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Registration number: 05617055

Swift Group of Companies Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Swift Group of Companies Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 33

 

Swift Group of Companies Limited

Company Information

Directors

A G Smith

D A Blunden

M Spence

Registered office

Swift House
Hambridge Lane
Newbury
Berkshire
RG14 5TU

Auditors

Mercer Lewin Limited
Registered Auditors
6-7 Citibase, New Barclay House
234 Botley Road
Oxford
OX2 0HP

 

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 Board on 4 June 2025 and signed on its behalf by:
 

.........................................
A G Smith
Director

 

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:

A G Smith

D A Blunden

M Spence

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 Board on 4 June 2025 and signed on its behalf by:
 

.........................................
A G Smith
Director

 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

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.

......................................
Andrew Churchill Stone FCA DChA (Senior Statutory Auditor)
For and on behalf of Mercer Lewin Limited, Statutory Auditor

6-7 Citibase, New Barclay House
234 Botley Road
Oxford
OX2 0HP

5 June 2025

 

Swift Group of Companies Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

11,796,946

11,219,321

Cost of sales

 

(9,272,206)

(8,815,112)

Gross profit

 

2,524,740

2,404,209

Administrative expenses

 

(2,208,031)

(2,091,932)

Operating profit

4

316,709

312,277

Gain on financial assets at fair value through profit and loss

 

-

534,841

Other interest receivable and similar income

5

2,886

2,883

Interest payable and similar expenses

(90,502)

(96,244)

   

(87,616)

441,480

Profit before tax

 

229,093

753,757

Tax on profit

9

(66,916)

(129,284)

Profit for the financial year

 

162,177

624,473

Profit/(loss) attributable to:

 

Owners of the company

 

162,177

624,473

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

2024
£

2023
£

Profit for the year

162,177

624,473

Total comprehensive income for the year

162,177

624,473

Total comprehensive income attributable to:

Owners of the company

162,177

624,473

 

Swift Group of Companies Limited

(Registration number: 05617055)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
 £

(As restated)
2023
 £

Fixed assets

 

Intangible assets

10

20,000

25,000

Tangible assets

11

1,097,893

1,230,892

Investment property

12

3,616,463

3,616,463

 

4,734,356

4,872,355

Current assets

 

Stocks

14

7,000

7,000

Debtors

15

2,039,065

1,793,759

Cash at bank and in hand

16

632,156

865,081

 

2,678,221

2,665,840

Creditors: Amounts falling due within one year

17

(2,050,990)

(2,141,461)

Net current assets

 

627,231

524,379

Total assets less current liabilities

 

5,361,587

5,396,734

Creditors: Amounts falling due after more than one year

17

(1,692,124)

(1,857,996)

Provisions for liabilities

9

(250,023)

(281,475)

Net assets

 

3,419,440

3,257,263

Capital and reserves

 

Called up share capital

20

6,083

6,083

Share premium reserve

37,485

37,485

Capital redemption reserve

427

427

Non-distributable reserves

902,136

902,136

Profit and loss account

2,473,309

2,311,132

Equity attributable to owners of the company

 

3,419,440

3,257,263

Total equity

 

3,419,440

3,257,263

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

.........................................
A G Smith
Director

 

Swift Group of Companies Limited

(Registration number: 05617055)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

240,615

373,614

Investments

13

422,100

422,100

 

662,715

795,714

Current assets

 

Debtors

15

2,355,316

2,464,973

Cash at bank and in hand

 

34,820

69,683

 

2,390,136

2,534,656

Creditors: Amounts falling due within one year

17

(1,155,622)

(1,350,953)

Net current assets

 

1,234,514

1,183,703

Total assets less current liabilities

 

1,897,229

1,979,417

Creditors: Amounts falling due after more than one year

17

(607,916)

(707,916)

Provisions for liabilities

18

(45,458)

(76,910)

Net assets

 

1,243,855

1,194,591

Capital and reserves

 

Called up share capital

20

6,083

6,083

Share premium reserve

37,485

37,485

Capital redemption reserve

427

427

Other reserves

640,514

640,514

Retained earnings

559,346

510,082

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 Board on 4 June 2025 and signed on its behalf by:
 

.........................................
A G Smith
Director

 

Swift Group of Companies Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2022

6,083

37,485

427

436,611

2,313,176

2,793,782

Profit for the year

-

-

-

-

624,473

624,473

Dividends

-

-

-

-

(160,992)

(160,992)

Transfers

-

-

-

465,525

(465,525)

-

At 30 September 2023

6,083

37,485

427

902,136

2,311,132

3,257,263

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2023

6,083

37,485

427

902,136

2,311,132

3,257,263

Profit for the year

-

-

-

-

162,177

162,177

At 30 September 2024

6,083

37,485

427

902,136

2,473,309

3,419,440

 

