pinacle - Company Accounts (iXBRL 6.0.17)

SWIFT 1012 LTD PETER WILKINSON

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2017

Company Registration Number - 495810

G R STENTON & CO

Accountants

	1.
SWIFT 1012 LTD
COMPANY NUMBER - 495810
Balance sheet as at 31 December 2017

			2017		2016
			----		----
	Notes	£	£	£	£

FIXED ASSETS
Tangible assets	4		21,679		22,090
Investments-Joint Property
Syndicates	5		75,434		75,434
			97,113		97,524
Current assets
Debtors	6	-		1,426
Cash at bank and in hand		4,465		4,465
		4,465		5,891
Current liabilities
Creditors - Amounts
falling due within one year	7	6,645		1,537
NET CURRENT (LIABILITIES) ASSETS			( 2,180)		4,354
Total assets less current liabilities			94,933		101,878
Provisions for liabilities
Deferred taxation	8		271		239
Net assets			95,204		102,117

	2.
SWIFT 1012 LTD
COMPANY NUMBER - 495810
Balance sheet as at 31 December 2017

			2017		2016
			----		----
	Notes		£		£

CAPITAL AND RESERVES
Called up share capital	9		300		300
Other reserves			( 830)		( 830)
Profit and loss account			95,734		102,647
Shareholders' funds			95,204		102,117

These financial statements have been prepared in accordance with the provisions of FRS102 Section 1A of the Companies Act 2006 relating to small companies. In accordance with section 444 of the Companies Act 2006, the directors' report and the profit and loss account have not been delivered.

For the financial year ended 31 December 2017, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.

The members have not required the company to obtain an audit.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Approved by the board of directors on 02 July 2018
and signed on their behalf by:
P. WILKINSON
The notes on pages 3 to 5 form an integral part of these accounts.

	3.
SWIFT 1012 LTD
Notes to the Financial Statements
For the year ended 31 December 2017
1. General Information

SWIFT 1012 LTD is a Private Company, limited by shares, domiciled in England and Wales, registration number 495810.

The company's registered office is 4 SUNNISIDE LEIGH, CLEADON VILLAGE, SUNDERLAND, SR6 7XH.

2. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

This is the first year in which the financial statements have been prepared under FRS102. Details of the transition to FRS 102 are disclosed in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents goods supplied or services rendered, stated net of Value Added Tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets and depreciation

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - 15% reducing balance

Fixtures and fittings - 15% reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial Instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3. Employees

The average number of persons employed by the company (including directors) during the year was 2 (2016 - ).

	4.
SWIFT 1012 LTD
Notes to the Financial Statements
For the year ended 31 December 2017

4. Fixed assets - tangible

		Plant and
	Land and	Machinery
	Buildings	etc.	Total
Cost or valuation	£	£	£
At 01 January 2017	39,692	11,485	51,177
Additions	-	599	599
At 31 December 2017	39,692	12,084	51,776
Depreciation
At 01 January 2017	21,274	7,813	29,087
Charge for year	369	641	1,010
At 31 December 2017	21,643	8,454	30,097
Net book values
At 31 December 2017	18,049	3,630	21,679
At 01 January 2017	18,418	3,672	22,090

5. Investments in joint syndicates

£

Investment at 01 January 2017	75,434
	75,434
	75,434

	2017		2016
	----		----
	£		£
6. Debtors
Due within one year:
Other debtors	-		1,426
7. Creditors
Amounts falling due within one year:
Bank overdraft	2,243		-
Taxation and social security	-		745
Other creditors	4,402		792
	6,645		1,537

	5.
SWIFT 1012 LTD
Notes to the Financial Statements
For the year ended 31 December 2017

	2017		2016
	----		----
	£		£
8. Deferred taxation
At 01 January 2017	(239)		(171)
Credited to profit and loss account	(32)		(68)
At 31 December 2017	271		239
9. Called up share capital

There was no change in share capital during the year.

Allotted, called up and fully paid
shares of £1 each Ordinary	300		300
10. Impact of first year adoption of FRS102

The accounting policies applied under the company's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or the profit or loss.