Company Registration number: 05485119

Solway Direct Limited

Contents

Pages

Balance sheet	1 to 2
Notes to the financial statements	3 to 6

Solway Direct Limited

Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Current assets
Debtors	5	314,787	294,653
Cash at bank and in hand		768	128
		315,555	294,781
Creditors: Amounts falling due within one year	6	(139,628)	(136,684)
Net assets		175,927	158,097
Capital and reserves
Called up share capital		30,000	30,000
Retained earnings		145,927	128,097
Shareholders' funds		175,927	158,097

Solway Direct Limited

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 05485119

Approved and authorised by the director on 19 May 2025
 

......................................... Mr R Hiddleston Director

Solway Direct Limited

Notes to the 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:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY
 

These financial statements were authorised for issue by the director on 19 May 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Solway Direct Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

2	ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 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 corporation 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.

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.

Solway Direct Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

2	ACCOUNTING POLICIES (continued)

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
Office equipment	20% reducing balance

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3	STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4	TANGIBLE ASSETS

	Office equipment  £	Total £
Cost or valuation
At 1 January 2024	1,864	1,864
At 31 December 2024	1,864	1,864
Depreciation
At 1 January 2024	1,864	1,864
At 31 December 2024	1,864	1,864
Carrying amount
At 31 December 2024	-	-

Solway Direct Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

5

DEBTORS

Current		2024 £	2023 £
Trade debtors		1,318	3,041
Amounts owed by related parties		313,469	291,612
		314,787	294,653

6

CREDITORS

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	11,476	406
Taxation and social security	66,420	76,702
Accruals and deferred income	61,732	59,576
	139,628	136,684