Greenway Travel Limited - Period Ending 2018-03-31

Registration number: 08430670

Greenway Travel Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

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

Greenway Travel Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

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 2018

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 2018 as set out on pages 3 to 6 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 profit 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

27 December 2018

Page 2

Greenway Travel Limited

(Registration number: 08430670)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	37,738	9,676
Current assets
Debtors	5	941	2,022
Cash at bank and in hand		3,522	293
		4,463	2,315
Creditors: Amounts falling due within one year	6	(28,542)	(7,135)
Net current liabilities		(24,079)	(4,820)
Total assets less current liabilities		13,659	4,856
Provisions for liabilities		(2,676)	(656)
Net assets		10,983	4,200
Capital and reserves
Called up share capital		2	2
Profit and loss account		10,981	4,198
Total equity		10,983	4,200

For the financial 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 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 27 December 2018 and signed on its behalf by:
 

Mr P R Embling

Director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Greenway Travel Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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.

Page 4

Greenway Travel Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

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.

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

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 (2017 - 2).

Page 5

Greenway Travel Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2017	2,604	33,933	36,537
Additions	390	38,666	39,056
Disposals	-	(11,598)	(11,598)
At 31 March 2018	2,994	61,001	63,995
Depreciation
At 1 April 2017	2,034	24,827	26,861
Charge for the year	599	5,756	6,355
Eliminated on disposal	-	(6,959)	(6,959)
At 31 March 2018	2,633	23,624	26,257
Carrying amount
At 31 March 2018	361	37,377	37,738
At 31 March 2017	570	9,106	9,676

5

Debtors

	2018 £	2017 £
Other debtors	941	2,022
Total current trade and other debtors	941	2,022

6

Creditors

	Note	2018 £	2017 £
Due within one year
Trade creditors		-	1,350
Other creditors		28,542	5,785
		28,542	7,135

Page 6