Swiftpath Business Solutions Limited
|
Registered number |
Balance Sheet |
05864068
|
as at 30 June 2021
|
|
|
Notes |
|
|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
144,598 |
|
|
146,362 |
Investment property |
4 |
|
|
701,000 |
|
|
550,000 |
Investment in subsidiary |
5 |
|
|
897 |
|
|
897 |
|
|
|
|
846,495 |
|
|
697,259 |
|
Current assets |
Debtors |
6 |
|
373,100 |
|
|
240,531 |
Cash at bank and in hand |
|
|
531,715 |
|
|
646,272 |
|
|
|
904,815 |
|
|
886,803 |
|
Creditors: amounts falling due within one year |
7 |
|
(88,772) |
|
|
(66,786) |
|
Net current assets |
|
|
|
816,043 |
|
|
820,017 |
|
Total assets less current liabilities |
|
|
|
1,662,538 |
|
|
1,517,276 |
|
Provisions for liabilities |
Deferred taxation |
|
|
|
(47,000) |
|
|
(18,500) |
|
Net assets |
|
|
|
1,615,538 |
|
|
1,498,776 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
1,615,537 |
|
|
1,498,775 |
|
Shareholders' funds |
|
|
|
1,615,538 |
|
|
1,498,776 |
|
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
|
|
|
|
|
A Whitrod |
Director |
Approved by the board on 27 September 2022
|
|
Swiftpath Business Solutions Limited
|
Notes to the Accounts |
for the year ended 30 June 2021
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applied to small entities by section 1A of the standard.
|
|
|
Group accounts |
|
The company and its subsidiary company comprise a small-sized group and the company is therefore not required to prepare group accounts. Accordingly, the financial statements present information about the company as an individual undertaking rather than consolidated accounts for the group.
|
|
|
Turnover |
|
Turnover represents the amount receivable by the company for goods and services supplied, net of value added tax. Maintenance income and associated costs are amortised over the period of the maintenance agreement.
|
|
|
Tangible fixed assets and depreciation |
|
Tangible fixed assets are measured at cost less accumulated depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
|
|
|
Land and buildings - |
1% p.a. on the straight line basis |
|
Equipment - |
25% p.a. on the reducing balance basis |
|
|
Investment properties |
|
Investment properties are valued at the balance sheet date and included in the accounts at their open market value. Changes in the value of investment properties are taken to the profit and loss account. The company departs from the legal requirement in the Companies Acts to charge depreciation on investment properties in order to satisfy the overriding requirement for the accounts to give a true and fair view of the company's results.
|
|
|
Investment in subsidiaries |
|
Investments in subsidiaries are measured at cost less any provisions made for impairment losses.
|
|
|
Deferred taxation |
|
Full provision is made for deferred tax liabilities resulting from timing differences, including a provision for the tax that would be payable by the company were its investment property to be sold at its balance sheet valuation. Deferred tax is calculated on an un-discounted basis.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. At the end of each reporting period monetary assets and liabilities are translated at the closing rate of exchange and any differences are taken to profit and loss.
|
|
|
|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of employees |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 July 2020 |
156,376 |
|
11,455 |
|
167,831 |
|
At 30 June 2021 |
156,376 |
|
11,455 |
|
167,831 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2020 |
10,816 |
|
10,653 |
|
21,469 |
|
Charge for the year |
1,563 |
|
201 |
|
1,764 |
|
At 30 June 2021 |
12,379 |
|
10,854 |
|
23,233 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2021 |
143,997 |
|
601 |
|
144,598 |
|
At 30 June 2020 |
145,560 |
|
802 |
|
146,362 |
|
|
|
4 |
Investment properties |
£ |
|
|
|
Valuation |
|
At 1 July 2020 |
550,000 |
|
Surplus on revaluation |
151,000 |
|
|
At 30 June 2021 |
701,000 |
|
|
|
|
The company's investment property has been valued by the company as at 30 June 2021 on an open market basis, taking into account professional opinions obtained and trends in the local property market. The historical cost of the property amounts to £379,980 (2020: £379,980).
|
|
|
|
5 |
Investment in subsidiary |
£ |
|
Cost |
|
At 1 July 2020 |
897 |
|
|
At 30 June 2021 |
897 |
|
|
|
|
|
|
|
|
|
6 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Amounts owed by subsidiary company |
|
372,059 |
|
239,693 |
|
Other debtors |
1,041 |
|
838 |
|
|
|
|
|
|
373,100 |
|
240,531 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Corporation tax |
|
|
|
|
8,199 |
|
11,118 |
|
Other taxes |
6,391 |
|
4,485 |
|
Other creditors |
74,182 |
|
51,183 |
|
|
|
|
|
|
88,772 |
|
66,786 |
|
|
|
|
|
|
|
|
|
|
|
8 |
Controlling party |
|
|
At 30 June 2021 the company was controlled by the director, Mr S Whitrod, since he owned the company's entire issued share capital.
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|
|
|
9 |
Other information |
|
|
Swiftpath Business Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is 40 Courtney Park Road, Langdon Hills, Basildon SS16 6RE. |