15 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 05694627 2023-03-01 2024-02-29 05694627 2024-02-29 05694627 2023-02-28 05694627 2022-03-01 2023-02-28 05694627 2023-02-28 05694627 2022-02-28 05694627 core:PlantMachinery 2023-03-01 2024-02-29 05694627 core:MotorVehicles 2023-03-01 2024-02-29 05694627 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 05694627 bus:Director3 2023-03-01 2024-02-29 05694627 bus:Director1 2023-03-01 2024-02-29 05694627 core:LandBuildings 2023-02-28 05694627 core:PlantMachinery 2023-02-28 05694627 core:MotorVehicles 2023-02-28 05694627 core:PlantMachinery 2024-02-29 05694627 core:MotorVehicles 2024-02-29 05694627 core:LandBuildings 2023-03-01 2024-02-29 05694627 core:WithinOneYear 2024-02-29 05694627 core:WithinOneYear 2023-02-28 05694627 core:AfterOneYear 2024-02-29 05694627 core:AfterOneYear 2023-02-28 05694627 core:ShareCapital 2024-02-29 05694627 core:ShareCapital 2023-02-28 05694627 core:RetainedEarningsAccumulatedLosses 2024-02-29 05694627 core:RetainedEarningsAccumulatedLosses 2023-02-28 05694627 core:BetweenOneFiveYears 2023-02-28 05694627 core:PlantMachinery 2023-02-28 05694627 core:MotorVehicles 2023-02-28 05694627 bus:Director1 2023-02-28 05694627 bus:Director1 2024-02-29 05694627 bus:Director1 2022-02-28 05694627 bus:Director1 2023-02-28 05694627 bus:SmallEntities 2023-03-01 2024-02-29 05694627 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05694627 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05694627 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05694627 bus:FullAccounts 2023-03-01 2024-02-29 05694627 bus:OrdinaryShareClass1 2024-02-29 05694627 bus:OrdinaryShareClass1 2023-02-28 05694627 core:LandBuildings core:ShortLeaseholdAssets 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 05694627
Sanaway Limited
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
Sanaway Limited
Financial Statements
Year ended 29 February 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Sanaway Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
111,754
130,731
Current assets
Stocks
11,630
10,339
Debtors
6
96,599
58,368
Cash at bank and in hand
33,367
99,240
---------
---------
141,596
167,947
Creditors: amounts falling due within one year
7
( 133,168)
( 108,768)
---------
---------
Net current assets
8,428
59,179
---------
---------
Total assets less current liabilities
120,182
189,910
Creditors: amounts falling due after more than one year
8
( 16,202)
( 38,620)
---------
---------
Net assets
103,980
151,290
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
103,880
151,190
---------
---------
Shareholders funds
103,980
151,290
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 29 February 2024 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 .
Sanaway Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Patrick Martin
Director
Company registration number: 05694627
Sanaway Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Maple Grove Business Centre, Lawrence Road, Hounslow, Middlesex, TW4 6DR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
Trade receivables
Trade receivables do not carry any interest and are stated at their original invoice value as reduced by appropriate allowances for estimated irrecoverable amounts.
Trade payables
Trade payables do not carry any interest and are stated at their original invoice value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income. In this case, tax is recognised in other comprehensive income. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold Property
-
Straight line over the life of the lease
Plant & Machinery
-
25% straight line
Motor Vehicles
-
25% straight line
Stocks
Stock is 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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
1,213
28,772
238,684
268,669
Additions
5,179
30,275
46,670
82,124
Disposals
( 6,392)
( 6,228)
( 19,400)
( 32,020)
-------
--------
---------
---------
At 29 February 2024
52,819
265,954
318,773
-------
--------
---------
---------
Depreciation
At 1 March 2023
1,213
22,285
114,440
137,938
Charge for the year
1,726
11,108
73,179
86,013
Disposals
( 2,939)
( 5,506)
( 8,487)
( 16,932)
-------
--------
---------
---------
At 29 February 2024
27,887
179,132
207,019
-------
--------
---------
---------
Carrying amount
At 29 February 2024
24,932
86,822
111,754
-------
--------
---------
---------
At 28 February 2023
6,487
124,244
130,731
-------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
45,573
32,403
Other debtors
51,026
25,965
--------
--------
96,599
58,368
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,183
9,932
Trade creditors
26,362
25,210
Social security and other taxes
43,075
36,479
Other creditors
53,548
37,147
---------
---------
133,168
108,768
---------
---------
Secured creditors include hire purchase contracts and finance lease agreements of £12,234 (2023: £13,211). The hire purchase and finance lease agreement liabilities are secured over the assets acquired.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,091
23,274
Other creditors
3,111
15,346
--------
--------
16,202
38,620
--------
--------
Secured creditors include hire purchase contracts and finance lease agreements of £3,111 (2023: £15,346). The hire purchase and finance lease agreement liabilities are secured over the assets acquired.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
450
25,272
Later than 1 year and not later than 5 years
450
----
--------
450
25,722
----
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Directors .
2,132
( 4,221)
( 3,279)
( 5,368)
-------
-------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Directors .
2,132
2,132
-------
----
----
-------
12. Related party transactions
The company entered into the following related party transactions during the year:
Nature of Relationship Transaction Type 2024 2023
£ £
Director Balance due to/(from) 5,052 1,147
Director Balance due to/(from) 316 (3,279)
Personal guarantees have been given by both directors in respect of the bank overdraft facility and Credit cards agreement.