1 April 2023 v2024.43.2 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP117650392023-04-012024-03-31117650392024-03-31117650392023-03-3111765039core:WithinOneYear2024-03-3111765039core:WithinOneYear2023-03-3111765039core:ShareCapital2024-03-3111765039core:ShareCapital2023-03-3111765039core:RetainedEarningsAccumulatedLosses2024-03-3111765039core:RetainedEarningsAccumulatedLosses2023-03-3111765039bus:Director12023-04-012024-03-3111765039bus:RegisteredOffice2023-04-012024-03-3111765039core:NetGoodwill2023-04-012024-03-3111765039core:OfficeEquipment2023-04-012024-03-3111765039core:FurnitureFittings2023-04-012024-03-31117650392022-04-012023-03-3111765039core:NetGoodwill2024-03-3111765039core:NetGoodwill2023-04-0111765039core:NetGoodwill2023-03-3111765039core:PlantMachinery2023-04-0111765039core:PlantMachinery2023-04-012024-03-3111765039core:PlantMachinery2024-03-3111765039core:PlantMachinery2023-03-311176503912023-04-012024-03-3111765039countries:EnglandWales2023-04-012024-03-3111765039bus:AuditExemptWithAccountantsReport2023-04-012024-03-3111765039bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111765039bus:SmallEntities2023-04-012024-03-3111765039bus:FullAccounts2023-04-012024-03-31
Company registration number:
11765039
Solent Way Computers Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2024
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 2024
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 2024
, 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:
24 September 2024
Solent Way Computers Ltd
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Intangible assets 5 -  
1,200
 
Tangible assets 6
6,531
 
10,737
 
6,531
 
11,937
 
Current assets    
Stocks
9,606
 
4,010
 
Debtors 7
10,543
 
4,845
 
Cash at bank and in hand
12,884
 
27,667
 
33,033
 
36,522
 
Creditors: amounts falling due within one year 8
(50,791
)
(47,243
)
Net current liabilities
(17,758
)
(10,721
)
Total assets less current liabilities (11,227 ) 1,216  
Provisions for liabilities
(187
)
(2,040
)
Net liabilities excluding defined benefit pension plan balance (11,414 ) (824 )
Defined benefit pension liability -   (257 )
Net liabilities including defined benefit pension plan balance
(11,414
)
(1,081
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(11,514
)
(1,181
)
Shareholders deficit
(11,414
)
(1,081
)
For the year ending
31 March 2024
, 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
24 September 2024
, and are signed on behalf of the board by:
N Williams
Director
Company registration number:
11765039
Solent Way Computers Ltd
Notes to the Financial Statements
Year ended
31 March 2024

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.

Going concern

These accounts have been prepared on the going concern basis with the company trading profitably since the accounting date along with assurances from the Director of his financial support for the company who also considers the business retains sufficient working capital to continue trading for the foreseeable future.

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.

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
(2023:
5
).

5 Intangible assets

Goodwill
£
Cost  
At
1 April 2023
and
31 March 2024
6,000
 
Amortisation  
At
1 April 2023
4,800
 
Charge
1,200
 
At
31 March 2024
6,000
 
Carrying amount  
At
31 March 2024
-  
At 31 March 2023
1,200
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
30,998
 
Additions
1,586
 
At
31 March 2024
32,584
 
Depreciation  
At
1 April 2023
20,261
 
Charge
5,792
 
At
31 March 2024
26,053
 
Carrying amount  
At
31 March 2024
6,531
 
At 31 March 2023
10,737
 

7 Debtors

20242023
££
Trade debtors
3,811
 
4,845
 
Other debtors
6,732
  -  
10,543
 
4,845
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
7,339
 
8,922
 
Trade creditors
1,542
 
996
 
Taxation and social security
6,915
 
7,633
 
Other creditors
34,995
 
29,692
 
50,791
 
47,243
 

9 Director's advances, credit and guarantees

The sum owed to the Director at the Balance Sheet date amounted to £32,709 (£27,492 - 2023) and is reflected in Other Creditors above.