Swift Haulage Solutions Limited iXBRL

Swift Haulage Solutions Limited

Financial Statements

for the financial year ended 31 December 2024

Swift Haulage Solutions Limited

DIRECTOR AND OTHER INFORMATION


Director	Sally Nolan


Company Registration Number	10041011


Registered Office and Business Address	Suite B3,Unit A39 Kent Road
	Bridgend Industrial Estate,
	Bridgend
	CF31 3TU
	Wales


Independent Auditors	MK Brazil
	Chartered Accountants and Statutory Audit Firm
	Unit 1A,
	Cleaboy Business Park,
	Waterford.

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Swift Haulage Solutions Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Swift Haulage Solutions Limited ('the company') for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the financial 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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 any material misstatements in the Director's 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; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Director's Report.

Responsibilities of director for the financial statements

As explained more fully in the Statement of Director's Responsibilities set out on page , the director is 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 they 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 director is 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 director either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The Company is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a material effect if noncompliance were to occur; financial reporting legislation, tax legislation, anti-bribery legislation and employment law as well as industry specific legislation which governs the environmental impact of certain of the Company’s products;

• We communicated relevant laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit;

• We understood how the Company is complying with those legal regulatory frameworks by making enquiries of management. We corroborated our enquires through our review of board minutes and certain other procedures;
Based on the results of our risk assessment we designed further audit procedures to identify non-compliance with such laws and regulations identified above. These procedures were performed at all components within the scope of our audit. Our procedures involved journal entry testing, with a focus on journals meeting our defined risk criteria based on our understanding of the business; enquiries of Company’s management, and country management at locations where full scope audit procedures;

• These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

• Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation/ knowledge of the industry in which the client operates. Understanding of the legal and regulatory requirements specific to the entity/ regulated entity including the provisions of the applicable legislation, the regulators rules and related guidance, including guidance issued by relevant authorities that interpret those rules and the applicable statutory provisions.

• In assessing the potential risks of material misstatement, we obtained an understanding of the Company’s operations, including the nature of their revenue sources, products and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. Also the applicable statutory provisions and the Company’s control environment, including the policies and procedures implemented to comply with the requirements of its regulator, including the adequacy of the training to inform staff of the relevant legislation, rules and other regulations of the regulator, the adequacy of procedures for authorisation of transactions, internal review procedures over the entity’s compliance with regulatory requirements, the authority of, and resources available and procedures to ensure that possible breaches of requirements are appropriately investigated and reported.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

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.

Maurice Kirwan F.C.A (Senior Statutory Auditor)

for and on behalf of

MK BRAZIL

Chartered Accountants and Statutory Audit Firm

Unit 1A,

Cleaboy Business Park,

Waterford.

29 September 2025

Swift Haulage Solutions Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Swift Haulage Solutions Limited

Company Registration Number: 10041011

BALANCE SHEET

as at 31 December 2024

		2024	2023
	Notes	£	£

Fixed Assets

Tangible assets

1,309,072

1,378,883

Investments

1,074,502

1,074,502

─────────

Fixed Assets

2,383,574

2,453,385

─────────

Current Assets

Debtors

188,567

46,242

Cash and cash equivalents

54,219

73,421

─────────

242,786

119,663

─────────

Creditors: amounts falling due within one year

(1,347,517)

(1,372,910)

─────────

Net Current Liabilities

(1,104,731)

(1,253,247)

─────────

Total Assets less Current Liabilities

1,278,843

1,200,138

═════════

Capital and Reserves

Called up share capital

100

100

Share premium account

1,074,402

1,074,402

Retained earnings

204,341

125,636

─────────

Equity attributable to owners of the company

1,278,843

1,200,138

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.

Approved by the Director and authorised for issue on 29 September 2025



Sally Nolan
Director

Swift Haulage Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

Swift Haulage Solutions Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 10041011, The registered office of the Company is Suite B3, Unit A39, Kent Road, Bridgend Industrial Estate, Bridgend, Wales, CF31 3TU. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Consolidated accounts

The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

4% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the year in which it is receivable.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The average monthly number of employees, including director, during the financial year was 1, (2023 - 1).


4.	Tangible assets
		Land and	Total
		buildings
		freehold
		£	£
	Cost
	At 1 January 2024	1,745,265	1,745,265
		─────────	─────────

	At 31 December 2024	1,745,265	1,745,265
		─────────	─────────
	Depreciation
	At 1 January 2024	366,382	366,382
	Charge for the financial year	69,811	69,811
		─────────	─────────
	At 31 December 2024	436,193	436,193
		─────────	─────────
	Net book value
	At 31 December 2024	1,309,072	1,309,072
		═════════	═════════
	At 31 December 2023	1,378,883	1,378,883
		═════════	═════════


5.	Investments
		Group and	Total
		participating
		interests/
		joint ventures
	Investments	£	£
	Cost

	At 31 December 2024	1,074,502	1,074,502
		─────────	─────────
	Net book value
	At 31 December 2024	1,074,502	1,074,502
		═════════	═════════
	At 31 December 2023	1,074,502	1,074,502
		═════════	═════════

5.1.

Holdings in related undertakings

The company holds 20% or more of the share capital of the following companies:

Country

Nature

Details

Proportion

held by

Name

incorporation and address of Registered Office

business

investment

company

Subsidiary undertaking

John Raymond Transport Limited

United Kingdom

Haulage

Ordinary

100%

Truck resources UK Limited

United Kingdom

Truck rental

Ordinary

100%

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Year ended

Capital and

Profit for

reserves

the year

John Raymond Transport Limited

31 December 2024

2,094,019

(591,732)

Truck resources UK Limited

31 December 2024

1,889,995

476,443

═════════

In the opinion of the director, the value to the company of the unlisted investments is not less than the book amount shown above.


6.	Debtors	2024	2023
		£	£

	Trade debtors	45,000	45,000
	Amounts owed by group undertakings	142,090	-
	Prepayments and accrued income	1,477	1,242
		─────────	─────────
		188,567	46,242
		═════════	═════════


7.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Trade creditors	468	1,071
	Amounts owed to group undertakings	1,274,924	1,299,779
	Taxation (Note 8)	34,625	34,560
	Accruals	37,500	37,500
		─────────	─────────
		1,347,517	1,372,910
		═════════	═════════


8.	Taxation	2024	2023
		£	£

	Creditors:
	VAT	7,422	7,422
	Corporation tax	27,203	27,138
		─────────	─────────
		34,625	34,560
		═════════	═════════

Reserves

Share Premium Reserve

The amount carried forward is the premium that arose from the issue of shares in 2022.

10.

Capital commitments

The company had no material capital commitments at the financial year-ended 31st December 2024.

11.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

12.

Parent company

The company regards Kurway Unlimited as its parent company.

The parent of the largest group in which the results are consolidated is Kurway Unlimited.

Kurway Unlimited is registered in Ireland.

13.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.