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COMPANY REGISTRATION NUMBER: 08746312
SWIFT ELECTRICAL SOLUTIONS (NORTHANTS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2025
SWIFT ELECTRICAL SOLUTIONS (NORTHANTS) LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2025
2025
2024
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
513
300
CURRENT ASSETS
Debtors
7
1,382
3,321
Cash at bank and in hand
9,700
13,398
--------
--------
11,082
16,719
CREDITORS: amounts falling due within one year
8
11,419
16,814
--------
--------
NET CURRENT LIABILITIES
337
95
----
----
TOTAL ASSETS LESS CURRENT LIABILITIES
176
205
----
----
NET ASSETS
176
205
----
----
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
166
195
----
----
SHAREHOLDERS FUNDS
176
205
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SWIFT ELECTRICAL SOLUTIONS (NORTHANTS) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 19 August 2025 , and are signed on behalf of the board by:
Mr S P Whitmore Director
Company registration number: 08746312
SWIFT ELECTRICAL SOLUTIONS (NORTHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2025
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Rockingham Hills, Oundle, Peterborough, Cambridgeshire, PE8 4QA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% reducing balance
Computer equipment - 33.33% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
10,000
--------
Amortisation
At 1 February 2024 and 31 January 2025
10,000
--------
Carrying amount
At 31 January 2025
--------
At 31 January 2024
--------
6. TANGIBLE ASSETS
Equipment
Office equipment
Total
£
£
£
Cost
At 1 February 2024
1,394
699
2,093
Additions
400
400
Disposals
( 200)
( 200)
-------
----
-------
At 31 January 2025
1,394
899
2,293
-------
----
-------
Depreciation
At 1 February 2024
1,094
699
1,793
Charge for the year
76
111
187
Disposals
( 200)
( 200)
-------
----
-------
At 31 January 2025
1,170
610
1,780
-------
----
-------
Carrying amount
At 31 January 2025
224
289
513
-------
----
-------
At 31 January 2024
300
300
-------
----
-------
7. DEBTORS
2025
2024
£
£
Trade debtors
1,382
3,321
-------
-------
8. CREDITORS: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,868
2,634
Corporation tax
2,305
3,522
Other creditors
7,246
10,658
--------
--------
11,419
16,814
--------
--------
9. RELATED PARTY TRANSACTIONS
The directors have advanced monies to the company. As at 31 January 2025 the amount due from the company was £4,982 (2024 - £6,414).