Galwestside Ltd - Period Ending 2018-07-31

Registration number: SC282079

Galwestside Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 February 2017 to 31 July 2018

Galwestside Ltd

Company Information

Directors

C R Lyons M D Kyle Mr I Lathangie

Registered office

The Knowes Kelso Roxburghshire TD5 7BH

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham Cheltenham GL51 0UX

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Galwestside Ltd

Profit and Loss Account for the Period from 1 February 2017 to 31 July 2018

The company has not traded during the period. During this period, the company received no income and incurred no expenditure and therefore made neither profit nor loss.

The notes on pages 4 to 5 form an integral part of these financial statements.

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Galwestside Ltd

(Registration number: SC282079)
Balance Sheet as at 31 July 2018

	Note	2018 £	2017 £
Current assets
Debtors	3	1,400	1,400
Capital and reserves
Called up share capital	4	1,200	1,200
Capital redemption reserve		200	200
Total equity		1,400	1,400

For the financial period ending 31 July 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 26 April 2019 and signed on its behalf by:
 

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

Mr I Lathangie
Director

The notes on pages 4 to 5 form an integral part of these financial statements.

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Galwestside Ltd

Notes to the Financial Statements for the Period from 1 February 2017 to 31 July 2018

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Knowes
Kelso
Roxburghshire
TD5 7BH

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

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.

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Galwestside Ltd

Notes to the Financial Statements for the Period from 1 February 2017 to 31 July 2018

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Debtors

	Note	2018 £	2017 £
Amounts owed by related parties	5	1,400	1,400
		1,400	1,400

4	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares A-J of £1 each	1,200	1,200	1,200	1,200

5	Related party transactions

Summary of transactions with other related parties

As at the year end, £1,400 was owed from Scotbor Limited, its immediate parent company and a company that is owned and controlled by the directors of this company.
 

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