Registration number:
Swift Group of Companies Limited
for the Year Ended 30 September 2024
Swift Group of Companies Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Swift Group of Companies Limited
Company Information
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Directors |
A G Smith D A Blunden M Spence |
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Registered office |
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Auditors |
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Swift Group of Companies Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Fair review of the business
After a year of transition in 2023, the year ended 30 September 2024 proved to be one of continued challenges. The Group was able to increase turnover by 5% from £11.22m in 2023 to £11.80m in 2024, recovering most of the 6% fall in turnover the Group had seen from 2022 to 2023.
The conclusion of a fulfilment contract in September 2022 has created additional warehouse space to exploit alternative opportunities within the Group, which has resulted in a steady growth in rental income which has contributed to the growth in turnover in the year. In addition, the Group's sameday service continues to see positive growth whilst fulfilment has potential as a growing market following Brexit and with the shift towards greater home working. In addition the Group continues to operate in the pallet distribution market and to explore opportunities within the industry.
The gross profit margin remained stable during the period, which combined with the increase in turnover delivered an improvement in the gross profit figure from £2.40m to £2.52m. Whilst the rate of inflation has now reduced, a number of cost pressures remain. These include: employment costs due to staff shortages, minimum wage increases and fuel price increases. Considering these cost pressures, it was encouraging that the Group remained in profit and achieved a marginally better result (after fair value adjustments) relative to 2023.
Against this backdrop of rising costs – including the National Insurance increase effective from April 2025, the directors remain positive around Group prospects for the next twelve months and are targeting an improvement in profitability.
The Group continues to show a strong balance sheet position with net assets of £3.42m and the directors believe that the Group is consequently well positioned to take advantage of opportunities that arise within the industry.
It is of great importance to the directors to be able to assess the financial performance of the respective activities within the business to aid the decision making process. The directors remain committed to maintaining the management structure of the business and enhancing it should the appropriate opportunities arise.
The Group remains committed to its staff and their importance to the growth of the business. As the business develops, opportunities will continue to present themselves to the company’s staff to develop and thrive within the Group.
As always the Group continues to endeavour to understand its client’s business aspirations and challenges through close relationships with clients, many over a long period of time. This helps to ensure that the Group continues to offer good quality and relevant services to clients in a challenging financial climate and in an industry with changing customer preferences.
Swift Group of Companies Limited
Strategic Report for the Year Ended 30 September 2024
Principal risks and uncertainties
The directors are required to identify risks that might adversely affect the company’s business in the medium to long term. The directors have considered the risks to the business and means to manage those risks. The primary risks are considered to be:
- Changing customer preferences – in particular the shift to e-commerce - is forcing logistics companies to adapt traditional courier models and invest in new and sophisticated IT systems to provide real time delivery updates, process large volumes of transactions and cope with spikes in demand such as Black Friday. This has only been expedited by the effects of coronavirus and national lockdowns in the recent past.
- Competition within the industry. Competition is high and the industry is littered with well documented failures such whilst logistic sector insolvencies are at an all time high. Coupled to the competitive nature in the industry customers are increasingly price conscious, leading to companies cutting prices in their efforts to win new contracts.
- Minimum wage rates and general wage costs - the impact of minimum wage increases continue to drive up wage costs for new starters as well as facilitating pay increases for staff above the minimum wage level, with consequent impact upon gross margins. Equally staff shortages within the employment market make the market more competitive, increasing expected pay rates. The upcoming National Insurance increase will further serve to drive up wage costs.
- Environmental - the industry is one of the biggest fossil fuel consumers. Cost of fuel together with the increase in restricted urban zones will only see costs increase and concerns surrounding electric vehicle range and battery life mean they are currently impractical for widespread use.
Approved and authorised by the
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Swift Group of Companies Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the for the year ended 30 September 2024.
