Registered number
06961933
Swift Agri Limited
Filleted Accounts
31 July 2024
Swift Agri Limited
Registered number: 06961933
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,358 23,307
Current assets
Stocks 46,620 30,000
Debtors 4 833 4,247
Cash at bank and in hand 12 12
47,465 34,259
Creditors: amounts falling due within one year 5 (117,633) (99,811)
Net current liabilities (70,168) (65,552)
Total assets less current liabilities (53,810) (42,245)
Creditors: amounts falling due after more than one year 6 (25,897) (39,359)
Provisions for liabilities (3,108) (3,047)
Net liabilities (82,815) (84,651)
Capital and reserves
Called up share capital 2 2
Profit and loss account (82,817) (84,653)
Shareholders' funds (82,815) (84,651)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr David Edward Swift
Director
Approved by the board on 28 April 2025
Swift Agri Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
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
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 3 years straight line
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 2,428 124,697 33,364 160,489
Disposals - - (15,844) (15,844)
At 31 July 2024 2,428 124,697 17,520 144,645
Depreciation
At 1 August 2023 2,428 103,313 31,441 137,182
Charge for the year - 5,346 107 5,453
On disposals - - (14,348) (14,348)
At 31 July 2024 2,428 108,659 17,200 128,287
Net book value
At 31 July 2024 - 16,038 320 16,358
At 31 July 2023 - 21,384 1,923 23,307
4 Debtors 2024 2023
£ £
Trade debtors - 602
Other debtors 833 3,645
833 4,247
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 43,557 47,702
Obligations under finance lease and hire purchase contracts 6,782 7,400
Trade creditors 1,124 -
Taxation and social security costs 5,927 3,355
Other creditors 60,243 41,354
117,633 99,811
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 25,897 32,577
Obligations under finance lease and hire purchase contracts - 6,782
25,897 39,359
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 24,500 24,500
8 Other information
Swift Agri Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B Sunrise Business Park
Higher Shaftesbury Road
Blandford Forum
Dorset
DT11 8ST
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