SWIFT_FINANCIAL_SOLUTIONS - Accounts


Company Registration No. 07530928 (England and Wales)
SWIFT FINANCIAL SOLUTIONS LTD
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2014
SWIFT FINANCIAL SOLUTIONS LTD
COMPANY INFORMATION
Director
Robert Harrison
Company number
07530928
Registered office
Oakland House
Hope Carr Road
Leigh
WN7 3ET
Accountants
TaxAssist Accountants
17 Queen Street
Leigh
WN7 4NQ
SWIFT FINANCIAL SOLUTIONS LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
SWIFT FINANCIAL SOLUTIONS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 1 -
The director presents his report and financial statements for the year ended 28 February 2014.
Principal activities

The principal activity of the company continued to be that of the provision of financial advise.

Director
The following director has held office since 1 March 2013:
Robert Harrison
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
Robert Harrison
Director
20 November 2014
SWIFT FINANCIAL SOLUTIONS LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY ACCOUNTS OF SWIFT FINANCIAL SOLUTIONS LTD
- 2 -
You consider that the company is exempt from an audit for the year ended 28 February 2014. You have acknowledged, on the balance sheet, your responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006, and for preparing accounts which give a true and fair view of the state of affairs of the company and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared these accounts on pages 3 to 7 from the accounting records of the company and on the basis of information and explanations you have given us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
TaxAssist Accountants
20 November 2014
Accountants
17 Queen Street
Leigh
WN7 4NQ
SWIFT FINANCIAL SOLUTIONS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 3 -
2014
2013
Notes
£
£
Turnover
752,183
33,000
Cost of sales
(270,343)
(21,385)
Gross profit
481,840
11,615
Administrative expenses
(540,960)
(11,112)
(Loss)/profit on ordinary activities before taxation
2
(59,120)
503
Tax on (loss)/profit on ordinary activities
-
0
-
0
(Loss)/profit for the year
7
(59,120)
503
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
SWIFT FINANCIAL SOLUTIONS LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2014
28 February 2014
- 4 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,495
8,219
Current assets
Debtors
4
-
0
7,966
Cash at bank and in hand
7,927
591
7,927
8,557
Creditors: amounts falling due within one year
5
(107,037)
(1,271)
Net current (liabilities)/assets
(99,110)
7,286
Total assets less current liabilities
(58,615)
15,505
Provisions for liabilities
-
0
(15,000)
(58,615)
505
Capital and reserves
Called up share capital
6
2
2
Profit and loss account
7
(58,617)
503
Shareholders' funds
8
(58,615)
505
For the financial year ended 28 February 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 member has 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.
Approved by the Board and authorised for issue on 20 November 2014
Robert Harrison
Director
Company Registration No. 07530928
SWIFT FINANCIAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
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
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Computer equipment
25% on written down value
Fixtures, fittings & equipment
20% on written down value
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
2
Operating (loss)/profit
2014
2013
£
£
Operating (loss)/profit is stated after charging:
Depreciation of tangible assets
11,454
2,592
SWIFT FINANCIAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2013
10,810
Additions
43,730
At 28 February 2014
54,540
Depreciation
At 1 March 2013
2,591
Charge for the year
11,454
At 28 February 2014
14,045
Net book value
At 28 February 2014
40,495
At 28 February 2013
8,219
4
Debtors
2014
2013
£
£
Trade debtors
-
0
7,966
5
Creditors: amounts falling due within one year
2014
2013
£
£
Trade creditors
107,037
1,271
6
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 ordinary shares of £1 each
2
2
SWIFT FINANCIAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2014
- 7 -
7
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 March 2013
503
Loss for the year
(59,120)
Balance at 28 February 2014
(58,617)
8
Reconciliation of movements in shareholders' funds
2014
2013
£
£
(Loss)/Profit for the financial year
(59,120)
503
Opening shareholders' funds
505
2
Closing shareholders' funds
(58,615)
505
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