Directors of the group
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of courier delivery services, the provision of storage and distribution facilities and property letting.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Swift Group of Companies Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Swift Group of Companies Limited
Independent Auditor's Report to the Members of Swift Group of Companies Limited
Opinion
We have audited the financial statements of Swift Group of Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent company's affairs as at 30 September 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
Swift Group of Companies Limited
Independent Auditor's Report to the Members of Swift Group of Companies Limited
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 Statement of Directors' Responsibilities [set out on page 5], 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 is 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.
Auditor 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 an auditor’s report 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.
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 auditor’s report.
Swift Group of Companies Limited
Independent Auditor's Report to the Members of Swift Group of Companies Limited
Detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As such, we have considered:
• the nature of the industry and sector, control environment and business performance including the group's remuneration policy, bonus levels and performance targets;
• the group's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the group's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Swift Group of Companies Limited
Independent Auditor's Report to the Members of Swift Group of Companies Limited
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 an auditor’s report 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.
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For and on behalf of
6-7 Citibase, New Barclay House
234 Botley Road
OX2 0HP
Swift Group of Companies Limited
Consolidated Profit and Loss Account for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Gain on financial assets at fair value through profit and loss |
- |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(87,616) |
441,480 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
Swift Group of Companies Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 September 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Swift Group of Companies Limited
(Registration number: 05617055)
Consolidated Balance Sheet as at 30 September 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Non-distributable reserves |
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Profit and loss account |
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Equity attributable to owners of the company |
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Total equity |
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Approved and authorised by the
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Swift Group of Companies Limited
(Registration number: 05617055)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
6,083 |
6,083 |
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Share premium reserve |
37,485 |
37,485 |
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Capital redemption reserve |
427 |
427 |
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Other reserves |
640,514 |
640,514 |
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Retained earnings |
559,346 |
510,082 |
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Shareholders' funds |
1,243,855 |
1,194,591 |
The company made a profit after tax for the financial year of £49,264 (2023 - profit of £190,205).
Approved and authorised by the
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Swift Group of Companies Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company
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Share capital |
Share premium |
Capital redemption reserve |
Other reserves |
Retained earnings |
Total |
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At 1 October 2022 |
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Profit for the year |
- |
- |
- |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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Transfers |
- |
- |
- |
465,525 |
(465,525) |
- |
|
At 30 September 2023 |
6,083 |
37,485 |
427 |
902,136 |
2,311,132 |
3,257,263 |
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Share capital |
Share premium |
Capital redemption reserve |
Other reserves |
Retained earnings |
Total |
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At 1 October 2023 |
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|
|
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Profit for the year |
- |
- |
- |
- |
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At 30 September 2024 |
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Swift Group of Companies Limited
Statement of Changes in Equity for the Year Ended 30 September 2024
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Share capital |
Share premium |
Capital redemption reserve |
Other reserves |
Retained earnings |
Total |
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At 1 October 2022 |
|
|
|
|
|
|
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Profit for the year |
- |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
- |
107,801 |
(107,801) |
- |
|
At 30 September 2023 |
6,083 |
37,485 |
427 |
640,514 |
510,082 |
1,194,591 |
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Share capital |
Share premium |
Capital redemption reserve |
Other reserves |
Retained earnings |
Total |
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At 1 October 2023 |
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|
|
|
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Profit for the year |
- |
- |
- |
- |
|
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At 30 September 2024 |
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Swift Group of Companies Limited
Consolidated Statement of Cash Flows for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
|||
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Profit for the year |
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
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Changes in fair value of investment property |
- |
( |
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(Profit)/loss on disposal of tangible assets |
