Company registration number SC657414 (Scotland)
S1WEST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
S1WEST LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
S1WEST LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
1,150,706
1,126,330
Debtors
4
25,218
4,360
Cash at bank and in hand
11,112
8,397
1,187,036
1,139,087
Creditors: amounts falling due within one year
5
(1,194,104)
(1,144,282)
Net current liabilities
(7,068)
(5,195)
Capital and reserves
Called up share capital
6
12
12
Profit and loss reserves
(7,080)
(5,207)
Total equity
(7,068)
(5,195)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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.
The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
Shane David Teague
Adam Geoffrey Shaw
Director
Director
Company Registration No. SC657414
S1WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
S1WEST Limited is a private company limited by shares incorporated in Scotland. The registered office and principal place of business is 52-54 Dundas Street, Edinburgh, EH3 6QZ.
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.The principal accounting policies adopted are set out below.
1.2
Going concern
In assessing the appropriateness of applying the going concern basis in the preparation of the financial statements the directors have considered the company's current financial position and cashflow forecasts and they believe that there are sufficient resources to continue in operational existence for the foreseeable future.true
1.3
Stocks and work-in progress
Stocks and work-in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of land cost, direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
1.5
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.
S1WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Taxation
On the basis of these financial statements no provision has been made for corporation tax. The company has estimated losses of £7,080 (2023 : £5,207) available to carry forward against future trading profits.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
24,565
3,706
Vat control account
653
654
25,218
4,360
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,681
7,871
S1 Developments Limited
580,649
567,649
West Ranga Property Group Limited
580,649
567,649
Accruals
1,125
1,113
1,194,104
1,144,282
Shane David Teague and Daniel John Teague are directors of S1 Developments Limited and James Alexander Appleton-Metcalfe, James Simon Parratt and Adam Geoffrey Shaw are also directors of West Ranga Property Group Limited.
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
12 Ordinary shares of £1 each
12
12
7
Ultimate controlling party
The company was controlled throughout the current year and previous period by the directors by virtue of the fact that between them, they owned all of the company's issued share capital.