The Greenway Group Ltd 31/03/2018 iXBRL

The Greenway Group Ltd 31/03/2018 iXBRL

THE GREENWAY GROUP LTD - Company Information

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31/03/2018 2018-03-31 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 2017-03-07 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 10655634 2017-03-07 2018-03-31 10655634 2018-03-31 10655634 core:FurnitureFittingsToolsEquipment 2017-03-07 2018-03-31 10655634 core:MotorVehicles 2017-03-07 2018-03-31 10655634 core:OnerousContractsExcludingVacantProperties 2017-03-07 2018-03-31 10655634 bus:Director1 2017-03-07 2018-03-31 10655634 core:WithinOneYear 2018-03-31 10655634 core:LandBuildings core:ShortLeaseholdAssets 2018-03-31 10655634 core:FurnitureFittingsToolsEquipment 2018-03-31 10655634 core:MotorVehicles 2018-03-31 10655634 core:AfterOneYear 2018-03-31 10655634 core:ShareCapital 2018-03-31 10655634 core:RetainedEarningsAccumulatedLosses 2018-03-31 10655634 core:LandBuildings core:ShortLeaseholdAssets 2017-03-07 2018-03-31 10655634 bus:Director1 2018-03-31 10655634 bus:SmallEntities 2017-03-07 2018-03-31 10655634 bus:AuditExemptWithAccountantsReport 2017-03-07 2018-03-31 10655634 bus:FullAccounts 2017-03-07 2018-03-31 10655634 bus:SmallCompaniesRegimeForAccounts 2017-03-07 2018-03-31 10655634 bus:PrivateLimitedCompanyLtd 2017-03-07 2018-03-31 10655634 core:ShipsBoats 2017-03-07 2018-03-31 10655634 core:ShipsBoats 2018-03-31
Company registration number: 10655634
The Greenway Group Ltd
Unaudited filleted financial statements
31 March 2018
THE GREENWAY GROUP LTD
Contents
Statement of financial position
Notes to the financial statements
THE GREENWAY GROUP LTD
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
2018
Note £ £
Fixed assets
Tangible assets 5 203,405
_______
203,405
Current assets
Stocks 240,400
Debtors 6 51,572
Cash at bank and in hand ( 2,526)
_______
289,446
Creditors: amounts falling due
within one year 7 ( 321,357)
_______
Net current liabilities ( 31,911)
_______
Total assets less current liabilities 171,494
Creditors: amounts falling due
after more than one year 8 ( 41,385)
_______
Net assets 130,109
_______
Capital and reserves
Called up share capital 100
Profit and loss account 9 130,009
_______
Shareholders funds 130,109
_______
For the year ending 31 March 2018 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 December 2018 , and are signed on behalf of the board by:
Mr William Ford
Director
Company registration number: 10655634
THE GREENWAY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Petitor House, Nicholson Road, Torquay, Devon, TQ2 7TD.
Principal activity
The principal activity of the company during the year was that of sea and coastal passenger water transport, running of public houses and bars and retail sale of goods.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - over the life of the lease
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Vessels - 10 % 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 24
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Vessels Total
£ £ £ £ £
Cost
At 7 March 2017 - - - - -
Additions 6,401 197,112 1,717 54,621 259,851
_______ _______ _______ _______ _______
At 31 March 2018 6,401 197,112 1,717 54,621 259,851
_______ _______ _______ _______ _______
Depreciation
At 7 March 2017 - - - - -
Charge for the year 1,280 49,275 429 5,462 56,446
_______ _______ _______ _______ _______
At 31 March 2018 1,280 49,275 429 5,462 56,446
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2018 5,121 147,837 1,288 49,159 203,405
_______ _______ _______ _______ _______
6. Debtors
2018
£
Other debtors 51,572
_______
7. Creditors: amounts falling due within one year
2018
£
Bank loans and overdrafts 67,862
Trade creditors 74,888
Accruals and deferred income 14,084
Social security and other taxes 62,512
Other creditors 102,011
_______
321,357
_______
8. Creditors: amounts falling due after more than one year
2018
£
Bank loans and overdrafts 22,096
Other creditors 19,289
_______
41,385
_______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Other financial commitments
As at 31 March 2018 the company had non-cancellable commitments totaling £ 1,070,049 .
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 7 March 2017 Loans to / (from) the directors Balance at 31 March 2018
£ £ £
Directors - ( 44,722) ( 44,722)
_______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.