Company Registration No. 03225758 (England and Wales)
SWIFT SYSTEMS EQUIPMENT LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
SWIFT SYSTEMS EQUIPMENT LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
SWIFT SYSTEMS EQUIPMENT LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Current assets
Debtors
2
340,895
492,066
Cash at bank and in hand
27
2,515
340,922
494,581
Creditors: amounts falling due within one year
3
(225,177)
(415,713)
Total assets less current liabilities
115,745
78,868
Creditors: amounts falling due after more than one year
(58,836)
(97,546)
56,909
(18,678)
Capital and reserves
Called up share capital
4
300
300
Share premium account
146,958
146,958
Profit and loss account
(90,349)
(165,936)
Shareholders' funds/(deficiency)
56,909
(18,678)
For the financial year ended 31 March 2016 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 December 2016
M. J. Salvin
Director
Company Registration No. 03225758
SWIFT SYSTEMS EQUIPMENT LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for internet and email services provided before the balance sheet date, net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment
25% per annum on a straight line basis
2
Debtors
Debtors include an amount of £198,044 (2015 - £167,273) which is due after more than one year.
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £78,568 (2015 - £238,493).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
30,000 Ordinary shares of 1p each
300
300
5
Ultimate parent company
The ultimate parent company is Swift Managed Services Ltd, a company registered in England and Wales which is exempt from the requirement to prepare consolidated financial statements.