Runway Trading Limited 31/07/2019 iXBRL

Runway Trading Limited 31/07/2019 iXBRL

RUNWAY TRADING LTD - Company Information

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31/07/2019 2019-07-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-08-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 07323279 2018-08-01 2019-07-31 07323279 2019-07-31 07323279 2018-07-31 07323279 2017-08-01 2018-07-31 07323279 2018-07-31 07323279 core:FurnitureFittingsToolsEquipment 2018-08-01 2019-07-31 07323279 bus:Director1 2018-08-01 2019-07-31 07323279 core:FurnitureFittingsToolsEquipment 2018-07-31 07323279 core:FurnitureFittingsToolsEquipment 2019-07-31 07323279 core:WithinOneYear 2018-07-31 07323279 core:ShareCapital 2019-07-31 07323279 core:ShareCapital 2018-07-31 07323279 core:RetainedEarningsAccumulatedLosses 2019-07-31 07323279 core:RetainedEarningsAccumulatedLosses 2018-07-31 07323279 core:WithinOneYear 2019-07-31 07323279 core:FurnitureFittingsToolsEquipment 2018-07-31 07323279 bus:SmallEntities 2018-08-01 2019-07-31 07323279 bus:AuditExempt-NoAccountantsReport 2018-08-01 2019-07-31 07323279 bus:FullAccounts 2018-08-01 2019-07-31 07323279 bus:SmallCompaniesRegimeForAccounts 2018-08-01 2019-07-31 07323279 bus:PrivateLimitedCompanyLtd 2018-08-01 2019-07-31 07323279 core:AllAssociates 2018-08-01 2019-07-31
Company registration number: 07323279
Runway Trading Limited
Unaudited filleted financial statements
31 July 2019
Runway Trading Limited
Contents
Statement of financial position
Notes to the financial statements
Runway Trading Limited
Statement of financial position
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 5,320 1,398
_______ _______
5,320 1,398
Current assets
Stocks 16,250 14,500
Debtors 6 6,664 4,200
Cash at bank and in hand 1,077 4,484
_______ _______
23,991 23,184
Creditors: amounts falling due
within one year 7 (77,281) ( 83,494)
_______ _______
Net current liabilities ( 53,290) ( 60,310)
_______ _______
Total assets less current liabilities ( 47,970) ( 58,912)
_______ _______
Net liabilities ( 47,970) ( 58,912)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 48,070) ( 59,012)
_______ _______
Shareholders deficit ( 47,970) ( 58,912)
_______ _______
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 April 2020 , and are signed on behalf of the board by:
Mr Peter Cleasby
Director
Company registration number: 07323279
Runway Trading Limited
Notes to the financial statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
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'.
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
The financial statements have been prepared on the going concern basis. See note 11 for further information.
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.
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:
Fittings fixtures and equipment - 25 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2018 2,372 2,372
Additions 5,696 5,696
_______ _______
At 31 July 2019 8,068 8,068
_______ _______
Depreciation
At 1 August 2018 974 974
Charge for the year 1,774 1,774
_______ _______
At 31 July 2019 2,748 2,748
_______ _______
Carrying amount
At 31 July 2019 5,320 5,320
_______ _______
At 31 July 2018 1,398 1,398
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 2,075 -
Pacle Group Limited - 8,861
VAT recoverable 2,484 -
Prepayments and accrued income 2,105 4,200
_______ _______
6,664 13,061
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 44,684 38,601
Social security and other taxes 156 286
Director loan account 31,261 52,288
Accruals and deferred income 1,180 1,180
_______ _______
77,281 92,355
_______ _______
8. Related party transactions
Mr Peter Cleasby is a related party by virtue of his directorship and shareholding in the company. During the year:- Mr P Cleasby withdrew net funds from the company amounting to £21,027 (2018 :introduced net funds £2,409). The amount owed to Mr Peter Cleasby at the year end was £31,261 (2018: £51,288).Pacle Group Ltd is a related party by virtue of its common director. The amount Pacle Group Ltd owed to the company at the year end was £Nil (2018: £8,861).
9. Going concern
As reflected within these financial statements, the company has reported a trading profit of £10, 942 (2018: £1,947 loss) and has an an accumulated loss of £48,070 (2018: £59,012). As a result of the impact of COVID-19, the company is making an application to its principle bankers to obtain funding under the Coronavirus Business Interuption Loan Government Scheme. On the assumption that the bank approves the application in conjunction with the continued support of the company's Director, it is the Directors' view that the company will continue in operational existence in the foreseeable future and will be able to meet its liabilities as they fall due. Consequently, the financial statements have been prepared on the going concern basis.