Company Registration No. 09578666 (England and Wales)
Nearway Ltd
Unaudited accounts
for the year ended 31 March 2023
Nearway Ltd
Unaudited accounts
Contents
Nearway Ltd
Company Information
for the year ended 31 March 2023
Director
Ali A Al-Khazaali
Company Number
09578666 (England and Wales)
Registered Office
36 Wembley Hill Road
Wembley
London
HA9 8FJ
United Kingdom
Nearway Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
170,519
68,388
Cash at bank and in hand
27,532
40,262
Creditors: amounts falling due within one year
(200,764)
(124,117)
Net current liabilities
(20,903)
(19,158)
Total assets less current liabilities
149,616
49,230
Creditors: amounts falling due after more than one year
(102,563)
-
Called up share capital
100
100
Profit and loss account
46,953
49,130
Shareholders' funds
47,053
49,230
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 November 2023 and were signed on its behalf by
Ali A Al-Khazaali
Director
Company Registration No. 09578666
Nearway Ltd
Notes to the Accounts
for the year ended 31 March 2023
Nearway Ltd is a private company, limited by shares, registered in England and Wales, registration number 09578666. The registered office is 36 Wembley Hill Road, Wembley, London, HA9 8FJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
15% reducing balance
Expenditure on research and development is written off in the year in which it is incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Nearway Ltd
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2022
810
111,516
112,326
Additions
-
131,762
131,762
Disposals
-
(6,600)
(6,600)
At 31 March 2023
810
236,678
237,488
At 1 April 2022
220
43,718
43,938
Charge for the year
89
23,932
24,021
At 31 March 2023
309
66,660
66,969
At 31 March 2023
501
170,018
170,519
At 31 March 2022
590
67,798
68,388
Amounts falling due within one year
Trade debtors
59,454
61,458
Accrued income and prepayments
14,875
3,239
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
14,753
-
Obligations under finance leases and hire purchase contracts
33,625
-
Trade creditors
15,000
14,107
Taxes and social security
8,138
9,712
Other creditors
12,722
2,442
Loans from directors
55,586
21,291
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
79,610
-
Nearway Ltd
Notes to the Accounts
for the year ended 31 March 2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Transactions with related parties
Included in other creditors is a sum of £55,586 (2022: 21,292) owed by the company to the director.
During the year interim dividends of £35,650 (2022: £34,375) were paid to the director.
10
Average number of employees
During the year the average number of employees was 4 (2022: 4).