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Unaudited Financial Statements |
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for the Year Ended 31st August 2021 |
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for |
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Solveway Limited |
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Unaudited Financial Statements |
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for the Year Ended 31st August 2021 |
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for |
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Solveway Limited |
Solveway Limited (Registered number: 04057751) |
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Contents of the Financial Statements |
for the year ended 31st August 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Solveway Limited |
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Company Information |
for the year ended 31st August 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Black Bull House |
353-355 Station Road |
Bamber Bridge |
Preston |
Lancashire |
PR5 6EE |
Solveway Limited (Registered number: 04057751) |
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Balance Sheet |
31st August 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Solveway Limited (Registered number: 04057751) |
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Balance Sheet - continued |
31st August 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Solveway Limited (Registered number: 04057751) |
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Notes to the Financial Statements |
for the year ended 31st August 2021 |
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1. | STATUTORY INFORMATION |
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Solveway Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to property | - |
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Computer equipment | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Solveway Limited (Registered number: 04057751) |
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Notes to the Financial Statements - continued |
for the year ended 31st August 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st September 2020 |
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Additions |
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At 31st August 2021 |
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DEPRECIATION |
At 1st September 2020 |
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Charge for year |
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At 31st August 2021 |
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NET BOOK VALUE |
At 31st August 2021 |
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At 31st August 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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8. | SECURED DEBTS |
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Bank loans and overdrafts have a fixed and floating charge over all assets of the company. |
Solveway Limited (Registered number: 04057751) |
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Notes to the Financial Statements - continued |
for the year ended 31st August 2021 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31st August 2021 and 31st August 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by the directors. |
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11. | GOING CONCERN |
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The apprenticeship support industry was impacted heavily by the COVID-19 outbreak. Throughout the UK, less companies took on apprentices and there was a costly switch for education providers from classroom to online learning. The company was impacted by this and had to invest in additional staff and resources to transition the move over to online classroom delivery. |
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At the balance sheet date, the company's liabilities exceeded its assets. The company's directors have done relevant cash flow and profit and loss projections and believe that the company will be in a position to trade for at least the next 12 months. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. |
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The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. |