Steve Way Running Limited - Period Ending 2019-10-31

Steve Way Running Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2019

Registration number: 09249008

Steve Way Running Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 5

Steve Way Running Limited

Balance Sheet

31 October 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	1,214
Current assets
Cash at bank and in hand		993	714
Creditors: Amounts falling due within one year	5	(2,695)	(1,389)
Net current liabilities		(1,702)	(675)
Net (liabilities)/assets		(1,702)	539
Capital and reserves
Called up share capital		2	2
Profit and loss account		(1,704)	537
Total equity		(1,702)	539

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 1

Steve Way Running Limited

Balance Sheet

31 October 2019

For the financial year ending 31 October 2019 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 May 2020
 

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

Mr S Way

Director

Company Registration Number: 09249008

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

Steve Way Running Limited

Notes to the Financial Statements

Year Ended 31 October 2019

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:
Sunnybrae
Blandford Road
Sturminster Marshall
Wimborne
Dorset
BH21 4AF

These financial statements were authorised for issue by the director on 1 May 2020.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Page 3

Steve Way Running Limited

Notes to the Financial Statements

Year Ended 31 October 2019

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
Plant and machinery	25% reducing balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

Page 4

Steve Way Running Limited

Notes to the Financial Statements

Year Ended 31 October 2019

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 November 2018	1,619	1,619
Disposals	(1,619)	(1,619)
At 31 October 2019	-	-
Depreciation
At 1 November 2018	405	405
Eliminated on disposal	(405)	(405)
At 31 October 2019	-	-
Carrying amount
At 31 October 2019	-	-
At 31 October 2018	1,214	1,214

5

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Other creditors	2,320	1,089
Accrued expenses	375	300
	2,695	1,389

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