Swift Chem-tex Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 02221731 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2015

for

Swift Chem-tex Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr A Brandt

Mrs I Einav

SECRETARY:

Mr A Brandt

REGISTERED OFFICE:

191 Wigston Lane

Leicester

Leicestershire

LE2 8DJ

REGISTERED NUMBER:

02221731 (England and Wales)

ACCOUNTANTS:

Pinnacle

Chartered Certified Accountants

& Registered Auditors

32 DeMontfort Street

Leicester

Leicestershire

LE1 7GD

FIXED ASSETS

Tangible assets

2

1,640

1,819

CURRENT ASSETS

Stocks

89,250

90,700

Debtors

53,844

81,576

Cash in hand

968

334

144,062

172,610

CREDITORS

Amounts falling due within one year

442,112

472,816

NET CURRENT LIABILITIES

(298,050

)

(300,206

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(296,410

)

(298,387

)

CREDITORS

Amounts falling due after more than one year

580

1,941

NET LIABILITIES

(296,990

)

(300,328

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(297,090

)

(300,428

)

SHAREHOLDERS' FUNDS

(296,990

)

(300,328

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 22 March 2016 and were signed on its behalf by:

Mr A Brandt - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with

the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% per annum on cost

Plant and machinery etc

-

25% on cost and 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date

to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise,

based on current tax rates and law. Timing differences arise from the inclusion of items of income and

expenditure in taxation computations in periods different from those in which they are included in the

financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be

recovered. Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company

will continue in operational existence for the foreseeable future (see note 12).

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

37,394

Additions

316

At 30 June 2015

37,710

DEPRECIATION

At 1 July 2014

35,575

Charge for year

495

At 30 June 2015

36,070

NET BOOK VALUE

At 30 June 2015

1,640

At 30 June 2014

1,819

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.15

30.6.14

value:

£

£

100

Ordinary shares

£1

100

100

4.	GOING CONCERN

The company's liabilities exceed the assets by £296,990. The directors' anticipates that the company will

continue to meet its day to day working capital requirements through existing relationship with the creditors.