1 April 2022 v2023.33.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP117650392022-04-012023-03-31117650392023-03-31117650392022-03-3111765039core:WithinOneYear2023-03-3111765039core:WithinOneYear2022-03-3111765039core:ShareCapital2023-03-3111765039core:ShareCapital2022-03-3111765039core:RetainedEarningsAccumulatedLosses2023-03-3111765039core:RetainedEarningsAccumulatedLosses2022-03-3111765039bus:Director12022-04-012023-03-3111765039bus:RegisteredOffice2022-04-012023-03-3111765039core:NetGoodwill2022-04-012023-03-3111765039core:OfficeEquipment2022-04-012023-03-3111765039core:FurnitureFittings2022-04-012023-03-31117650392021-04-012022-03-3111765039core:NetGoodwill2023-03-3111765039core:NetGoodwill2022-04-0111765039core:NetGoodwill2022-03-3111765039core:PlantMachinery2022-04-0111765039core:PlantMachinery2022-04-012023-03-3111765039core:PlantMachinery2023-03-3111765039core:PlantMachinery2022-03-311176503912022-04-012023-03-3111765039countries:EnglandWales2022-04-012023-03-3111765039bus:AuditExemptWithAccountantsReport2022-04-012023-03-3111765039bus:PrivateLimitedCompanyLtd2022-04-012023-03-3111765039bus:SmallEntities2022-04-012023-03-3111765039bus:FullAccounts2022-04-012023-03-31
Company registration number:
11765039
Solent Way Computers Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2023
Solent Way Computers Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Solent Way Computers Ltd
Year ended
31 March 2023
As described on the statement of financial position, the Board of Directors of
Solent Way Computers Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 March 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
PAUL HAMMETT ACCOUNTING SOLUTIONS LTD
11 Manor Road
Wendover
Bucks
HP22 6HL
United Kingdom
Date:
18 December 2023
Solent Way Computers Ltd
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Intangible assets 5
1,200
 
2,400
 
Tangible assets 6
10,737
 
13,092
 
11,937
 
15,492
 
Current assets    
Stocks
4,010
 
4,810
 
Debtors 7
4,845
 
3,168
 
Cash at bank and in hand
27,667
 
21,299
 
36,522
 
29,277
 
Creditors: amounts falling due within one year 8
(47,243
)
(41,270
)
Net current liabilities
(10,721
)
(11,993
)
Total assets less current liabilities 1,216   3,499  
Provisions for liabilities
(2,040
)
(2,487
)
Net (liabilities)/assets excluding defined benefit pension plan balance (824 ) 1,012  
Defined benefit pension liability (257 ) (108 )
Net (liabilities)/assets including defined benefit pension plan balance
(1,081
)
904
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(1,181
)
804
 
Shareholders (deficit)/funds
(1,081
)
904
 
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.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
20 December 2023
, and are signed on behalf of the board by:
Nigel Williams
Director
Company registration number:
11765039
Solent Way Computers Ltd
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 7, Fareham Innovation Centre
,
4 Meteor Way
,
Lee-On-The-Solent
,
Hampshire
,
PO13 9FU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% straight line
Fixtures and fittings
25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined benefit pension plan

The entity recognises a net defined benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Plan deficits are recognised as a defined benefit liability to the extent it reflects a legal or constructive obligation.
Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur.
Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
6.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 April 2022
and
31 March 2023
6,000
 
Amortisation  
At
1 April 2022
3,600
 
Charge
1,200
 
At
31 March 2023
4,800
 
Carrying amount  
At
31 March 2023
1,200
 
At 31 March 2022
2,400
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2022
25,753
 
Additions
5,245
 
At
31 March 2023
30,998
 
Depreciation  
At
1 April 2022
12,661
 
Charge
7,600
 
At
31 March 2023
20,261
 
Carrying amount  
At
31 March 2023
10,737
 
At 31 March 2022
13,092
 

7 Debtors

20232022
££
Trade debtors
4,845
 
2,875
 
Other debtors -  
293
 
4,845
 
3,168
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
8,922
 
15,535
 
Trade creditors
996
 
1,360
 
Taxation and social security
7,633
 
2,395
 
Other creditors
29,692
 
21,980
 
47,243
 
41,270
 

9 Director's advances, credit and guarantees

The sum owed to the Director at the Balance Sheet date amounted to £27,492 (£19,830 - 2022) and is reflected in Other Creditors above.