Registered number
11519826
Swift Transport and Haulage Ltd
Filleted Accounts
31 August 2024
Swift Transport and Haulage Ltd
Registered number: 11519826
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 346 -
Tangible assets 4 110,925 120,522
Investments 5 1 1
111,272 120,523
Current assets
Stocks 2,900 2,900
Debtors 6 151,590 7,724
Cash at bank and in hand 62,234 149,196
216,724 159,820
Creditors: amounts falling due within one year 7 (102,410) (110,178)
Net current assets 114,314 49,642
Total assets less current liabilities 225,586 170,165
Creditors: amounts falling due after more than one year 8 (20,305) (12,905)
Provisions for liabilities (9,445) (10,527)
Net assets 195,836 146,733
Capital and reserves
Called up share capital 1 1
Profit and loss account 195,835 146,732
Shareholders' funds 195,836 146,733
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 G Gill
Director
Approved by the board on 30 May 2025
Swift Transport and Haulage 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:
Buildings 2% 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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 9
3 Intangible fixed assets £
Cherished number plate
Cost
Additions 346
At 31 August 2024 346
Amortisation
At 31 August 2024 -
Net book value
At 31 August 2024 346
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 53,181 8,553 104,890 166,624
Additions 3,400 4,199 3,000 10,599
At 31 August 2024 56,581 12,752 107,890 177,223
Depreciation
At 1 September 2023 1,718 4,706 39,678 46,102
Charge for the year 1,131 2,012 17,053 20,196
At 31 August 2024 2,849 6,718 56,731 66,298
Net book value
At 31 August 2024 53,732 6,034 51,159 110,925
At 31 August 2023 51,463 3,847 65,212 120,522
5 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 September 2023 - 1 1
At 31 August 2024 - 1 1
Historical cost
At 1 September 2023 1 -
At 31 August 2024 1 -
6 Debtors 2024 2023
£ £
Trade debtors 29,604 -
Other debtors 121,986 7,724
151,590 7,724
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts (7,279) 7,400
Trade creditors 33,129 21,190
Taxation and social security costs 19,106 24,903
Other creditors 57,454 56,685
102,410 110,178
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,305 12,905
9 Related party transactions
During the year the Company had the followng loans outstanding, interest free, and repayable on demand:- £15,000 from S Gill, the director's sister, £29,121 from Swift Carz Limited, a Company owned by the director's father. There was also a loan of £115,012 to Swift Properties (Peterborough) Ltd, the investment in which the company owns a 20% share
10 Controlling party
The Company is owned and controlled by the director Mr G Gill.
11 Other information
Swift Transport and Haulage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
184 Eastrea Road
Whittlesey
Peterborough
PE7 2AJ
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