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Company Registration No. 09578666 (England and Wales)
Nearway Ltd Unaudited accounts for the year ended 31 March 2023
Nearway Ltd Unaudited accounts Contents
Page
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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
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Nearway Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
170,519 
68,388 
Current assets
Debtors
152,329 
64,697 
Cash at bank and in hand
27,532 
40,262 
179,861 
104,959 
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)
- 
Net assets
47,053 
49,230 
Capital and reserves
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
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Nearway Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Leased assets
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.
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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 
Depreciation
At 1 April 2022
220 
43,718 
43,938 
Charge for the year
89 
23,932 
24,021 
On disposals
- 
(990)
(990)
At 31 March 2023
309 
66,660 
66,969 
Net book value
At 31 March 2023
501 
170,018 
170,519 
At 31 March 2022
590 
67,798 
68,388 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
59,454 
61,458 
Accrued income and prepayments
14,875 
3,239 
Other debtors
78,000 
- 
152,329 
64,697 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
14,753 
- 
VAT
50,940 
50,396 
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 
Accruals
10,000 
26,169 
200,764 
124,117 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
22,953 
- 
Obligations under finance leases and hire purchase contracts
79,610 
- 
102,563 
- 
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Nearway Ltd Notes to the Accounts for the year ended 31 March 2023
8
Share capital
2023 
2022 
£ 
£ 
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).
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