Swift Catering Equipment Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2018
Company Registration No. 03741789 (England and Wales)
Swift Catering Equipment Limited
Company Information
Director
W. W. Munro
Secretary
A. Munro
Company number
03741789
Registered office
10 Braiswick Place
Laindon North Industrial Estate
Basildon
Essex
SS15 6EB
Accountants
Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Swift Catering Equipment Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Swift Catering Equipment Limited
Balance Sheet
As at 31 March 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,410
6,615
Tangible assets
4
31,172
55,434
Current assets
Stock
122,206
49,420
Debtors
5
166,133
159,392
Cash at bank and in hand
1,128
741
289,467
209,553
Creditors: amounts falling due within one year
6
(274,118)
(217,229)
Net current assets/(liabilities)
15,349
(7,676)
Total assets less current liabilities
50,931
54,373
Creditors: amounts falling due after more than one year
7
(2,525)
(4,096)
Provisions for liabilities
9
(3,865)
(8,716)
Net assets
44,541
41,561
Capital and reserves
Called up share capital
11
502
502
Share premium account
4,500
4,500
Profit and loss reserves
39,539
36,559
Total equity
44,541
41,561
Swift Catering Equipment Limited
Balance Sheet (Continued)
As at 31 March 2018
Page 2
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 15 August 2018
W. W. Munro
Director
Company Registration No. 03741789
Swift Catering Equipment Limited
Notes to the Financial Statements
For the year ended 31 March 2018
Page 3
1
Accounting policies
Company information
Swift Catering Equipment Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office
and business address
is
10 Braiswick Place, Laindon North Industrial Estate, Basildon, Essex, SS15 6EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for the supply, maintenance and manufacture of catering equipment net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% straight line
Swift Catering Equipment Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
Page 4
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance & 20% straight line
Motor vehicles
25% straight line or over life of lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stock
Stock
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
1.7
Financial instruments
All of the company's financial assets and liabilities are basic and are measured at amortised cost.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Swift Catering Equipment Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2017 - 16).
Swift Catering Equipment Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 6
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2017 and 31 March 2018
5,000
7,820
12,820
Amortisation and impairment
At 1 April 2017
4,250
1,955
6,205
Amortisation charged for the year
250
1,955
2,205
At 31 March 2018
4,500
3,910
8,410
Carrying amount
At 31 March 2018
500
3,910
4,410
At 31 March 2017
750
5,865
6,615
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
270,202
Additions
1,613
At 31 March 2018
271,815
Depreciation and impairment
At 1 April 2017
214,768
Depreciation charged in the year
25,875
At 31 March 2018
240,643
Carrying amount
At 31 March 2018
31,172
At 31 March 2017
55,434
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £11,345 (2017 - £11,345) for the year.
2018
2017
£
£
Motor vehicles
2,319
13,669
Swift Catering Equipment Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 7
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
160,099
151,034
Corporation tax recoverable
-
979
Other debtors
6,034
7,379
166,133
159,392
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
70,790
23,154
Trade creditors
125,931
129,452
Other taxation and social security
58,052
40,955
Other creditors
19,345
23,668
274,118
217,229
Bank borrowings are secured by fixed and floating charges over current and future assets of the company.
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
2,525
4,096
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
9
3,865
8,716
Swift Catering Equipment Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 8
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
4,320
8,716
Statutory database figures differ from the trial balance:
Deferred tax balances
3,865
8,716
Difference
455
-
2018
Movements in the year:
£
Liability at 1 April 2017
8,716
Credit to profit or loss
(4,396)
Liability at 31 March 2018
4,320
10
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,927
689
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
Included in other creditors at the year end is an amount of £91 (2017: £653) in respect of unpaid pension contributions.
11
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
502 Ordinary shares of £1 each
502
502
Swift Catering Equipment Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 9
12
Directors' transactions
The company's premises are owned by Mr W. W. Munro and his wife, Mrs G. Munro, and are rented at a commercial rent of £53,485 (2017: £54,000) per annum.
During the year, the company paid expenses of £nil (2017: £475) on behalf of the director, Mr W. W. Munro. At the year end, included in other creditors is an amount owed to the director of £7,786 (2017: other debtors - £2,214).
Dividends of £10,000 (2017: £3,500) were paid to Mr W. W. Munro and his wife, Mrs G. Munro.
2018-03-31
2017-04-01
false
CCH Software
CCH Accounts Production 2018.100
No description of principal activity
17 August 2018
W. W. Munro
A. Munro
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