Company registration number 10002633 (England and Wales)
SALEWAY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SALEWAY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SALEWAY LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
393
938
Investments
4
80,228
22,020
80,621
22,958
Current assets
Debtors
5
246,614
226,397
Cash at bank and in hand
96,794
47,835
343,408
274,232
Creditors: amounts falling due within one year
6
(307,429)
(219,529)
Net current assets
35,979
54,703
Total assets less current liabilities
116,600
77,661
Provisions for liabilities
(75)
Net assets
116,525
77,661
Capital and reserves
Called up share capital
7
7
7
Profit and loss reserves
116,518
77,654
Total equity
116,525
77,661
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SALEWAY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
K Murcott
Director
Company registration number 10002633 (England and Wales)
SALEWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Saleway Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lower Saleway Farm, Saleway, Droitwich, Worcestershire, WR9 7JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight line
IT equipment
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in the profit or loss. If fair value cannot be reliably ascertained investments are stated at cost less impairment.
SALEWAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable with in one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SALEWAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
2,451
Depreciation and impairment
At 1 April 2023
1,513
Depreciation charged in the year
545
At 31 March 2024
2,058
Carrying amount
At 31 March 2024
393
At 31 March 2023
938
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
80,228
22,020
SALEWAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
22,020
Additions
177,347
Valuation changes
1,631
Disposals
(120,770)
At 31 March 2024
80,228
Carrying amount
At 31 March 2024
80,228
At 31 March 2023
22,020
Included above are investments at £57 that are not publicly traded and are therefore stated at cost less impairment as fair value cannot be ascertained reliably.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,000
Corporation tax recoverable
5,397
Amounts owed by undertakings in which the company has a participating interest
95,065
118,614
Other debtors
140,945
75,103
Prepayments and accrued income
5,207
2,680
246,614
226,397
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,363
6,118
Amounts owed to undertakings in which the company has a participating interest
29
29
Corporation tax
23,972
Other taxation and social security
59
6,489
Other creditors
295,926
173,382
Accruals and deferred income
5,052
9,539
307,429
219,529
SALEWAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
4
4
4
4
B Ordinary shares of £1 each
1
1
1
1
C Ordinary shares of £1 each
1
1
1
1
D Ordinary shares of £1 each
1
1
1
1
7
7
7
7
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Interest received
Loans written off
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
15,653
-
70,000
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
295,955
171,586
Key management personnel
-
432
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
95,066
172,292
Other information
The loans to associated companies bear interest at varying rates between 5% and 12.25%. The loans are repayable in instalments over 4 years.
The loans from associated companies are interest free and repayable on demand.
SALEWAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Directors' transactions
Advances have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.25
-
118,620
1,571
(3,070)
117,121
-
118,620
1,571
(3,070)
117,121
The loan noted above is repayable on demand.