Company registration number:
NI625948
A W Solutions (NI) Ltd
Unaudited filleted financial statements
31 August 2021
Barry Thompson and Company
Chartered Accountants
76-78 Church Street
Portadown
Co Armagh
A W Solutions (NI) Ltd
Contents
Statement of financial position
Notes to the financial statements
A W Solutions (NI) Ltd
Statement of financial position
31 August 2021
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2021
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2020
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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3,080
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-
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________
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________
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3,080
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-
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Current assets
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Debtors
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6
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19,155
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28,734
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Cash at bank and in hand
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139
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4,917
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________
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________
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19,294
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33,651
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Creditors: amounts falling due
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within one year
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7
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(
12,997)
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(
16,971)
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________
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________
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Net current assets
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6,297
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16,680
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________
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________
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Total assets less current liabilities
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9,377
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16,680
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Creditors: amounts falling due
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after more than one year
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8
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(
7,245)
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(
15,967)
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________
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________
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Net assets
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2,132
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713
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________
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________
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Capital and reserves
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Called up share capital
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1
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1
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Profit and loss account
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2,131
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712
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________
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________
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Shareholders funds
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2,132
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713
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________
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________
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For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Director's responsibilities:
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-
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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-
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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These financial statements were approved by the
board of directors
and authorised for issue on
18 October 2022 , and are signed on behalf of the board by:
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A J Wilson
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Director
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Company registration number:
NI625948
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A W Solutions (NI) Ltd
Notes to the financial statements
Year ended 31 August 2021
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 76-78 Church Street, Portadown, Co Armagh, BT62 3EU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. in accordance with the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
2
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5.
Tangible assets
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Motor vehicles
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Total
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£
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£
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Cost
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At 1 September 2020
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-
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Additions
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3,850
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3,850
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________
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________
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At 31 August 2021
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3,850
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3,850
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________
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________
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Depreciation
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At 1 September 2020
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-
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-
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Charge for the year
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770
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770
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________
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________
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At 31 August 2021
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770
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770
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________
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________
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Carrying amount
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At 31 August 2021
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3,080
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3,080
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________
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________
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At 31 August 2020
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-
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-
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________
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________
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6.
Debtors
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2021
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2020
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£
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£
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Trade debtors
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186
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-
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Other debtors
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18,969
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28,734
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________
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________
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19,155
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28,734
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________
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________
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7.
Creditors: amounts falling due within one year
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2021
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2020
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£
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£
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Bank loans and overdrafts
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4,544
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1,557
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Trade creditors
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-
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75
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Corporation tax
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-
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5,261
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Social security and other taxes
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5,853
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7,478
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Other creditors
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2,600
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2,600
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________
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________
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12,997
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16,971
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________
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________
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8.
Creditors: amounts falling due after more than one year
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2021
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2020
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£
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£
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Other creditors
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7,245
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15,967
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________
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________
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9.
Directors advances, credits and guarantees
At the year end the director owed the company £14,316 (2020 - £23,212). These loans are interest free and have no fixed date for repayment.
10.
Controlling party
The ultimate controlling party is Mr A Wilson who owns 100% of the ordinary share capital.
11.
Covid-19 pandemic
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.