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REGISTERED NUMBER: SC080500 (Scotland)











Unaudited Financial Statements for the Year Ended 31st December 2023

for

Solway Gas Limited

Solway Gas Limited (Registered number: SC080500)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


Solway Gas Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: Mrs M E Grierson
L Clark





SECRETARY: Mrs M Grierson





REGISTERED OFFICE: Farries, Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
Dumfriesshire
DG1 3SJ





REGISTERED NUMBER: SC080500 (Scotland)





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

Solway Gas Limited (Registered number: SC080500)

Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 70,480 57,100

CURRENT ASSETS
Debtors 5 448,753 360,975
Cash at bank and in hand 136,886 134,807
585,639 495,782
CREDITORS
Amounts falling due within one year 6 (197,460 ) (148,485 )
NET CURRENT ASSETS 388,179 347,297
TOTAL ASSETS LESS CURRENT
LIABILITIES

458,659

404,397

PROVISIONS FOR LIABILITIES (5,341 ) (8,026 )
NET ASSETS 453,318 396,371

CAPITAL AND RESERVES
Called up share capital 103 103
Retained earnings 453,215 396,268
453,318 396,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 6th August 2024 and were signed on its behalf by:





Mrs M E Grierson - Director


Solway Gas Limited (Registered number: SC080500)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Solway Gas 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.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance

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

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 Gas Limited (Registered number: SC080500)

Notes to the Financial Statements - continued
for the Year Ended 31st December 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 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 70,700 244,446 315,146
Additions - 31,421 31,421
Disposals - (31,934 ) (31,934 )
At 31st December 2023 70,700 243,933 314,633
DEPRECIATION
At 1st January 2023 42,420 215,626 258,046
Charge for year 1,410 12,991 14,401
Eliminated on disposal - (28,294 ) (28,294 )
At 31st December 2023 43,830 200,323 244,153
NET BOOK VALUE
At 31st December 2023 26,870 43,610 70,480
At 31st December 2022 28,280 28,820 57,100

Solway Gas Limited (Registered number: SC080500)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 70,301 64,654
Directors' current accounts 378,452 296,321
448,753 360,975

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bounce Back Loan 26,832 35,791
Hire purchase contracts 18,192 9,884
Trade creditors 107,212 73,931
Tax 25,732 23,294
Other creditors 1,539 1,685
Accrued expenses 17,953 3,900
197,460 148,485

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
Mrs M E Grierson
Balance outstanding at start of year 296,321 265,121
Amounts advanced 360,452 296,321
Amounts repaid (278,321 ) (265,121 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 378,452 296,321