REGISTERED NUMBER: 01312359 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SWIFT AND WHITMORE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I C Davidson

REGISTERED OFFICE:

270 Coombs Road

Halesowen

West Midlands

B62 8AA

REGISTERED NUMBER:

01312359 (England and Wales)

ACCOUNTANTS:

Moss & Williamson Limited

Chartered Accountants

Booth Street Chambers

Ashton-under-Lyne

Lancashire

OL6 7LQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

354,492

426,760

Investments

6

1,190,558

1,190,558

1,545,050

1,617,318

CURRENT ASSETS

Stocks

741,980

771,073

Debtors

3,226,858

3,297,690

Cash at bank and in hand

269,037

437,560

4,237,875

4,506,323

CREDITORS

Amounts falling due within one year

(1,248,434

)

(1,295,725

)

NET CURRENT ASSETS

2,989,441

3,210,598

TOTAL ASSETS LESS CURRENT LIABILITIES

4,534,491

4,827,916

CREDITORS

Amounts falling due after more than one year

(183,407

)

(356,164

)

PROVISIONS FOR LIABILITIES

(82,685

)

(99,529

)

NET ASSETS

4,268,399

4,372,223

CAPITAL AND RESERVES

Called up share capital

600,000

600,000

Retained earnings

3,668,399

3,772,223

4,268,399

4,372,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 5 August 2025 and were signed by:

I C Davidson - Director

1.	STATUTORY INFORMATION

Swift and Whitmore Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Swift and Whitmore Limited as an individual company and do not contain consolidated financial information as the parent of a group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being

amortised evenly over its estimated useful life of four years.

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 five years.

Negative goodwill, being the excess of assets acquired over the consideration paid, during 2017, is

being amortised evenly over its remaining estimated useful life of two years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated

useful life.

Freehold property - 2% on cost

Plant and machinery - 20% on cost and 20% on reducing balance

Fixtures and fittings - 10% on reducing balance

Motor vehicles - 25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are initially recorded at cost, and subsequently stated at cost

less any accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting period endbalance sheet. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Invoice discounting

Gross debts are included within trade debtors and the proceeds from invoice discounting shown separately within creditors due within one year

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2024 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

(325,022

)

AMORTISATION

At 1 April 2024

and 31 March 2025

(325,022

)

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2024

1,512,393

Additions

12,913

Disposals

(22,249

)

At 31 March 2025

1,503,057

DEPRECIATION

At 1 April 2024

1,085,633

Charge for year

81,327

Eliminated on disposal

(18,395

)

At 31 March 2025

1,148,565

NET BOOK VALUE

At 31 March 2025

354,492

At 31 March 2024

426,760

Cost or valuation at 31 March 2025 is represented by:

Totals

£

Cost

1,503,057

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2024

and 31 March 2025

1,190,558

NET BOOK VALUE

At 31 March 2025

1,190,558

At 31 March 2024

1,190,558

The fixed assets investments relate to shares in group undertakings.

7.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Invoice discounting

531,007

169,270

Other Loan's

346,917

582,584

877,924

751,854

The other loan is secured by way of legal charge over the company's assets. Invoice discounting advances are secured on the trade debtors.

8.	OTHER FINANCIAL COMMITMENTS

Financial commitments not included in the balance sheet comprise lease payments under non-cancellable operating leases falling due as follows:

2025

2024

£

£

Within one year

330,000

263,333

Between one and five years

1,320,000

1,320,000

More than five years

1,316,667

1,580,000

2,966,667

3,163,333

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Trade Acquisition Partners One Ltd.

10.	FINANCIAL GUARANTEES

The company has provided guarantees in favour of its subsidiaries Phoenix Naylors Abrasives Ltd and Northern Abrasives Limited relating to group borrowings "Other loans" and "Invoice discounting advances" which is £221,160 (2024 - £245,047))