| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| FOR |
| CHATWAY LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| FOR |
| CHATWAY LIMITED |
| CHATWAY LIMITED (REGISTERED NUMBER: 02735673) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| CHATWAY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor |
| Templeton House |
| 62 Templeton Street |
| Glasgow |
| G40 1DA |
| CHATWAY LIMITED (REGISTERED NUMBER: 02735673) |
| BALANCE SHEET |
| 28 FEBRUARY 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| CHATWAY LIMITED (REGISTERED NUMBER: 02735673) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 1. | STATUTORY INFORMATION |
| Chatway Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The comparative figures for the year ended 29 February 2024 have been presented on the basis of the revised financial statements previously prepared for that period. Further details are set out in Note 4. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets, including trade and other debtors and cash at bank, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Where an arrangement constitutes a financing transaction, the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic financial liabilities, including trade and other creditors, accruals, bank loans, other loans and amounts owed to directors or group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Where an arrangement constitutes a financing transaction, the financial liability is measured at the present value of the future payments discounted at a market rate of interest. |
| Basic financial assets and liabilities are subsequently measured at amortised cost using the effective interest method. |
| At each reporting date, financial assets measured at amortised cost are assessed for objective evidence of impairment. Where an impairment is identified, the impairment loss is recognised in profit and loss. |
| Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, are settled, or substantially all the risks and rewards of ownership of the asset are transferred. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires. |
| CHATWAY LIMITED (REGISTERED NUMBER: 02735673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The financial statements have been prepared on the going concern basis. |
| In adopting the going concern basis, the director has considered the company’s current financial position, working capital requirements and expected future trading performance. The director has also considered the availability of existing banking and funding arrangements and the company’s ability to meet its liabilities as they fall due. |
| On the basis of that review, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CHATWAY LIMITED (REGISTERED NUMBER: 02735673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 March 2024 |
| Additions |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 March 2024 |
| and 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| 5. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Work-in-progress |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Corporation tax recoverable | 1,912 | 512 |
| Directors' loan accounts | 5,668 | 1,519 |
| VAT |
| Prepayments |
| CHATWAY LIMITED (REGISTERED NUMBER: 02735673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Corporation tax |
| VAT | 4,791 | - |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts | 28,333 | 38,333 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 March 2024 |
| Deficit for the year | ( |
) |
| At 28 February 2025 |
| CHATWAY LIMITED (REGISTERED NUMBER: 02735673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the year ended 28 February 2025 and the period ended 29 February 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Amounts due from the director are interest free, unsecured and repayable on demand. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The controlling party is P D Sciallo. |