Southwest Leasing Limited - Accounts to registrar (filleted) - small 18.2
Southwest Leasing Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| FOR |
| SOUTHWEST LEASING LIMITED |
| SOUTHWEST LEASING LIMITED (REGISTERED NUMBER: 06883492) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SOUTHWEST LEASING LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SOUTHWEST LEASING LIMITED (REGISTERED NUMBER: 06883492) |
| BALANCE SHEET |
| 30 APRIL 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit & Loss has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| SOUTHWEST LEASING LIMITED (REGISTERED NUMBER: 06883492) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 1. | STATEMENT OF COMPLIANCE |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting |
| estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
| The principal accounting policies applied in the preparation of these financial statements are set out below. These |
| policies have been consistently applied to all the years presented, unless otherwise stated. |
| Going concern |
| As at the balance sheet date, current liabilities exceed current assets. The directors do not believe that this |
| constitutes a material uncertainty over the ability of the company to continue as a going concern as the main |
| creditors of the company are the directors themselves, who also own the entirety of the company's share capital. |
| The directors have assured their financial support to the company to enable it to meet its working capital |
| requirements for the foreseeable future, and as such believe the going concern basis to be appropriate. |
| Turnover |
| Turnover represents net rent receivable in respect of assets under operating leases, exclusive of value added tax. |
| Leases that do not transfer all the risks and rewards of ownership are classified as |
| operating leases.Total operating lease rentals inclusive of any lease premium and net of any rent-free period or |
| discount offered are recognised as revenue on a straight line basis over the term of the lease. |
| Tangible fixed assets |
| Plant and machinery | - |
| Depreciation is charged to administrative expenses in the profit and loss account. |
| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost |
| includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its |
| intended use, dismantling and restoration costs. |
| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
| circumstances indicate the carrying value may not be recoverable. |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
| appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
| recognised within the profit and loss account. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities such as trade and other debtors, trade creditors and loans from related parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
| for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
| recognised in profit and loss. |
| Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is |
| a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or |
| to realise the asset and settle the liability simultaneously. |
| SOUTHWEST LEASING LIMITED (REGISTERED NUMBER: 06883492) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 3. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 May 2018 |
| and 30 April 2019 |
| DEPRECIATION |
| At 1 May 2018 |
| Charge for year |
| At 30 April 2019 |
| NET BOOK VALUE |
| At 30 April 2019 |
| At 30 April 2018 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other creditors |
| Included in other creditors is a balance of £96,286 (2018 - 95,786) due to the directors, who also constitute the |
| beneficial owners of the company. £7,000 interest (2018 - £6,500) at a rate of 7.8% per annum has been |
| charged on this balance. |