Solway Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC293007 (Scotland)

Unaudited Financial Statements for the Year Ended 30th November 2021

for

Solway Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTOR:

I T Simpson

SECRETARY:

I T Simpson

REGISTERED OFFICE:

Cairnyard House

Beeswing

Dumfries

DG2 8JE

REGISTERED NUMBER:

SC293007 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

FIXED ASSETS

Tangible assets

4

167,121

167,256

CURRENT ASSETS

Cash at bank

4,318

723

CREDITORS

Amounts falling due within one year

5

(73,466

)

(72,688

)

NET CURRENT LIABILITIES

(69,148

)

(71,965

)

TOTAL ASSETS LESS CURRENT LIABILITIES

97,973

95,291

CREDITORS

Amounts falling due after more than one year

6

(4,381

)

(7,667

)

PROVISIONS FOR LIABILITIES

(143

)

(169

)

NET ASSETS

93,449

87,455

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

93,249

87,255

93,449

87,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2021 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17th August 2022 and were signed by:

I T Simpson - Director

1.	STATUTORY INFORMATION

Solway Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

15% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Financial instruments

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 and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable 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.

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 transactions 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.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st December 2020

and 30th November 2021

166,366

3,375

169,741

DEPRECIATION

At 1st December 2020

-

2,485

2,485

Charge for year

-

135

135

At 30th November 2021

-

2,620

2,620

NET BOOK VALUE

At 30th November 2021

166,366

755

167,121

At 30th November 2020

166,366

890

167,256

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

3,286

3,286

Taxation and social security

1,431

1,306

Other creditors

68,749

68,096

73,466

72,688

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

4,381

7,667

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

7,667

10,953

Mr I T Simpson, the director, has given personal guarantees in connection with the company's bank borrowings.

8.	RELATED PARTY DISCLOSURES

At 30th November 2021 the company owed the sum of £67,949 (2020 - £67,346) to the director by way of a directors interest free current account.