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Abbreviated Unaudited Accounts for the Year Ended 31 January 2016 |
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SOUTHWAY LIMITED |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 31 January 2016 |
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SOUTHWAY LIMITED |
SOUTHWAY LIMITED (REGISTERED NUMBER: SC163620) |
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Contents of the Abbreviated Accounts |
for the Year Ended 31 January 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
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Chartered Accountants' Report | 5 |
SOUTHWAY LIMITED |
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Company Information |
for the Year Ended 31 January 2016 |
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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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SOUTHWAY LIMITED (REGISTERED NUMBER: SC163620) |
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Abbreviated Balance Sheet |
31 January 2016 |
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31.1.16 | 31.1.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account |
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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. |
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The financial statements were approved by the Board of Directors on
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SOUTHWAY LIMITED (REGISTERED NUMBER: SC163620) |
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Notes to the Abbreviated Accounts |
for the Year Ended 31 January 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial |
Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Freehold property is not depreciated on the basis that the property is well maintained and is considered by the directors to |
be an appreciating asset. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Deferred tax |
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different |
from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences |
which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to |
apply when the timing differences reverse, based on current tax rates and laws. |
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Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no |
commitment to sell the asset. |
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Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. |
Deferred tax assets and liabilities are not discounted. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the |
lease. |
SOUTHWAY LIMITED (REGISTERED NUMBER: SC163620) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 January 2016 |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 February 2015 |
and 31 January 2016 |
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DEPRECIATION |
At 1 February 2015 |
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Charge for year |
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At 31 January 2016 |
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NET BOOK VALUE |
At 31 January 2016 |
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At 31 January 2015 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.16 | 31.1.15 |
value: | £ | £ |
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Ordinary | £1 |
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4. | RELATED PARTY DISCLOSURES |
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The directors, J H Forrest, A Little and C J Coyle were owed the following debts by the company at the year end: |
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Director | 31.01.16 | 31.01.15 |
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J H Forrest | 19,363 | 19,363 |
A Little | 3,480 | 3,480 |
C J Coyle | 22,872 | 22,872 |
45,715 | 45,715 |
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The loans are interest free and have no fixed date for repayment. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Southway Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited |
financial statements, from which the unaudited abbreviated accounts (set out on pages two to four) have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Southway Limited for the year ended 31 January 2016 which comprise the Profit and Loss Account, the Balance |
Sheet, and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Southway Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Southway Limited and state those matters that we have agreed to state to the Board of Directors of Southway Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Southway Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Southway Limited. You consider that Southway Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Southway Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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30 May 2016 |