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REGISTRAR OF COMPANIES

Registration number: 07132926

Solway Heat & Power Limited

Unaudited Financial Statements

31 December 2024

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Solway Heat & Power Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Solway Heat & Power Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Solway Heat & Power Limited for the year ended 31 December 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Solway Heat & Power Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of Solway Heat & Power Limited and state those matters that we have agreed to state to the Board of Directors of Solway Heat & Power Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Solway Heat & Power Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Solway Heat & Power Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Solway Heat & Power Limited. You consider that Solway Heat & Power Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Solway Heat & Power Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Dodd & Co Limited
FIFTEEN Rosehill
Montgomery Way
CARLISLE
CA1 2RW

9 April 2025

 

Solway Heat & Power Limited

(Registration number: 07132926)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,356,751

1,311,400

Current assets

 

Debtors

5

914,801

964,284

Cash at bank and in hand

 

152

-

 

914,953

964,284

Creditors: Amounts falling due within one year

6

(447,595)

(524,974)

Net current assets

 

467,358

439,310

Total assets less current liabilities

 

1,824,109

1,750,710

Creditors: Amounts falling due after more than one year

6

(476,580)

(593,495)

Provisions for liabilities

(254,408)

(229,230)

Net assets

 

1,093,121

927,985

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

1,093,119

927,983

Total equity

 

1,093,121

927,985

 

Solway Heat & Power Limited

(Registration number: 07132926)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

.........................................

M R Little

Director

.........................................

S C Little

Director

 

Solway Heat & Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kirkbride House
Kirkbride
WIGTON
CA7 5JR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Solway Heat & Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

5% straight line basis

Plant and equipment

5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

Solway Heat & Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Solway Heat & Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

193,406

2,133,128

2,326,534

Additions

-

163,683

163,683

At 31 December 2024

193,406

2,296,811

2,490,217

Depreciation

At 1 January 2024

87,660

927,474

1,015,134

Charge for the year

9,670

108,662

118,332

At 31 December 2024

97,330

1,036,136

1,133,466

Carrying amount

At 31 December 2024

96,076

1,260,675

1,356,751

At 31 December 2023

105,746

1,205,654

1,311,400

 

Solway Heat & Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

2,796

2,383

Amounts owed by group undertakings and undertakings in which the company has a participating interest

667,061

718,756

Other debtors

244,944

243,145

914,801

964,284

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

362,768

385,536

Trade creditors

 

7,342

1,877

Taxation and social security

 

3,759

6,874

Corporation tax liability

 

65,597

123,137

Other creditors

 

8,129

7,550

 

447,595

524,974

Due after one year

 

Loans and borrowings

7

476,580

593,495

 

Solway Heat & Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

250,703

208,364

Bank overdrafts

112,065

177,172

362,768

385,536

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

250,703

208,364

Bank overdrafts

112,065

177,172

362,768

385,536

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

476,580

593,495

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

476,580

593,495

Bank borrowings are secured by fixed and floating charges over the company's assets.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £152,000 (2023 - £164,000). This relates to a lease due to expire in 2037.