Sanaway Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 05694627

Sanaway Limited

Filleted Unaudited Financial Statements

For the year ended

28 February 2022

Sanaway Limited

Financial Statements

Year ended 28 February 2022

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Sanaway Limited

Statement of Financial Position

28 February 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		84,391	106,335

Current assets

Stocks		9,341	8,073
Debtors	6	87,896	122,538
Cash at bank and in hand		185,043	77,700
		---------	---------
		282,280	208,311

Creditors: amounts falling due within one year	7	( 158,805)		( 136,111)
		---------		---------
Net current assets			123,475	72,200
			---------	---------
Total assets less current liabilities			207,866	178,535

Creditors: amounts falling due after more than one year	8	( 34,900)	( 57,025)
		---------	---------
Net assets		172,966	121,510
		---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		172,866	121,410
		---------	---------
Shareholders funds		172,966	121,510
		---------	---------

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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sanaway Limited

Statement of Financial Position (continued)

28 February 2022

These financial statements were approved by the board of directors and authorised for issue on 30 November 2022 , and are signed on behalf of the board by:

Patrick Martin

Director

Company registration number: 05694627

Sanaway Limited

Notes to the Financial Statements

Year ended 28 February 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Maple Grove Business Centre, Lawrence Road, Hounslow, Middlesex, TW4 6DR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.

Trade receivables

Trade receivables do not carry any interest and are stated at their original invoice value as reduced by appropriate allowances for estimated irrecoverable amounts.

Trade payables

Trade payables do not carry any interest and are stated at their original invoice value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income. In this case, tax is recognised in other comprehensive income. 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 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:

Leasehold Property	-	Straight line over the life of the lease
Plant & Machinery	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Stocks

Stock is 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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2021: 13 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 March 2021	1,213	22,161	195,287	218,661
Additions	–	3,684	19,400	23,084
Disposals	–	–	( 31,138)	( 31,138)
	-------	--------	---------	---------
At 28 February 2022	1,213	25,845	183,549	210,607
	-------	--------	---------	---------
Depreciation
At 1 March 2021	1,213	18,216	92,897	112,326
Charge for the year	–	1,907	26,223	28,130
Disposals	–	–	( 14,240)	( 14,240)
	-------	--------	---------	---------
At 28 February 2022	1,213	20,123	104,880	126,216
	-------	--------	---------	---------
Carrying amount
At 28 February 2022	–	5,722	78,669	84,391
	-------	--------	---------	---------
At 28 February 2021	–	3,945	102,390	106,335
	-------	--------	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	35,853	56,855
Other debtors	52,043	65,683
	--------	---------
	87,896	122,538
	--------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	9,687	7,108
Trade creditors	52,718	11,039
Social security and other taxes	67,120	55,297
Other creditors	29,280	62,667
	---------	---------
	158,805	136,111
	---------	---------

Secured creditors include hire purchase contracts and finance lease agreements of £2,443 (2021: £18,132). The hire purchase and finance lease agreement liabilities are secured over the assets acquired.

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	33,206	42,892
Other creditors	1,694	14,133
	--------	--------
	34,900	57,025
	--------	--------

Secured creditors include hire purchase contracts and finance lease agreements of £1,694 (2021: £14,133). The hire purchase and finance lease agreement liabilities are secured over the assets acquired.

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £2,651) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	19,830	24,312
Later than 1 year and not later than 5 years	19,872	39,702
	--------	--------
	39,702	64,014
	--------	--------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Directors .	52,076	56	( 50,000)	2,132
	--------	----	--------	-------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Directors .	3,679	54,240	( 5,843)	52,076
	-------	--------	-------	--------

An amount of £56 (2021 - £167) based on the official rate of interest of 2.25% (2021 - 2.25%) was charged on loans to the directors.

12. Related party transactions

The company entered into the following related party transactions during the year:

Nature of Relationship	Transaction Type	2022	2021
		£	£
Director	Balance due to/(from)	1,147	1,147

Director	Balance due to/(from)	(3,279)	(53,223)

An amount of £56 (2021 - £167) based on the official rate of interest of 2.25% (2021 - 2.25%) was charged on loans to the directors. Personal guarantees have been given by both directors in respect of the bank overdraft facility and Credit cards agreement.