Swiftstorm Ltd - Accounts to registrar (filleted) - small 18.2
Swiftstorm Ltd - Accounts to registrar (filleted) - small 18.2
| Financial Statements |
| for the Year Ended 30 December 2019 |
| for |
| Swiftstorm Ltd |
| Swiftstorm Ltd (Registered number: 05769942) |
| Contents of the Financial Statements |
| for the Year Ended 30 December 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Swiftstorm Ltd |
| Company Information |
| for the Year Ended 30 December 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 8-10 South Street |
| Epsom |
| Surrey |
| KT18 7PF |
| Swiftstorm Ltd (Registered number: 05769942) |
| Balance Sheet |
| 30 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Swiftstorm Ltd (Registered number: 05769942) |
| Notes to the Financial Statements |
| for the Year Ended 30 December 2019 |
| 1. | STATUTORY INFORMATION |
| Swiftstorm Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents the sale of food and drinks within the restaurant operated by the company. Revenues are recognised at the point of sale. |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are mainly comprised of wine and other beverages used in the operation of the restaurant. |
| Stock also includes food which is valued in the same way. |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| The basis of valuation used is the actual cost paid to the supplier. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Swiftstorm Ltd (Registered number: 05769942) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The accounts have been prepared on a going concern basis. |
| The company has made a modest loss in the year to the 30th December 2019 and has net current liabilities at that date. These losses have been funded by loans from group companies. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and | Computer |
| leasehold | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 31 December 2018 |
| and 30 December 2019 |
| DEPRECIATION |
| At 31 December 2018 |
| Charge for year |
| At 30 December 2019 |
| NET BOOK VALUE |
| At 30 December 2019 |
| At 30 December 2018 |
| 5. | STOCKS |
| 2019 | 2018 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other debtors and |
| accrued income |
| Owed from associate companies | 30,950 | 52,950 |
| Tax |
| VAT |
| Prepayments |
| Swiftstorm Ltd (Registered number: 05769942) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| VAT | - | 20,022 |
| Other creditors |
| Accrued expenses |
| 8. | LEASING AGREEMENTS |
| Swiftstorm Limited are commited to a rental lease at £100,000 per annum. At the balance sheet date there were 12 years left on the lease. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| A Ordinary | £0.01 | 2,778 | 2,778 |
| B Ordinary | £0.01 | 2,778 | 2,778 |
| 5,556 | 5,556 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The Directors do not consider there to be an ultimate controlling party. |