Swift Aerospace Services Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02724904 (England and Wales)

for

Page

Company Information  

1

Group Strategic Report  

2

Report of the Directors  

3

Report of the Independent Auditors  

5

Consolidated Income Statement  

8

Consolidated Other Comprehensive Income  

9

Consolidated Balance Sheet  

10

Company Balance Sheet  

11

Consolidated Statement of Changes in Equity  

13

Company Statement of Changes in Equity  

14

Consolidated Cash Flow Statement  

15

Notes to the Consolidated Cash Flow

Statement

16

Notes to the Consolidated Financial

Statements

18

DIRECTORS:

R Gerber

B C Stephens

SECRETARY:

R Gerber

REGISTERED OFFICE:

Unit B

City Park

Watchmead

Welwyn Garden City

Hertfordshire

AL7 1LT

REGISTERED NUMBER:

02724904 (England and Wales)

AUDITORS:

Pawley & Malyon Limited (Statutory Auditor)

14 Austin Friars

London

EC2N 2HE

The directors present their strategic report of the company and the group for the year ended 30 June 2020.

ON BEHALF OF THE BOARD:

R Gerber - Secretary

15 June 2021

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2020.

DIVIDENDS

An interim dividend of £3 per share was paid on 31 January 2021. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2020 will be £ 30,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2019 to the date of this report.

R Gerber

B C Stephens

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:

-

select suitable accounting policies and then apply them consistently;

-

make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors,  Pawley & Malyon Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Gerber - Secretary

15 June 2021

Opinion

Basis for opinion

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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-

the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

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 Report of the Auditors.

Use of our report

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 a Report of the Auditors 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.

D H Malyon (Senior Statutory Auditor)

for and on behalf of Pawley & Malyon Limited (Statutory Auditor)

14 Austin Friars

London

EC2N 2HE

15 June 2021

TURNOVER

9,662,548

10,019,477

Cost of sales

6,903,056

7,320,804

GROSS PROFIT

2,759,492

2,698,673

Administrative expenses

2,222,070

2,275,809

OPERATING PROFIT

4

537,422

422,864

Interest payable and similar

expenses

5

77,416

95,980

PROFIT BEFORE TAXATION

460,006

326,884

Tax on profit

6

102,987

88,341

PROFIT FOR THE FINANCIAL YEAR

357,019

238,543

Profit attributable to:

Owners of the parent

357,019

238,543

PROFIT FOR THE YEAR

357,019

238,543

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

357,019

238,543

Total comprehensive income attributable to:

Owners of the parent

357,019

238,543

FIXED ASSETS

Tangible assets

9

156,635

37,328

Investments

10

-

-

156,635

37,328

CURRENT ASSETS

Stocks

11

5,721,224

5,194,139

Debtors

12

2,355,034

3,001,301

Cash at bank and in hand

56,503

185,012

8,132,761

8,380,452

CREDITORS

Amounts falling due within one year

13

3,978,820

4,503,474

NET CURRENT ASSETS

4,153,941

3,876,978

TOTAL ASSETS LESS CURRENT

LIABILITIES

4,310,576

3,914,306

CREDITORS

Amounts falling due after more than

one year

14

(71,428

)

-

PROVISIONS FOR LIABILITIES

17

-

(2,177

)

NET ASSETS

4,239,148

3,912,129

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Retained earnings

19

4,229,148

3,902,129

SHAREHOLDERS' FUNDS

4,239,148

3,912,129

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2021 and were signed on its behalf by:

R Gerber - Director

B C Stephens - Director

FIXED ASSETS

Tangible assets

9

132,311

8,435

Investments

10

28,260

28,260

160,571

36,695

CURRENT ASSETS

Stocks

11

4,843,838

4,767,760

Debtors

12

3,510,806

3,521,266

Cash at bank and in hand

56,503

185,012

8,411,147

8,474,038

CREDITORS

Amounts falling due within one year

13

3,978,380

4,490,358

NET CURRENT ASSETS

4,432,767

3,983,680

TOTAL ASSETS LESS CURRENT

LIABILITIES

4,593,338

4,020,375

CREDITORS

Amounts falling due after more than

one year

14

71,428

-

NET ASSETS

4,521,910

4,020,375

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Retained earnings

19

4,511,910

4,010,375

SHAREHOLDERS' FUNDS

4,521,910

4,020,375

Company's profit for the financial

year

531,535

335,852

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2021 and were signed on its behalf by:

R Gerber - Director

B C Stephens - Director

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 July 2018

10,000

3,663,586

3,673,586

Changes in equity

Total comprehensive income

-

238,543

238,543

Balance at 30 June 2019

10,000

3,902,129

3,912,129

Changes in equity

Dividends

-

(30,000

)

(30,000

)

Total comprehensive income

-

357,019

357,019

Balance at 30 June 2020

10,000

4,229,148

4,239,148

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 July 2018

10,000

3,674,523

3,684,523

Changes in equity

Total comprehensive income

-

335,852

335,852

Balance at 30 June 2019

10,000

4,010,375

4,020,375

Changes in equity

Dividends

-

(30,000

)

(30,000

)

Total comprehensive income

-

531,535

531,535

Balance at 30 June 2020

10,000

4,511,910

4,521,910

Cash flows from operating activities

Cash generated from operations

1

(14,787

)

(746,511

)

Interest paid

(76,939

)

(95,980

)

Interest element of hire purchase

payments paid

(477

)

-

Finance costs paid

1,459

-

Tax paid

(37,522

)

(76,334

)

Net cash from operating activities

(128,266

)

(918,825

)

Cash flows from investing activities

Purchase of tangible fixed assets

(137,047

)

(16,212

)

Net cash from investing activities

(137,047

)

(16,212

)

Cash flows from financing activities

Capital repayments in year

107,517

-

Amount introduced by directors

30,000

-

Amount withdrawn by directors

(10,000

)

-

Equity dividends paid

(30,000

)

-

Net cash from financing activities

97,517

-

Decrease in cash and cash equivalents

(167,796

)

(935,037

)

Cash and cash equivalents at