Greatway Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04661076 (England and Wales)

Greatway Ltd

Unaudited Financial Statements

for the Year Ended 28 February 2023

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Raquel Jaffe

Mr David Jaffe

SECRETARY:

Mr David Jaffe

REGISTERED OFFICE:

31 Sackville Street

Manchester

M1 3LZ

REGISTERED NUMBER:

04661076 (England and Wales)

ACCOUNTANTS:

SKS Shacter Cohen & Bor Ltd

Chartered Accountants

31 Sackville Street

Manchester

M1 3LZ

FIXED ASSETS

Tangible assets

5

5,457,430

4,868,150

CURRENT ASSETS

Debtors

106,240

102,382

Cash at bank and in hand

16,900

4,976

123,140

107,358

CREDITORS

Amounts falling due within one year

(207,570

)

(419,780

)

NET CURRENT LIABILITIES

(84,430

)

(312,422

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,373,000

4,555,728

CREDITORS

Amounts falling due after more than one year

(4,244,110

)

(3,278,400

)

NET ASSETS

1,128,890

1,277,328

CAPITAL AND RESERVES

Called up share capital

7

100

100

Revaluation reserve

1,013,084

1,139,616

Retained earnings

115,706

137,612

SHAREHOLDERS' FUNDS

1,128,890

1,277,328

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Profit and Loss Account and an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:

Mr David Jaffe - Director

1.	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:

31 Sackville Street

Manchester

M1 3LZ

England

These financial statements were authorised for issue by the director 30 November 2023.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES

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.

REVENUE RECOGNITION

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

TAX

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

TANGIBLE ASSETS

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

DEPRECIATION

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

15% per annum Reducing balance basis

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an

unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

BORROWINGS

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 March 2022

4,869,862

Additions

715,868

Revaluations

(126,532

)

At 28 February 2023

5,459,198

DEPRECIATION

At 1 March 2022

1,712

Charge for year

56

At 28 February 2023

1,768

NET BOOK VALUE

At 28 February 2023

5,457,430

At 28 February 2022

4,868,150

Cost or valuation at 28 February 2023 is represented by:

Totals

£

Valuation in 2022

(126,532

)

Cost

5,585,730

5,459,198

6.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank Loan - Repayable within 12 months

10,648

42,901

Amounts falling due between one and two years:

Other loan > 1 Year

23,224

-

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary share

1

100

100

8.	RELATED PARTY TRANSACTIONS

Summary of transactions with other related parties

Mr. and Mrs. Jaffe provided financial assistance to the company during the year and recharged net interest of £186,786 (2022 £116,292). Director's loan is in credit at the year end £1,874,530 (2022 £2,498,500 credit.)

There were transactions during the year with companies under common ownership viz. Danda 4 Ltd. ; NW

Property Signs Ltd and LND Property Management Ltd. The year end intercompany balances stood at Danda 4 Ltd. £77,194 debtor (2022 £77,194 debtor) ; N W Property Signs Ltd £29,046 Dr. (2022 £16,690 debtor ). All debts are unsecured considered repayable.

No other transactions with related parties were undertaken during the year such as are required to be disclosed.