Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-01falseNo description of principal activity00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03277479 2022-03-01 2023-02-28 03277479 2021-03-01 2022-02-28 03277479 2023-02-28 03277479 2022-02-28 03277479 c:Director1 2022-03-01 2023-02-28 03277479 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 03277479 d:FreeholdInvestmentProperty 2023-02-28 03277479 d:FreeholdInvestmentProperty 2022-02-28 03277479 d:CurrentFinancialInstruments 2023-02-28 03277479 d:CurrentFinancialInstruments 2022-02-28 03277479 d:Non-currentFinancialInstruments 2023-02-28 03277479 d:Non-currentFinancialInstruments 2022-02-28 03277479 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03277479 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 03277479 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03277479 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 03277479 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 03277479 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 03277479 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 03277479 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-02-28 03277479 d:ShareCapital 2023-02-28 03277479 d:ShareCapital 2022-02-28 03277479 d:InvestmentPropertiesRevaluationReserve 2023-02-28 03277479 d:InvestmentPropertiesRevaluationReserve 2022-02-28 03277479 d:RetainedEarningsAccumulatedLosses 2023-02-28 03277479 d:RetainedEarningsAccumulatedLosses 2022-02-28 03277479 c:FRS102 2022-03-01 2023-02-28 03277479 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 03277479 c:FullAccounts 2022-03-01 2023-02-28 03277479 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03277479 6 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 03277479










FIRSTWAY LTD








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 28 February 2023

 
FIRSTWAY LTD
Registered number: 03277479

Balance sheet
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
92
92

Investment property
 5 
4,274,736
4,269,936

  
4,274,828
4,270,028

Current assets
  

Debtors: amounts falling due within one year
 6 
397,403
369,680

Cash at bank and in hand
 7 
11,119
36,418

  
408,522
406,098

Creditors: amounts falling due within one year
 8 
(207,858)
(242,150)

Net current assets
  
 
 
200,664
 
 
163,948

Total assets less current liabilities
  
4,475,492
4,433,976

Creditors: amounts falling due after more than one year
 9 
(1,853,766)
(1,938,103)

Provisions for liabilities
  

Deferred tax
  
(357,627)
(357,627)

  
 
 
(357,627)
 
 
(357,627)

Net assets
  
2,264,099
2,138,246


Capital and reserves
  

Called up share capital 
  
2
2

Investment property reserve
  
1,329,547
1,329,547

Profit and loss account
  
934,550
808,697

  
2,264,099
2,138,246


Page 1

 
FIRSTWAY LTD
Registered number: 03277479
    
Balance sheet (continued)
As at 28 February 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 November 2023.




Mr M Moskowits
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

1.


General information

Firstway Ltd is a private company limited by shares and registered in England and Wales. The registered address is at 166 Stamford Hill, London, N16 6QX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 3

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 March 2022
92



At 28 February 2023
92





5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
4,269,936


Additions at cost
4,800



At 28 February 2023
4,274,736

The 2023 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,587,562
2,582,762

2,587,562
2,582,762

Page 4

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

6.


Debtors

2023
2022
£
£


Trade debtors
9,597
49,073

Other debtors
387,806
320,607

397,403
369,680



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,118
36,420

11,118
36,420



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
103,413
122,485

Trade creditors
399
301

Corporation tax
56,330
79,198

Other taxation and social security
4,021
4,608

Other creditors
42,195
34,058

Accruals and deferred income
1,500
1,500

207,858
242,150


Page 5

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,853,766
1,904,506

Other creditors
-
33,597

1,853,766
1,938,103


The following liabilities were secured:

2023
2022
£
£



Bank loans
1,884,281
1,971,655

1,884,281
1,971,655

Details of security provided:

The bank loan is secured by fixed and floating charges over the company's freehold properties and the other assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
103,413
122,485


103,413
122,485


Amounts falling due 2-5 years

Bank loans
406,349
489,940


406,349
489,940

Amounts falling due after more than 5 years

Bank loans
1,447,416
1,414,566

1,957,178
2,026,991


 
Page 6