Greenway Travel Limited - Period Ending 2017-03-31

Registration number: 08430670

Greenway Travel Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Lanham & Francis
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB

Greenway Travel Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 9

Greenway Travel Limited

Company Information

Directors

Mr P R Embling Ms E M Clarke

Registered office

Church House Church Street Yeovil Somerset BA20 1HB

Accountants

Lanham & Francis Chartered Accountants Church House Church Street Yeovil Somerset BA20 1HB

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Greenway Travel Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greenway Travel Limited for the year ended 31 March 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Greenway Travel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Greenway Travel Limited and state those matters that we have agreed to state to the Board of Directors of Greenway Travel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greenway Travel Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Greenway Travel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Greenway Travel Limited. You consider that Greenway Travel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Greenway Travel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Lanham & Francis
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB

29 December 2017

Page 2

Greenway Travel Limited

Statement of Comprehensive Income for the Year Ended 31 March 2017

	Note	2017 £	2016 £
(Loss)/profit for the year		(3,656)	329
Total comprehensive income for the year		(3,656)	329

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 3

Greenway Travel Limited

(Registration number: 08430670)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	9,676	17,018
Current assets
Debtors	5	2,022	597
Cash at bank and in hand		293	670
		2,315	1,267
Creditors: Amounts falling due within one year	6	(7,135)	(8,585)
Net current liabilities		(4,820)	(7,318)
Total assets less current liabilities		4,856	9,700
Provisions for liabilities		(656)	(1,844)
Net assets		4,200	7,856
Capital and reserves
Called up share capital		2	2
Profit and loss account		4,198	7,854
Total equity		4,200	7,856

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 December 2017 and signed on its behalf by:
 

Mr P R Embling

Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

Greenway Travel Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	2	7,854	7,856
Loss for the year	-	(3,656)	(3,656)
Total comprehensive income	-	(3,656)	(3,656)
At 31 March 2017	2	4,198	4,200

 

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	2	7,525	7,527
Profit for the year	-	329	329
Total comprehensive income	-	329	329
At 31 March 2016	2	7,854	7,856

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

Greenway Travel Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

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

The principal place of business is:
2 Churlands Close
West Coker
Yeovil
Somerset
BA22 9AL

These financial statements were authorised for issue by the Board on 29 December 2017.

2	Accounting policies

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.

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.

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.

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 and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Page 6

Greenway Travel Limited

Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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 and fittings	20% per annum, straight line basis
Motor vehicles	20% per annum, straight line basis

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 7

Greenway Travel Limited

Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2016	2,759	33,933	36,692
Additions	149	-	149
Disposals	(304)	-	(304)
At 31 March 2017	2,604	33,933	36,537
Depreciation
At 1 April 2016	1,634	18,040	19,674
Charge for the year	582	6,787	7,369
Eliminated on disposal	(182)	-	(182)
At 31 March 2017	2,034	24,827	26,861
Carrying amount
At 31 March 2017	570	9,106	9,676
At 31 March 2016	1,125	15,893	17,018

Page 8

Greenway Travel Limited

Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)

5

Debtors

	2017 £	2016 £
Trade debtors	-	173
Other debtors	2,022	424
Total current trade and other debtors	2,022	597

6

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	-	664
Trade creditors		1,350	-
Other creditors		5,785	7,921
		7,135	8,585

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Finance lease liabilities	-	664

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2016 - £664).

8	Related party transactions

Transactions with directors

2017	Advances to directors £	At 31 March 2017 £
Mr P R Embling
Interest free loan	1,387	1,387

9	Transition to FRS 102

The date of transition to FRS 102 was 1 April 2015. There were no adjustments to reclassify or remeasure the original figures as at 1 April 2015 and 31 March 2016 or year ended 31 March 2016 as a result of the implementation of FRS 102.

Page 9