Solway Light Aviation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03650694 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

SOLWAY LIGHT AVIATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A C McCredie

Mr G C Kerr

SECRETARY:

Mr A C McCredie

REGISTERED OFFICE:

Thorn Lea

Lazonby

Penrith

Cumbria

CA10 1AT

REGISTERED NUMBER:

03650694 (England and Wales)

ACCOUNTANTS:

DCB Accountants Limited

Compton House

104 Scotland Road

Penrith

Cumbria

CA11 7NR

FIXED ASSETS

Tangible assets

4

66,486

68,394

CURRENT ASSETS

Debtors

5

226,490

231,665

Cash at bank

68,549

43,410

295,039

275,075

CREDITORS

Amounts falling due within one year

6

6,925

2,772

NET CURRENT ASSETS

288,114

272,303

TOTAL ASSETS LESS CURRENT LIABILITIES

354,600

340,697

CAPITAL AND RESERVES

Called up share capital

800

800

Retained earnings

7

353,800

339,897

SHAREHOLDERS' FUNDS

354,600

340,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th March 2022 and were signed on its behalf by:

Mr G C Kerr - Director

1.	STATUTORY INFORMATION

Solway Light Aviation Limited is a private company, limited by shares , registered in England and Wales. 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.

Freehold property

-

2% on cost

Fixtures and fittings

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1st January 2021

and 31st December 2021

75,950

8,537

84,487

DEPRECIATION

At 1st January 2021

9,114

6,979

16,093

Charge for year

1,519

389

1,908

At 31st December 2021

10,633

7,368

18,001

NET BOOK VALUE

At 31st December 2021

65,317

1,169

66,486

At 31st December 2020

66,836

1,558

68,394

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Other debtors

226,490

231,665

During the year ended 31 December 2021, the Company received loan repayments from Greensale Limited.This company is wholly owned and controlled by the Directors of Solway Light Aviation Limited.

At 31 December 2021, the loan outstanding was £226,490 (31 December 2020 - £231,665).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

3,311

311

Tax

3,614

2,461

6,925

2,772

7.

RESERVES

Retained

earnings

£

At 1st January 2021

339,897

Profit for the year

13,903

At 31st December 2021

353,800

8.	RELATED PARTY DISCLOSURES

Greensale Limited owns 457 £1 Ordinary Shares in Solway Light Aviation Limited. Furthermore, the Directors

of Solway Light Aviation Limited wholly own and control Greensale Limited.