Swift Group of Companies Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2022

6,083

37,485

427

532,713

588,670

1,165,378

Profit for the year

-

-

-

-

190,205

190,205

Dividends

-

-

-

-

(160,992)

(160,992)

Transfers

-

-

-

107,801

(107,801)

-

At 30 September 2023

6,083

37,485

427

640,514

510,082

1,194,591


 

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2023

6,083

37,485

427

640,514

510,082

1,194,591

Profit for the year

-

-

-

-

49,264

49,264

At 30 September 2024

6,083

37,485

427

640,514

559,346

1,243,855

 

Swift Group of Companies Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

162,177

624,473

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

152,065

172,553

Changes in fair value of investment property

12

-

(534,841)

(Profit)/loss on disposal of tangible assets

(16,376)

5,428

Finance income

(2,886)

(2,883)

Finance costs

90,502

96,244

Income tax expense

9

66,916

129,284

 

452,398

490,258

Working capital adjustments

 

Increase in trade debtors

15

(245,306)

(139,837)

Decrease in trade creditors

17

(126,733)

(51,329)

Cash generated from operations

 

80,359

299,092

Income taxes paid

9

(54,082)

(138,211)

Net cash flow from operating activities

 

26,277

160,881

Cash flows from investing activities

 

Interest received

2,886

2,883

Acquisitions of tangible assets

(68,870)

(181,204)

Proceeds from sale of tangible assets

 

71,180

6,890

Net cash flows from investing activities

 

5,196

(171,431)

Cash flows from financing activities

 

Interest paid

(58,492)

(66,244)

Repayment of bank borrowing

 

(173,896)

(199,152)

Interest on preference shares

 

(32,010)

(30,000)

Dividend paid

-

(160,992)

Net cash flows from financing activities

 

(264,398)

(456,388)

Net decrease in cash and cash equivalents

 

(232,925)

(466,938)

Cash and cash equivalents at 1 October

 

865,081

1,332,019

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Swift House
Hambridge Lane
Newbury
Berkshire
RG14 5TU

2

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

Motor vehicles

25% straight line basis

Fixtures and fittings

25% straight line basis

Other property, plant and equipment

15%-25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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:

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
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and third parties and investments in non-puttable ordinary shares. They are classified according to the substance of the contractual arrangements entered into.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing arrangement. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

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

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

11,322,708

10,822,782

Rental income

474,238

396,539

11,796,946

11,219,321

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

147,065

167,553

Amortisation expense

5,000

5,000

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

2,886

2,883

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,410,911

2,146,437

Social security costs

237,626

206,498

Pension costs, defined contribution scheme

44,639

40,196

Other employee expense

4,432

3,373

2,697,608

2,396,504

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

9

10

Distribution

66

65

75

75

 

Swift Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

220,637

157,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

8

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

10,600

10,600


 

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

98,368

54,082

Deferred taxation

Arising from origination and reversal of timing differences

(31,452)

75,202

Tax expense in the income statement

66,916

129,284

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 25% (2023 - 20.2%).

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

229,093

753,757

Corporation tax at standard rate

57,273

36,129

Tax increase/(decrease) from effect of capital allowances and depreciation

36,745

(3,154)

Effect of revenues exempt from taxation

-

20,203

Effect of expense not deductible in determining taxable profit (tax loss)

4,838

3,226

Deferred tax (credit)/expense from unrecognised tax loss or credit

(31,452)

75,202

Tax decrease from other tax effects

(488)

(2,322)

Total tax charge

66,916

129,284

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Deferred tax

250,023

250,023

2023

Liability
£

Deferred tax

281,475

281,475

Company

Deferred tax assets and liabilities

2024

Liability
£

Deferred tax

45,458

45,458

2023

Liability
£

Deferred tax

76,910

76,910

 

Swift Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

10

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

140,202

140,202

At 30 September 2024

140,202

140,202

Amortisation

At 1 October 2023

115,202

115,202

Amortisation charge

5,000

5,000

At 30 September 2024

120,202

120,202

Carrying amount

At 30 September 2024

20,000

20,000

At 30 September 2023

25,000

25,000

 

Swift Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

11

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

977,563

275,178

1,343,866

30,564

2,627,171

Additions

-

1,834

65,296

1,740

68,870

Disposals

-

(516)

(317,652)

-

(318,168)

At 30 September 2024

977,563

276,496

1,091,510

32,304

2,377,873

Depreciation

At 1 October 2023

110,223

259,484

998,205

28,367

1,396,279

Charge for the year

4,885

7,724

133,298

1,158

147,065

Eliminated on disposal

-

(516)

(262,848)

-

(263,364)

