April 2025 and signed on its behalf by:
R.E. Paisley
Director
10 April 2025
Swift Brake & Clutch Limited Notes to the Accounts Registrar
for the year ended 31 July 2024
1
General information
Swift Brake & Clutch Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 03807216
Its registered office is:
Railway Street
Newcastle upon Tyne
NE4 7AD
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Leasehold land and buildings
2% Straight line
Plant and machinery
20% Straight line
Motor vehicles
20% Straight line
Furniture, fittings and equipment
20% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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.
Defined contribution pensions
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 payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
1212
4
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 August 2023
14,876-101,596152,760269,232
Additions
-97519,93042621,331
At 31 July 2024
14,876975121,526153,186290,563
Depreciation
At 1 August 2023
4,624-40,473159,989205,086
Charge for the year
307-19,6622,59522,564
At 31 July 2024
4,931-60,135162,584227,650
Net book values
At 31 July 2024
9,94597561,391
(9,398)
62,913
At 31 July 2023
10,252
-
61,123
(7,229)
64,146
5
Stocks
2024
2023
£
£
Finished goods
46,19640,750
46,19640,750
6
Debtors
2024
2023
£
£
Trade debtors
389,953308,030
Other debtors
-13,780
Prepayments and accrued income
1,7781,569
391,731323,379
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Obligations under finance lease and hire purchase contracts
2081,458
Trade creditors
187,925153,655
Taxes and social security
51,772
38,302
Loans from directors
(5,511)
(5,058)
Accruals and deferred income
20,11518,818
254,509207,175
8
Share Capital
100 Ordinary shares of £1 each
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
148,508
160,508
148,508
160,508
Dividends by type:
Equity dividends
148,508160,508
148,508
160,508
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