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REGISTERED NUMBER: SC324989 (Scotland)











Financial Statements for the Year Ended 30th June 2023

for

Solway Insulation Services Limited

Solway Insulation Services Limited (Registered number: SC324989)






Contents of the Financial Statements
for the Year Ended 30th June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


Solway Insulation Services Limited

Company Information
for the Year Ended 30th June 2023







DIRECTORS: E West
S Cochran





SECRETARY: E West





REGISTERED OFFICE: Unit 218C
Heathhall Industrial Estate
Dumfries
Dumfriesshire
DG1 3PH





REGISTERED NUMBER: SC324989 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Solway Insulation Services Limited (Registered number: SC324989)

Balance Sheet
30th June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 28,295 32,795

CURRENT ASSETS
Stocks 38,036 67,182
Debtors 5 154,738 202,533
Cash at bank 107,773 461,658
300,547 731,373
CREDITORS
Amounts falling due within one year 6 (95,594 ) (172,127 )
NET CURRENT ASSETS 204,953 559,246
TOTAL ASSETS LESS CURRENT
LIABILITIES

233,248

592,041

PROVISIONS FOR LIABILITIES (5,817 ) (5,693 )
NET ASSETS 227,431 586,348

CAPITAL AND RESERVES
Called up share capital 10 20
Share premium (399,990 ) -
Retained earnings 627,411 586,328
SHAREHOLDERS' FUNDS 227,431 586,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th December 2023 and were signed on its behalf by:





E West - Director


Solway Insulation Services Limited (Registered number: SC324989)

Notes to the Financial Statements
for the Year Ended 30th June 2023

1. STATUTORY INFORMATION

Solway Insulation Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Solway Insulation Services Limited (Registered number: SC324989)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st July 2022 71,412 77,425 4,933 153,770
Additions 1,684 - - 1,684
At 30th June 2023 73,096 77,425 4,933 155,454
DEPRECIATION
At 1st July 2022 51,122 65,785 4,068 120,975
Charge for year 3,149 2,905 130 6,184
At 30th June 2023 54,271 68,690 4,198 127,159
NET BOOK VALUE
At 30th June 2023 18,825 8,735 735 28,295
At 30th June 2022 20,290 11,640 865 32,795

Solway Insulation Services Limited (Registered number: SC324989)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 154,738 202,533

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 25,559 45,993
Tax 37,077 62,408
Social security and other taxes 31,396 59,650
Directors' current accounts - 800
Directors' loan accounts - 1,714
Accrued expenses 1,562 1,562
95,594 172,127

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £100,231 were paid to the directors .

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is E West.