Company Registration No. SC318292 (Scotland)
SWIFT CATERING LTD
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014
SWIFT CATERING LTD
COMPANY INFORMATION
Director
Mrs J Reilly
Company number
SC318292
Registered office
10 Knockbreck Street
Tain
IV19 1BJ
Accountants
TaxAssist Accountants (Inverness)
9 Tomnahurich Street
Inverness
IV3 5DA
Business address
10 Knockbreck Street
Tain
IV19 1BJ
SWIFT CATERING LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 9
SWIFT CATERING LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2014
- 1 -
The director presents his report and financial statements for the year ended 30 June 2014.
Principal activities
The principal activity of the company continued to be that of contract catering services
Director
The following director has held office since 1 July 2013:
Mrs J Reilly
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mrs J Reilly
Director
6 August 2015
SWIFT CATERING LTD
FTA ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SWIFT CATERING LTD FOR THE YEAR ENDED 30 JUNE 2014
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SWIFT CATERING LTD for the year ended 30 June 2014 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of SWIFT CATERING LTD, as a body, in accordance with the terms of our engagement letter dated 9 October 2014. Our work has been undertaken solely to prepare for your approval the financial statements of SWIFT CATERING LTD and state those matters that we have agreed to state to the Board of Directors of SWIFT CATERING LTD, and state those matters that we have agreed to state to you in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SWIFT CATERING LTD and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that SWIFT CATERING LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SWIFT CATERING LTD. You consider that SWIFT CATERING LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SWIFT CATERING LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
TaxAssist Accountants (Inverness)
6 August 2015
FTA Accountants
9 Tomnahurich Street
Inverness
IV3 5DA
SWIFT CATERING LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2014
- 3 -
2014
2013
Notes
£
£
Turnover
1,550,205
1,203,282
Cost of sales
(617,967)
(424,265)
Gross profit
932,238
779,017
Administrative expenses
(804,438)
(481,834)
Operating profit
2
127,800
297,183
Interest payable and similar charges
(3,588)
(3,172)
Profit on ordinary activities before taxation
124,212
294,011
Tax on profit on ordinary activities
3
(25,167)
(64,634)
Profit for the year
12
99,045
229,377
SWIFT CATERING LTD
BALANCE SHEET
AS AT
30 JUNE 2014
30 June 2014
- 4 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
5
77,000
75,000
Tangible assets
6
404,074
15,730
481,074
90,730
Current assets
Debtors
7
55,391
49,947
Cash at bank and in hand
32,809
158,871
88,200
208,818
Creditors: amounts falling due within one year
8
(219,145)
(155,456)
Net current (liabilities)/assets
(130,945)
53,362
Total assets less current liabilities
350,129
144,092
Creditors: amounts falling due after more than one year
9
(246,865)
(30,123)
103,264
113,969
Capital and reserves
Called up share capital
11
2
2
Profit and loss account
12
103,262
113,967
Shareholders' funds
103,264
113,969
SWIFT CATERING LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2014
30 June 2014
- 5 -
For the financial year ended 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 6 August 2015
Mrs J Reilly
Director
Company Registration No. SC318292
SWIFT CATERING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014
- 6 -
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 April 2008).
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 goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
1% straight line
Plant and machinery
20% straight line
Motor vehicles
20% straight line
2
Operating profit
2014
2013
£
£
Operating profit is stated after charging:
Amortisation of intangible assets
28,000
25,000
Depreciation of tangible assets
16,262
5,046
Director's remuneration
18,300
7,800
3
Taxation
2014
2013
£
£
Domestic current year tax
U.K. corporation tax
25,167
64,634
Total current tax
25,167
64,634
4
Dividends
2014
2013
£
£
Ordinary interim paid
109,750
116,000
SWIFT CATERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2014
- 7 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2013
125,000
Additions
30,000
At 30 June 2014
155,000
Amortisation
At 1 July 2013
50,000
Charge for the year
28,000
At 30 June 2014
78,000
Net book value
At 30 June 2014
77,000
At 30 June 2013
75,000
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2013
-
25,229
25,229
Additions
366,872
37,734
404,606
At 30 June 2014
366,872
62,963
429,835
Depreciation
At 1 July 2013
-
9,499
9,499
Charge for the year
3,669
12,593
16,262
At 30 June 2014
3,669
22,092
25,761
Net book value
At 30 June 2014
363,203
40,871
404,074
At 30 June 2013
-
15,730
15,730
The net book value of other tangible fixed assets includes £5,667 (2013 - £8,500) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £2,833 (2013 - £2,833) for the year.
SWIFT CATERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2014
- 8 -
7
Debtors
2014
2013
£
£
Trade debtors
51,013
49,947
Other debtors
4,378
-
55,391
49,947
8
Creditors: amounts falling due within one year
2014
2013
£
£
Trade creditors
75,356
31,007
Taxation and social security
140,424
112,270
Other creditors
3,365
12,179
219,145
155,456
9
Creditors: amounts falling due after more than one year
2014
2013
£
£
Bank loans
239,000
19,499
Net obligations under hire purchase contracts
7,865
10,624
246,865
30,123
Analysis of loans
Wholly repayable within five years
239,000
19,499
10
Pension costs
Defined contribution
2014
2013
£
£
Contributions payable by the company for the year
3,000
-
SWIFT CATERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2014
- 9 -
11
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 Ordinary of £1 each
2
2
12
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 July 2013
113,967
Profit for the year
99,045
Dividends paid
(109,750)
Balance at 30 June 2014
103,262
13
Control
The ultimate controlling party is
Mrs J Reilly
[
Director
]
.
14
Related party relationships and transactions
The following directors were paid dividends during the year as outlined in the table below:
2014
2013
£
£
Mrs J Reilly
54,875
58,000
54,875
58,000
SWIFT CATERING LTD
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2014
2014
2013
£
£
£
£
Turnover
Sales
1,550,205
1,203,282
Cost of sales
Purchases
609,072
424,265
Direct costs
224
-
Subcontract labour
4,082
-
Hire of plant and machinery
4,081
-
Light, heat and power
508
-
(617,967)
(424,265)
Gross profit
60.14%
932,238
64.74%
779,017
Wages and salaries
617,851
388,860
Directors' remuneration
18,300
7,800
Staff pension costs
3,000
-
Staff training
600
-
Rent, rates & water
9,562
13,405
Insurance
7,000
3,069
Light and heat
3,462
3,161
Cleaning
2,819
809
Repairs and maintenance
56,490
1,863
Printing, postage and stationery
206
27
Advertising
6,184
-
Telephone
2,784
2,666
Computer & software costs
110
-
Equipment hire & leasing
2,532
3,299
Motor running expenses
3,591
6,508
Consultancy fees
5,880
-
Accountancy
9,576
5,512
Bank charges
8,697
1,956
Factoring charges
-
12,020
Sundry expenses - allowable
1,532
833
Depreciation on intangible assets
28,000
25,000
Depreciation on freehold property
3,669
-
Depreciation on plant and machinery
9,760
2,213
Depreciation on motor vehicles
2,833
2,833
(804,438)
(481,834)
Operating profit
127,800
297,183
Interest payable
Bank interest paid
-
783
Loan interest paid
464
1,876
Hire purchase interest paid
513
513
Other interest paid
2,611
-
(3,588)
(3,172)
SWIFT CATERING LTD
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2014
Profit before taxation
8.01%
124,212
24.43%
294,011
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