Caseware UK (AP4) 2023.0.135 2023.0.135 trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-03-01falseNo description of principal activity00false 03277479 2023-03-01 2024-02-29 03277479 2022-03-01 2023-02-28 03277479 2024-02-29 03277479 2023-02-28 03277479 c:Director1 2023-03-01 2024-02-29 03277479 d:FreeholdInvestmentProperty 2023-03-01 2024-02-29 03277479 d:FreeholdInvestmentProperty 2024-02-29 03277479 d:FreeholdInvestmentProperty 2023-02-28 03277479 d:CurrentFinancialInstruments 2024-02-29 03277479 d:CurrentFinancialInstruments 2023-02-28 03277479 d:Non-currentFinancialInstruments 2024-02-29 03277479 d:Non-currentFinancialInstruments 2023-02-28 03277479 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 03277479 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03277479 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 03277479 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03277479 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 03277479 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 03277479 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 03277479 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 03277479 d:ShareCapital 2024-02-29 03277479 d:ShareCapital 2023-02-28 03277479 d:InvestmentPropertiesRevaluationReserve 2024-02-29 03277479 d:InvestmentPropertiesRevaluationReserve 2023-02-28 03277479 d:RetainedEarningsAccumulatedLosses 2024-02-29 03277479 d:RetainedEarningsAccumulatedLosses 2023-02-28 03277479 c:FRS102 2023-03-01 2024-02-29 03277479 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 03277479 c:FullAccounts 2023-03-01 2024-02-29 03277479 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03277479 6 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 03277479










FIRSTWAY LTD








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 29 February 2024

 
FIRSTWAY LTD
Registered number: 03277479

Balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
94
92

Investment property
 5 
3,077,426
4,274,736

  
3,077,520
4,274,828

Current assets
  

Debtors: amounts falling due within one year
 6 
2,972,860
397,403

Cash at bank and in hand
 7 
40,381
11,119

  
3,013,241
408,522

Creditors: amounts falling due within one year
 8 
(57,668)
(207,858)

Net current assets
  
 
 
2,955,573
 
 
200,664

Total assets less current liabilities
  
6,033,093
4,475,492

Creditors: amounts falling due after more than one year
 9 
(2,647,952)
(1,853,766)

Provisions for liabilities
  

Deferred tax
  
(169,926)
(357,627)

  
 
 
(169,926)
 
 
(357,627)

Net assets
  
3,215,215
2,264,099


Capital and reserves
  

Called up share capital 
  
2
2

Investment property reserve
  
650,581
1,329,547

Profit and loss account
  
2,564,632
934,550

  
3,215,215
2,264,099


Page 1

 
FIRSTWAY LTD
Registered number: 03277479
    
Balance sheet (continued)
As at 29 February 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




Mr M Moskowits
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 29 February 2024

1.


General information

Firstway Ltd is a private company limited by shares and registered in England and Wales. The registered address is at 166 Stamford Hill, London, N16 6QX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 3

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 29 February 2024

4.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
92


Additions
2



At 29 February 2024
94





5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
4,274,736


Additions at cost
2,690


Disposals
(1,200,000)



At 29 February 2024
3,077,426

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
2,256,918
2,590,252

2,256,918
2,590,252

Page 4

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 29 February 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
7,314
9,597

Other debtors
2,965,546
387,806

2,972,860
397,403



7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
40,382
11,118

40,382
11,118



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
14,471
103,413

Trade creditors
753
399

Corporation tax
-
56,330

Other taxation and social security
3,314
4,021

Other creditors
37,380
42,195

Accruals and deferred income
1,750
1,500

57,668
207,858


Page 5

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 29 February 2024

9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
2,647,952
1,853,766

2,647,952
1,853,766


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
2,604,000
1,884,281

2,604,000
1,884,281

Details of security provided:

The bank loan is secured by fixed and floating charges over the company's freehold properties and other assets of the company and director.

Page 6

 
FIRSTWAY LTD
 
 
 
Notes to the financial statements
For the Year Ended 29 February 2024

10.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
14,471
103,413


14,471
103,413


Amounts falling due 2-5 years

Bank loans
43,952
406,349


43,952
406,349

Amounts falling due after more than 5 years

Bank loans
2,604,000
1,447,416

2,662,423
1,957,178


 
Page 7