REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
TRADEWAY NORTH WEST LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
TRADEWAY NORTH WEST LIMITED |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
TRADEWAY NORTH WEST LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
The directors present their report with the financial statements of the company for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of property letting. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
AUDITORS |
Sedulo Audit Limited will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRADEWAY NORTH WEST LIMITED |
Opinion |
We have audited the financial statements of Tradeway North West Limited (the 'company') for the year ended 28 February 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRADEWAY NORTH WEST LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRADEWAY NORTH WEST LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was capable of detecting irregularities, including fraud |
The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations. |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. |
We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud. |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
INCOME STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 5 |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
BALANCE SHEET |
28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Investments | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2022 | 754,722 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2023 |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATEMENT OF CHANGES IN EQUITY |
Total comprehensive income is fully attributable to owners of the parent. |
2. | STATUTORY INFORMATION |
Tradeway North West Limited is a |
The principal activity of the company is that of property letting. |
3. | ACCOUNTING POLICIES |
Basis of preparation |
These financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and the Companies Act 2006.The financial statements have been prepared under the historical cost convention. |
The 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 pound. |
The presentation of financial statements in accordance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
Going concern |
The company has reviewed expected income and expenditure for the next twelve months, on the basis of which it expects to make profits and generate positive cash flow |
At the time of signing these accounts the Directors are of the opinion that for the foreseeable future the Company will be able to meet its liabilities as they fall due and therefore these Financial Statements have been prepared on the Going Concern basis. |
Disclosure exemptions |
The company has taken advantage of certain disclosure exemptions available under FRS 101 in relation to: |
-financial instruments where disclosure requirements appear in the group accounts; |
-fair value measurement; |
-the presentation of a cash flow statement and associated notes; |
-the presentation of comparative information in respect of tangible fixed assets; |
-capital management; |
-related party disclosures and transactions |
Critical accounting judgements and key sources of estimation uncertainty |
The presentation of financial statements in accordance with FRS 101 requires the use of certain critical accounting estimates. It also requires directors to exercise judgement in applying the company's accounting policies as follows: |
- the directors have had to determine whether there are indications of impairment of the company's leasehold property and freehold property, taking into consideration the economic viability and expected future performance of the asset. |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents rents receivable in the year exclusive of value added tax. |
Tangible fixed assets |
Depreciation is not provided in respect of leasehold property or freehold property which are held for investment purposes. Any aggregate surplus or deficit arising from changes in market value is recognised in the Income statement and, to the extent not realised, transferred to a reserves. |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. |
Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amounts reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit. |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
3. | ACCOUNTING POLICIES - continued |
Assets and liabilities held for sale |
Non-current assets and liabilities are classified as held for sale if it is highly probable that they will be realised through sale rather than continued use. |
These assets are recognised at the lower of their carrying amounts or fair values less costs to sell. Impairment losses on the first-time classification as held for sale and any subsequent impairment losses are recognised in profit or loss. |
4. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 28 February 2023 nor for the year ended 28 February 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
28.2.23 | 28.2.22 |
£ | £ |
Directors' remuneration |
5. | PROFIT BEFORE TAXATION |
The profit before taxation is stated after charging: |
28.2.23 | 28.2.22 |
£ | £ |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | TAXATION |
Analysis of tax expense |
28.2.23 | 28.2.22 |
£ | £ |
Current tax: |
Tax |
Total tax expense in income statement |
No deferred tax is required to be provided for under FRS101 in respect of heldover capital gains on the cost of the company's freehold property. Such a liability would only arise on sale of the property. The amount of tax unprovided is approximately £20,000 (2022 - £20,000). |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
7. | TANGIBLE FIXED ASSETS |
Freehold | Long |
property | leasehold | Totals |
£ | £ | £ |
COST |
At 1 March 2022 |
Reclassification/transfer | ( |
) | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 | 410,000 |
The directors consider there to be no material impairment on the carrying value of the freehold property as at 28th February 2023. |
Sale subject to contract of the long leasehold property has been agreed as at the year end and the property has been transferred to Assets held for sale (see notes 9 and 13). |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Prepayments |
9. | CURRENT ASSET INVESTMENTS |
28.2.23 | 28.2.22 |
£ | £ |
Other | 411,389 | - |
Other assets held for sale represent long leasehold property on which the company has agreed sale subject to contract as at the year end. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Amounts owed to group undertakings |
Tax |
VAT | 1,155 | 1,167 |
Accrued expenses |
TRADEWAY NORTH WEST LIMITED (REGISTERED NUMBER: 04911489) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary "A" | £1 | 28 | 28 |
Ordinary "B" | £1 | 20 | 20 |
Ordinary "C" | £1 | 3,952 | 3,952 |
4,000 | 4,000 |
Full dividend and voting rights are attached to both the Ordinary "A" and "B" shares. |
Full voting rights are attached to the Ordinary "C" shares. |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2022 |
Profit for the year |
At 28 February 2023 |
Included in reserves are unrealised heldover gains on property of £101,751 (2022: £101,751). |
13. | EVENTS AFTER THE REPORTING PERIOD |
Subsequent to the year end the company expects to complete on the sale of its leasehold property. As at the year end this property has been sold subject to contract and is accounted for as an Asset held for sale. |
14. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Santova International Holdings (PTY) Limited, registered in South Africa. |
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Santova Limited, registered in South Africa. Consolidated financial statements, prepared in accordance with IFRS, are available from www.santova.com |
The company is under the control of the shareholders of Santova Limited, the company's ultimate parent undertaking. |