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Company Registration number: 05485119

Solway Direct Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Solway Direct Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 6

 

Solway Direct Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

294,653

230,820

Cash at bank and in hand

 

128

2,914

 

294,781

233,734

Creditors: Amounts falling due within one year

6

(136,684)

(90,024)

Net assets

 

158,097

143,710

Capital and reserves

 

Called up share capital

30,000

30,000

Retained earnings

128,097

113,710

Shareholders' funds

 

158,097

143,710

 

Solway Direct Limited

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 05485119

Approved and authorised by the director on 16 April 2024
 

.........................................
Mr R Hiddleston
Director

 

Solway Direct Limited

Notes to the financial statements for the Year Ended 31 December 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY
 

These financial statements were authorised for issue by the director on 16 April 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Solway Direct Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Solway Direct Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

TANGIBLE ASSETS

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,864

1,864

At 31 December 2023

1,864

1,864

Depreciation

At 1 January 2023

1,864

1,864

At 31 December 2023

1,864

1,864

Carrying amount

At 31 December 2023

-

-

 

Solway Direct Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

DEBTORS

Current

2023
£

2022
£

Trade debtors

 

3,041

1,926

Amounts owed by related parties

291,612

228,894

   

294,653

230,820

6

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

406

1,823

Taxation and social security

76,702

62,204

Accruals and deferred income

59,576

25,997

136,684

90,024