Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
COMPANY INFORMATION
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SWIFT INDUSTRIAL SUPPLIES LTD
CONTENTS
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SWIFT INDUSTRIAL SUPPLIES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present the strategic report and financial statements for the period ended 31 December 2020.
The strategic report is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties the market faces. The company’s principal activity during the period continued to be the manufacture and distribution of protective clothing.
The company has delivered £13,219,432 in revenue in FY 2019, this was up on FY 2019 as a result of continued focus and growth in our core product portfolio, along with the development of our Millstone brand. This, coupled with improved product level margin control processes, has delivered a significant improvement in earnings vs the prior year. £13,219,432 vs £11,058,175. At the end of FY 2020, management has embarked on a process of reviewing and renewing all key customer contracts, specifically with those customers in the Gold and Platinum banding, this process will be completed by the end of FY 2020/21.
Covid-19 has continued to have a significant impact on the global economy. Swift’s customer and product portfolio has allowed the business to continue to trade successfully through the crisis and the business has diversified its product range to capitalise on the current high demand for PPE. The business continues to invest in staff and other resources to ensure continued strong growth and profitability in the future.
The company dedicates resources to manage risk areas in the following categories:
Strategic risk: The directors and management teams closely monitor performance and, have targeted strategies aligned to the challenging trading conditions. The management consider competitor risk to be low given our current customer base and strategy. Financial risk: The main area of financial risk management is exchange rate movements. The company has a balanced approach to managing this risk through the careful use of forward purchases to cover an appropriate percentage of future forex forecast requirements. Credit Risk: There is a risk of financial loss to the company arising from the failure of the company’s customers to meet their financial obligations for the services provided by the company. The company manages this situation through credit control procedures but nevertheless, we are subject to customer credit risk. The Board are of the view that the risk is at an acceptable level. Health & safety The business takes its health and safety responsibilities very seriously. We ensure in all areas that we seek to comply with all relevant legislation and allocate management time to this subject at the highest level on a regular basis.
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SWIFT INDUSTRIAL SUPPLIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors use several performance measures to measure the company’s success in meeting its objectives. The key performance indicators are:
i. Gross Profit Margins ii. Operating Profit iii. Headcount iv. Customer Satisfaction Survey Scores v. Customer churn vi. On time deliveries
This report was approved by the board
and signed on its behalf.
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SWIFT INDUSTRIAL SUPPLIES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
1,040,784
(2019 -
£
691,780
)
.
A dividend of £286,000 has been recommended (2019: £468,000).
The directors who served during the year were:
The company continues to explore further opportunities for growth through the introduction of new product ranges, exploration of new market sectors and the development of brands we promote.
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SWIFT INDUSTRIAL SUPPLIES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Wise & Co will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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SWIFT INDUSTRIAL SUPPLIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWIFT INDUSTRIAL SUPPLIES LTD
We have audited the financial statements of Swift Industrial Supplies Ltd (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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SWIFT INDUSTRIAL SUPPLIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWIFT INDUSTRIAL SUPPLIES LTD (CONTINUED)
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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SWIFT INDUSTRIAL SUPPLIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWIFT INDUSTRIAL SUPPLIES LTD (CONTINUED)
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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SWIFT INDUSTRIAL SUPPLIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWIFT INDUSTRIAL SUPPLIES LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to , the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel . There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
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SWIFT INDUSTRIAL SUPPLIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWIFT INDUSTRIAL SUPPLIES LTD (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Wey Court West
Union Road
Surrey
GU9 7PT
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SWIFT INDUSTRIAL SUPPLIES LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
REGISTERED NUMBER:
06863317
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 29 form part of these financial statements.
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SWIFT INDUSTRIAL SUPPLIES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Swift Industrial Supplies Ltd (06863317) is a private company limited by shares and registered in England. Its registered office is Venture Park, Selborne Road, Alton, Hampshire, GU34 3HL.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The whole of the turnover is attributable to the sale of protective clothing and equipment.
Analysis of turnover by country of destination:
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
10.
Taxation (continued)
There were no factors that may affect future tax charges.
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Company operates a defined contributions (money purchase) pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,008 (2018: £28,745). Contributions totalling £8,507 (2018: £3,304) were payable to the fund at the reporting date and are included in creditors.
As at the year end the company agreed to purchase £nil (US Dollars) (2019: 350,000 US Dollars) at agreed rates post year end. The fair value of these contracts at the year end is not materially different compared to the value of the forward exchange at the contract end date.
At the year end the directors owed the company £188,689 (2019 £nil), this amount was repaid on 30 September 2021.
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SWIFT INDUSTRIAL SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The controlling party is
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