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Company No: 03664368 (England and Wales)

SOLWAY BUILDERS LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

SOLWAY BUILDERS LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

SOLWAY BUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
SOLWAY BUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 1,396 1,861
Investment property 4, 9 625,000 625,000
626,396 626,861
Current assets
Debtors 5 25,758 10,787
Cash at bank and in hand 118,118 114,995
143,876 125,782
Creditors: amounts falling due within one year 6 ( 65,194) ( 52,338)
Net current assets 78,682 73,444
Total assets less current liabilities 705,078 700,305
Provision for liabilities ( 2,421) ( 491)
Net assets 702,657 699,814
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 701,657 698,814
Total shareholders' funds 702,657 699,814

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Solway Builders Limited (registered number: 03664368) were approved and authorised for issue by the Board of Directors on 15 June 2025. They were signed on its behalf by:

Doreen Mary Winter
Director
SOLWAY BUILDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
SOLWAY BUILDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Solway Builders Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is Solway Builders Limited, The Courtyard, Wraxall Hill, Wraxall, Bristol, BS48 1NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 March 2024 4,233 4,233
At 28 February 2025 4,233 4,233
Accumulated depreciation
At 01 March 2024 2,372 2,372
Charge for the financial year 465 465
At 28 February 2025 2,837 2,837
Net book value
At 28 February 2025 1,396 1,396
At 29 February 2024 1,861 1,861

4. Investment property

Investment property
£
Valuation
As at 01 March 2024 625,000
As at 28 February 2025 625,000

Historic cost

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

2025 2024
£ £
Historic cost 368,535 368,535

5. Debtors

2025 2024
£ £
Trade debtors 25,099 7,297
Amounts owed by directors 0 3,490
Prepayments 659 0
25,758 10,787

6. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 3,795 10,739
Amounts owed to directors 16,876 0
Accruals and deferred income 17,390 18,177
Taxation and social security 27,133 23,422
65,194 52,338

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
600 Ordinary shares of £ 1.00 each 600 600
400 Ordinary A shares of £ 1.00 each 400 400
1,000 1,000

8. Related party transactions

Transactions with the entity's directors

At the balance sheet date, the directors owed the company £0 (2024: £3,490) and are owed by the company £16,876. This amount is interest free and repayable on demand

9. Profit and loss account

2025 2024
£ £
Profit and loss account - distributable 447,264 442,349
Profit and loss account - non-distributable 254,393 256,465
701,657 698,814

Profit and loss account - distributable

This reserve represents the cumulative profits and losses that can be distributed.

Profit and loss account - non-distributable

This reserve represents the cumulative gains and losses, and respective deferred tax on these gains and losses, on the fair value movements of investment properties.