At 30 September 2024

115,108

266,692

868,655

29,525

1,279,980

Carrying amount

At 30 September 2024

862,455

9,804

222,855

2,779

1,097,893

At 30 September 2023

867,340

15,694

345,661

2,197

1,230,892

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

120,285

230,256

1,343,866

30,564

1,724,971

Additions

-

1,834

65,296

1,740

68,870

Disposals

-

(516)

(317,652)

-

(318,168)

At 30 September 2024

120,285

231,574

1,091,510

32,304

1,475,673

Depreciation

At 1 October 2023

110,223

214,562

998,205

28,367

1,351,357

Charge for the year

4,885

7,724

133,298

1,158

147,065

Eliminated on disposal

-

(516)

(262,848)

-

(263,364)

At 30 September 2024

115,108

221,770

868,655

29,525

1,235,058

Carrying amount

At 30 September 2024

5,177

9,804

222,855

2,779

240,615

At 30 September 2023

10,062

15,694

345,661

2,197

373,614

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

12

Investment properties

Group

2024
£

At 1 October

3,616,463

At 30 September

3,616,463

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.

13

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

Swift (24 Hour) Courier Services Limited

England

Ordinary

100%

100%

 

     

Swift Logistic Solutions Limited

England

Ordinary

100%

100%

 

     

Swift (24) Property Services Limited

England

Ordinary

100%

100%

 

     

Swift 3rd Party Logistics Limited

England

Ordinary

100%

100%

 

     

Subsidiary undertakings

Swift (24 Hour) Courier Services Limited

The principal activity of Swift (24 Hour) Courier Services Limited is courier services.

Swift Logistic Solutions Limited

The principal activity of Swift Logistic Solutions Limited is storage, distribution and overnight delivery services.

Swift (24) Property Services Limited

The principal activity of Swift (24) Property Services Limited is property letting.

Swift 3rd Party Logistics Limited

The principal activity of Swift 3rd Party Logistics Limited is third party logistics services.

 

Swift Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Company

2024
£

2023
£

Investments in subsidiaries

422,100

422,100

Subsidiaries

£

Cost or valuation

At 1 October 2023

422,100

Carrying amount

At 30 September 2024

422,100

At 30 September 2023

422,100

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

7,000

7,000

-

-

15

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,724,201

1,316,155

-

-

Amounts owed by group undertakings

23

-

-

2,137,844

2,050,507

Other debtors

 

58,862

56,687

39,606

36,755

Prepayments

 

256,002

420,917

177,866

377,711

   

2,039,065

1,793,759

2,355,316

2,464,973

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

950

950

950

950

Cash at bank

631,206

864,131

33,870

68,733

632,156

865,081

34,820

69,683

 

Swift Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

173,838

181,862

100,000

110,360

Trade creditors

 

1,028,615

1,190,297

180,864

293,027

Amounts due to group undertakings

23

-

-

668,875

768,492

Social security and other taxes

 

277,599

272,613

12,247

13,091

Outstanding defined contribution pension costs

 

1,320

1,426

1,320

1,426

Other payables

 

269,296

293,291

28,654

74,532

Accruals

 

201,954

147,890

116,285

74,969

Corporation tax

9

98,368

54,082

47,377

15,056

 

2,050,990

2,141,461

1,155,622

1,350,953

Due after one year

 

Loans and borrowings

21

1,192,541

1,358,413

108,333

208,333

Other non-current financial liabilities

 

499,583

499,583

499,583

499,583

 

1,692,124

1,857,996

607,916

707,916

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 October 2023

281,475

281,475

Increase (decrease) in existing provisions

(31,452)

(31,452)

At 30 September 2024

250,023

250,023

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

76,910

76,910

Increase (decrease) in existing provisions

(31,452)

(31,452)

At 30 September 2024

45,458

45,458

19

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 £44,639 (2023 - £40,196).

Contributions totalling £1,320 (2023 - £1,426) were payable to the scheme at the end of the year and are included in creditors.

20

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

6,083

6,083

6,083

6,083

 

Swift Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

21

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

173,838

171,502

100,000

100,000

Hire purchase contracts

-

10,360

-

10,360

173,838

181,862

100,000

110,360

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

1,192,541

1,358,413

108,333

208,333

22

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

173,369

189,696

Later than one year and not later than five years

332,291

428,648

505,660

618,344

The amount of non-cancellable operating lease payments recognised as an expense during the year was £189,696 (2023 - £201,612).

Company

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

173,369

189,696

Later than one year and not later than five years

332,291

428,648

505,660

618,344

The amount of non-cancellable operating lease payments recognised as an expense during the year was £189,696 (2023 - £201,612).

 

Swift Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

23

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

3,289

(3,289)

3,122

3,122

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

A G Smith

Director loan

533

9,512

(6,756)

3,289