Company Registration No. SC163620 (Scotland)
Southway Limited
Unaudited accounts
for the year ended 31 January 2019
Southway Limited
Unaudited accounts
Contents
Southway Limited
Company Information
for the year ended 31 January 2019
Directors
J Forrest
A Little
C Coyle
Company Number
SC163620 (Scotland)
Registered Office
18 Mosshead Road
Bearsden
Glasgow
G61 3HN
Accountants
Assenti & Noble Ltd
18 Mosshead Road
Bearsden
Glasgow
G61 3HN
Southway Limited
Statement of financial position
as at
31 January 2019
Tangible assets
-
105,114
Cash at bank and in hand
80,513
20,001
Creditors: amounts falling due within one year
(49,622)
(55,841)
Net current assets/(liabilities)
32,102
(31,557)
Called up share capital
100
100
Profit and loss account
32,002
73,457
Shareholders' funds
32,102
73,557
For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 May 2019.
J Forrest
Director
Company Registration No. SC163620
Southway Limited
Notes to the Accounts
for the year ended 31 January 2019
Southway Limited is a private company, limited by shares, registered in Scotland, registration number SC163620. The registered office is 18 Mosshead Road, Bearsden, Glasgow, G61 3HN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Not provided
Fixtures & fittings
20% reducing balance
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Southway Limited
Notes to the Accounts
for the year ended 31 January 2019
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 February 2018
104,744
26,220
130,964
Disposals
(104,744)
(26,220)
(130,964)
At 1 February 2018
-
25,850
25,850
On disposals
-
(25,850)
(25,850)
At 31 January 2018
104,744
370
105,114
7
Creditors: amounts falling due within one year
2019
2018
Taxes and social security
40
3,007
Loans from directors
49,582
51,994
8
Transactions with related parties
The directors were owed the following debts by the company at the year end:
J Forrest £10,199 (2018: £22,063)
A Little £ 3,321 (2018: £4,359)
C Coyle £36,062 (2018: £25,572)
The loans are interest free and have no fixed date for repayment.
9
Average number of employees
During the year the average number of employees was 3 (2018: 3).