Registered number
10919261
Swift Motors (Leic) Ltd
Filleted Accounts
31 August 2024
Swift Motors (Leic) Ltd
Registered number: 10919261
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 10,964 5,299
Current assets
Stocks 2,377 2,727
Debtors 4 20,505 23,630
Cash at bank and in hand 6,008 14,052
28,890 40,409
Creditors: amounts falling due within one year 5 (19,029) (13,999)
Net current assets 9,861 26,410
Total assets less current liabilities 20,825 31,709
Creditors: amounts falling due after more than one year 6 (17,022) (21,234)
Net assets 3,803 10,475
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,703 10,375
Shareholder's funds 3,803 10,475
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Z Khan
Director
Approved by the board on 31 May 2025
Swift Motors (Leic) Ltd
Notes to the Accounts
for the year ended 31 August 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:
Fixtures & fittings 15% reducing balance
Plant & Machinery 20% straight line
Motor vehicles 20% staraight lne
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 12,380 1,700 14,080
Additions - 10,452 10,452
At 31 August 2024 12,380 12,152 24,532
Depreciation
At 1 September 2023 8,101 680 8,781
Charge for the year 2,357 2,430 4,787
At 31 August 2024 10,458 3,110 13,568
Net book value
At 31 August 2024 1,922 9,042 10,964
At 31 August 2023 4,279 1,020 5,299
4 Debtors 2024 2023
£ £
Trade debtors 2,300 5,425
Other debtors 18,205 18,205
20,505 23,630
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,743 1,200
Taxation and social security costs 265 265
Other creditors 17,021 12,534
19,029 13,999
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,854 9,566
Other creditors 9,168 11,668
17,022 21,234
7 Other information
Swift Motors (Leic) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
104 Coleman Road
Leicester
LE5 4LF
Swift Motors (Leic) Ltd 10919261 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts April 2025 Z Khan No description of principal activity 10919261 2022-09-01 2023-08-31 10919261 core:WithinOneYear 2023-08-31 10919261 core:AfterOneYear 2023-08-31 10919261 core:ShareCapital 2023-08-31 10919261 core:RetainedEarningsAccumulatedLosses 2023-08-31 10919261 2023-09-01 2024-08-31 10919261 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10919261 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 10919261 bus:Director40 2023-09-01 2024-08-31 10919261 2 2023-09-01 2024-08-31 10919261 core:PlantMachinery 2023-09-01 2024-08-31 10919261 core:Vehicles 2023-09-01 2024-08-31 10919261 countries:England 2023-09-01 2024-08-31 10919261 bus:FRS102 2023-09-01 2024-08-31 10919261 bus:FilletedAccounts 2023-09-01 2024-08-31 10919261 2024-08-31 10919261 core:WithinOneYear 2024-08-31 10919261 core:AfterOneYear 2024-08-31 10919261 core:ShareCapital 2024-08-31 10919261 core:RetainedEarningsAccumulatedLosses 2024-08-31 10919261 core:PlantMachinery 2024-08-31 10919261 core:Vehicles 2024-08-31 10919261 2023-08-31 10919261 core:PlantMachinery 2023-08-31 10919261 core:Vehicles 2023-08-31 iso4217:GBP xbrli:pure