( |
|
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Finance income |
( |
( |
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Finance costs |
|
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Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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Increase in trade debtors |
( |
( |
|
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Decrease in trade creditors |
( |
( |
|
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Cash generated from operations |
|
|
|
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Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Interest on preference shares |
( |
( |
|
|
Dividend paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 October |
|
|
|
|
Cash and cash equivalents at 30 September |
632,156 |
865,081 |
|
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Prior period adjustment
A prior period adjustment has been made to restate £1,498,350 which had previously been stated as freehold land and buildings to investment properties, reflecting the correct use of the property at the prior period balance sheet date.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold property |
Nil |
|
Leasehold improvements |
Over lease term |
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Motor vehicles |
25% straight line basis |
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Fixtures and fittings |
25% straight line basis |
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Other property, plant and equipment |
15%-25% straight line basis |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line basis |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Due regard is given for obsolete and slow moving stocks.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Financial assets are only offset in the Balance Sheet when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Impairment
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been effected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
|
Rental income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Distribution |
|
|
|
|
|
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
3,250 |
3,250 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
7,350 |
7,350 |
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of revenues exempt from taxation |
- |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax (credit)/expense from unrecognised tax loss or credit |
( |
|
|
Tax decrease from other tax effects |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Deferred tax |
|
|
|
|
2023 |
Liability |
|
Deferred tax |
|
|
|
Company
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Deferred tax |
|
|
|
|
2023 |
Liability |
|
Deferred tax |
|
|
|
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 October 2023 |
|
|
|
At 30 September 2024 |
|
|
|
Amortisation |
||
|
At 1 October 2023 |
|
|
|
Amortisation charge |
|
|
|
At 30 September 2024 |
|
|
|
Carrying amount |
||
|
At 30 September 2024 |
|
|
|
At 30 September 2023 |
|
|
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Tangible assets |
Group
|
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
( |
( |
- |
( |
|
At 30 September 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
- |
( |
|
At 30 September 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 September 2024 |
|
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £857,278 (2023 - £857,278) in respect of freehold land and buildings and £5,177 (2023 - £10,062) in respect of short leasehold land and buildings.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Company
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
( |
( |
- |
( |
|
At 30 September 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
- |
( |
|
At 30 September 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 September 2024 |
|
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £5,177 (2023 - £10,062) in respect of short leasehold land and buildings.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Investment properties |
Group
|
2024 |
|
|
At 1 October |
|
|
At 30 September |
|
The investment properties class of assets was revalued on 30 September 2024 by the directors. The directors consider this to still be a representive value of properties at the balance sheet date.
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
Subsidiary undertakings
|
Swift (24 Hour) Courier Services Limited The principal activity of Swift (24 Hour) Courier Services Limited is |
|
Swift Logistic Solutions Limited The principal activity of Swift Logistic Solutions Limited is |
|
Swift (24) Property Services Limited The principal activity of Swift (24) Property Services Limited is |
|
Swift 3rd Party Logistics Limited The principal activity of Swift 3rd Party Logistics Limited is |
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 October 2023 |
|
|
Carrying amount |
|
|
At 30 September 2024 |
|
|
At 30 September 2023 |
|
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Other inventories |
|
|
- |
- |
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax |
98,368 |
54,082 |
47,377 |
15,056 |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Other non-current financial liabilities |
|
|
|
|
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 October 2023 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 September 2024 |
|
|
|
|
||
Provisions for deferred tax relates to timing differences arising between capital allowances and depreciation and revaluation gains on property.
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Company
|
Deferred tax |
Total |
|
|
At 1 October 2023 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 September 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary A shares of £1 each |
4,166 |
4,166 |
4,166 |
4,166 |
|
B Growth shares of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
C Growth shares of £1 each |
500 |
500 |
500 |
500 |
|
Z Preference shares of £1 each |
417 |
417 |
417 |
417 |
|
|
|
|
|
|
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Hire purchase contracts |
- |
|
- |
|
|
|
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Swift Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Related party transactions |
Company
|
Transactions with directors |
|
2024 |
At 1 October 2023 |
Advances to director |
Repayments by director |
At 30 September 2024 |
|
A G Smith |
||||
|
Director loan |
|
( |
|
|
|
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
|
A G Smith |
||||
|
Director loan |
|
|
( |
|