REGISTERED NUMBER: NI679424 (Northern Ireland)

SWIFTS RETAIL CUSHWASH LTD

Financial Statements for the Year Ended 31 January 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Sandra Swift

Stephen Swift

REGISTERED OFFICE:

31-33 Main Street

Lisnaskea

Co. Fermanagh

BT92 0JB

REGISTERED NUMBER:

NI679424 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Ulster Bank Limited

186 Main Street

Lisnaskea

Fermanagh

BT74 6AA

NON-CURRENT ASSETS

Intangible assets

5

512,500

575,000

Tangible assets

6

895,254

641,398

1,407,754

1,216,398

CURRENT ASSETS

Stocks

7

130,250

171,716

Receivables: amounts falling due within one year

8

236,589

24,599

Cash at bank and in hand

316,215

441,956

683,054

638,271

PAYABLES

Amounts falling due within one year

9

(923,257

)

(823,707

)

NET CURRENT LIABILITIES

(240,203

)

(185,436

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,167,551

1,030,962

PAYABLES

Amounts falling due after more than one year

10

(1,076,972

)

(925,758

)

PROVISIONS FOR LIABILITIES

12

(35,985

)

(33,716

)

NET ASSETS

54,594

71,488

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

54,494

71,388

54,594

71,488

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

Sandra Swift - Director

1.	STATUTORY INFORMATION

Swifts Retail Cushwash Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when, and to the extent that the company obtains the right to consideration in exchange for its transfer of goods.

Goodwill

Goodwill represents the difference between the cost of a business combination and the company's interest in the fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses (which are not reversed). Goodwill can be subsequently adjusted for changes to estimates of contingent considerations given in a business combination.

Goodwill is amortised on a straight-line basis over its useful economic life. This is assessed individually for each acquisition taking into account the period over which the company expects to realise the synergies from the combination. The useful life of goodwill on the balance sheet has been set to ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

The company assesses at each reporting date whether there is any indication that the intangible asset may be impaired. If any such indication exists, the company estimates the recoverable amount of the intangible asset and recognises an impairment loss for any shortfall below carrying amount.

An impairment loss has been recognised in the income statement, following an assessment at the Statement of Financial Position date indicating the recoverable amount was less than its carrying value.

Property, plant and equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment less their estimated residual value, over their expected useful lives as follows:

Freehold property - 2% straight line

Fixtures and fittings - 20% reducing balance

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.

Inventories

Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to be incurred in marketing and selling.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial instruments continued

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position 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 Income Statement.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value

Finance costs

Finance costs are charged to the Income Statement over the term of the debt.

Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2024 - 15 ) .

5.	INTANGIBLE FIXED ASSETS

Patents and

Goodwill

licences

Totals

£

£

£

COST

At 1 February 2024

and 31 January 2025

625,000

75,000

700,000

AMORTISATION

At 1 February 2024

125,000

-

125,000

Amortisation for year

62,500

-

62,500

At 31 January 2025

187,500

-

187,500

NET BOOK VALUE

At 31 January 2025

437,500

75,000

512,500

At 31 January 2024

500,000

75,000

575,000

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 February 2024

527,544

4,608

214,391

746,543

Additions

260,000

-

45,498

305,498

At 31 January 2025

787,544

4,608

259,889

1,052,041

DEPRECIATION

At 1 February 2024

21,102

922

83,121

105,145

Charge for year

15,551

737

35,354

51,642

At 31 January 2025

36,653

1,659

118,475

156,787

NET BOOK VALUE

At 31 January 2025

750,891

2,949

141,414

895,254

At 31 January 2024

506,442

3,686

131,270

641,398

7.

STOCKS

2025

2024

£

£

Goods for resale

130,250

171,716

8.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other receivables

8,837

15,379

Amounts owed by group undertakings

217,679

-

Prepayments and accrued income

10,073

9,220

236,589

24,599

9.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 11)

148,992

113,814

Trade payables

141,177

178,484

Amounts owed to group undertakings

519,898

416,432

Tax

18,796

19,718

Social security and other taxes

2,038

1,672

VAT

24,061

11,674

Other payables

1,882

1,374

Accruals and deferred income

66,413

80,539

923,257

823,707

10.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2025

2024

£

£

Bank loans (see note 11)

1,052,972

925,758

Accruals and deferred income

24,000

-

1,076,972

925,758

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

457,004

470,502

11.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

148,992

113,814

Amounts falling due between one and two years:

Bank loans - 1-2 years

148,992

113,814

Amounts falling due between two and five years:

Bank loans - 2-5 years

446,976

341,442

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

457,004

470,502

The bank loans noted above are secured by way of:

- Fixed charge over the property at 23-33 Main Street, Lisnaskea, Co Fermanagh;

- Fixed charge over the property at Moorlough Road, Lisnaskea, Enniskillen, Co Fermanagh;

- Fixed and floating charge over the assets of the company and assets of related undertakings: Swifts Supermarket Ltd, Swifts Retail Holdings Ltd and Good Mood Food Ltd ;

- Cross company guarantee for £1,500,000 from related undertakings: Swifts Supermarket Ltd, Swifts Retail Holdings Ltd and Good Mood Food Ltd; and

- Postponement of directors' loans.

Details of loans not wholly repayable within five years are as follows:

- interest is charged at 2.75% above base rate;

- repayable during August 2036;

- repayable by monthly instalments; and

- have a closing balance of £1,201,964 (2024: £1,039,571).

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

33,716

26,175

Deferred tax

£

Balance at 1 February 2024

26,175

Provided during year

7,541

Balance at 31 January 2025

33,716

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions.

15.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Swifts Retail Holding Ltd, a company incorporated in Northern Ireland.

The smallest and largest group for which consolidated accounts are prepared including the results of this company is Swifts Retail Holding Ltd.

The ultimate controlling parties are deemed to be Stephen Swift and Sandra Quigley.