REGISTERED NUMBER: 06113535 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

SWIFT FOUNDATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr David John Edwin Harrison

REGISTERED OFFICE:

Top Barn

Beck House Farm

Scagglethorpe

Malton

North Yorkshire

YO17 8ED

REGISTERED NUMBER:

06113535 (England and Wales)

ACCOUNTANTS:

Fortus Limited

Business Advisors & Accountants

5 & 6 Manor Garth

Manor Court

Scarborough

North Yorkshire

YO11 3TU

FIXED ASSETS

Tangible assets

3

23,677

30,477

CURRENT ASSETS

Stocks

4

45,720

84,895

Debtors

5

351,307

267,875

Cash at bank

132,337

111,040

529,364

463,810

CREDITORS

Amounts falling due within one year

6

95,293

109,949

NET CURRENT ASSETS

434,071

353,861

TOTAL ASSETS LESS CURRENT LIABILITIES

457,748

384,338

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

457,747

384,337

457,748

384,338

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 November 2025 and were signed by:

Mr David John Edwin Harrison - Director

1.	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.

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

The level of rounding used in the financial statements is to the nearest £1.

Turnover

The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account in the period in which the related work is carried out.

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.

Trademark costs have been fully amortised in the current year.

Trademarks and amortisation

Trademarks are valued at cost less accumulated amortisation.

Amortisation is calculated to write off the cost less their estimated residual value in equal annual instalments over their estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Stocks

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

Stocks are valued at the lower of costs and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in, first out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Going concern - basis of preparation

In assessing the appropriateness of the application of the going concern basis, the director has considered the uncertainties around the general economic environment, the current and future trading performance of the company and the available cash. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 3 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 March 2024

48,358

51,535

99,893

Additions

2,291

-

2,291

At 28 February 2025

50,649

51,535

102,184

DEPRECIATION

At 1 March 2024

44,802

24,614

69,416

Charge for year

2,361

6,730

9,091

At 28 February 2025

47,163

31,344

78,507

NET BOOK VALUE

At 28 February 2025

3,486

20,191

23,677

At 29 February 2024

3,556

26,921

30,477

4.

STOCKS

2025

2024

£

£

Stocks

45,720

84,895

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

31,165

54,382

Other debtors

211,578

194,667

Director's loan account

106,662

16,423

VAT

-

674

Prepayments and accrued income

1,902

1,729

351,307

267,875

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

23,616

64,448

Corporation tax

26,392

37,602

Social security and other taxes

2,976

3,889

VAT

6,913

-

Other creditors

887

495

Accruals and deferred income

34,509

3,515

95,293

109,949

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024:

2025

2024

£

£

Mr David John Edwin Harrison and Mr David John Edwin Harrison

Balance outstanding at start of year

16,423

17,436

Amounts advanced

131,739

66,987

Amounts repaid

(41,500

)

(68,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

106,662

16,423

Interest has been charged on the overdrawn loan account balances at the official rate.