Company registration number 04911489 (England and Wales)
TRADEWAY NORTH WEST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
TRADEWAY NORTH WEST LIMITED
COMPANY INFORMATION
Directors
Mr GH Gerber
Mr JE Heald
Secretary
Mr DW Whewell
Company number
04911489
Registered office
Town End Place
146 Lowtown
Pudsey
Leeds
West Yorkshire
United Kingdom
LS28 9AY
Auditor
Sedulo Audit Limited
Statutory Auditor
St Paul's House
23 Park Square
Leeds
West Yorkshire
United Kingdom
LS1 2ND
TRADEWAY NORTH WEST LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 15
TRADEWAY NORTH WEST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2025.
Principal activities
The principal activity of the company continued to be that of property letting.
Results and dividends
No dividends will be distributed for the year ended 28th February 2025 (2024 - £Nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr GH Gerber
Mr JE Heald
Post reporting date events
The directors are of the opinion that there are no significant post balance sheet events requiring disclosure within the financial statements.
Auditor
Sedulo Audit Limited have expressed their willingness to continue in office as auditors and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr JE Heald
Director
9 May 2025
TRADEWAY NORTH WEST LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
The directors are responsible for preparing the annual report 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). 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
TRADEWAY NORTH WEST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADEWAY NORTH WEST LIMITED
- 3 -
Opinion
We have audited the financial statements of Tradeway North West Limited (the 'company') for the year ended 28 February 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 2025 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
TRADEWAY NORTH WEST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADEWAY NORTH WEST LIMITED (CONTINUED)
- 4 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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:
Enquiring of directors and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
Reading Board and sub committee meeting minutes.
Considering remuneration incentive schemes and performance targets for management, directors and sales staff.
Using analytical procedures to identify any unusual or unexpected relationships.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
TRADEWAY NORTH WEST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADEWAY NORTH WEST LIMITED (CONTINUED)
- 5 -
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 an auditor's report 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.
Sam Perkin (Senior Statutory Auditor)
For and on behalf of Sedulo Audit Limited, Statutory Auditor
Chartered Accountants
Statutory Auditor
St Paul's House
23 Park Square
Leeds
West Yorkshire
LS1 2ND
United Kingdom
9 May 2025
TRADEWAY NORTH WEST LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
2025
2024
Notes
£
£
Revenue
30,000
26,500
Administrative expenses
(27,562)
(17,889)
Operating profit
2,438
8,611
Tax on profit
5
(898)
(2,322)
Profit and total comprehensive income for the financial year
12
1,540
6,289
TRADEWAY NORTH WEST LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2025
28 February 2025
- 7 -
28 February
29 February
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
6
410,000
410,000
Current assets
Trade and other receivables
7
16,522
2,421
Investments
8
411,389
411,389
Cash and cash equivalents
1,048
19,353
428,959
433,163
Current liabilities
9
(47,230)
(52,974)
Net current assets
381,729
380,189
Total assets less current liabilities
791,729
790,189
Equity
Called up share capital
11
4,000
4,000
Retained earnings
12
787,729
786,189
Total equity
791,729
790,189
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Mr JE Heald
Director
Company registration number 04911489 (England and Wales)
TRADEWAY NORTH WEST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 March 2023
4,000
779,900
783,900
Year ended 29 February 2024:
Profit and total comprehensive income
-
6,289
6,289
Balance at 29 February 2024
4,000
786,189
790,189
Year ended 28 February 2025:
Profit and total comprehensive income
-
1,540
1,540
Balance at 28 February 2025
4,000
787,729
791,729
TRADEWAY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
1
Accounting policies
Company information
Tradeway North West Limited is a private company limited by shares incorporated in England and Wales. The registered office is Town End Place, 146 Lowtown, Pudsey, Leeds, West Yorkshire, United Kingdom, LS28 9AY. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
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.
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;
-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
1.2
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.true
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.
1.3
Revenue
Revenue represents rents receivable, net of VAT, from a fellow subsidiary company. Rent is invoiced monthly and recognised in the month in which the property is made available for use.
1.4
Property, plant and equipment
Freehold property is valued under the revaluation model and subsequently depreciated. The Directors are of the opinion that there is no requirement to depreciate the freehold property in the current period as the building remains correctly valued.
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.
TRADEWAY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 10 -
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
1.7
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 income statement because it excludes items of income or 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
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
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
Impairment of leasehold property and freehold property
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 assets. The directors are not aware of any indicators of impairment to the carrying values of the properties at the date of the financial statements.
The leasehold property is actively being marketed for sale and the directors have used their judgement to classify the property as an asset for sale in the financial statements.
Apart from the estimates above, the company was not required to make any additional critical judgements when applying its accounting policies.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
There were no staff costs for the year ended 28th February 2025 nor for the year ended 29th February 2024.
TRADEWAY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,000
2,500
For other services
Tax services
625
550
Other services
690
950
Total non-audit fees
1,315
1,500
5
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
898
2,322
The charge for the year can be reconciled to the profit per the income statement as follows:
2025
2024
£
£
Profit before taxation
2,438
8,611
Expected tax charge based on a corporation tax rate of 19.00% (2024: 19.00%)
463
1,636
Effect of expenses not deductible in determining taxable profit
435
686
Taxation charge for the year
898
2,322
6
Property, plant and equipment
Freehold land and buildings
£
Cost
At 1 March 2024
410,000
At 28 February 2025
410,000
Accumulated depreciation and impairment
At 1 March 2024
At 28 February 2025
TRADEWAY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
6
Property, plant and equipment
Freehold land and buildings
£
(Continued)
- 13 -
Carrying amount
At 28 February 2025
410,000
At 29 February 2024
410,000
The directors estimate the carrying value of the freehold property to be £410,000 based on a recent valuation undertaken by Sharma Williamson Chartered Surveyors on 25th November 2024.
7
Trade and other receivables
2025
2024
£
£
Prepayments and accrued income
16,522
2,421
8
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Other assets held for sale
411,389
411,389
-
-
Other assets held for sale represent long leasehold property which is being actively marketed for sale.
9
Liabilities
2025
2024
Notes
£
£
Trade and other payables
10
43,726
50,221
Corporation tax
910
2,361
Other taxation and social security
2,594
392
47,230
52,974
TRADEWAY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 14 -
10
Trade and other payables
2025
2024
£
£
Amounts owed to fellow group undertakings
39,726
46,221
Accruals and deferred income
4,000
4,000
43,726
50,221
Transactions with group companies are conducted at arms length with standard credit terms.
11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of £1 each
28
28
28
28
Ordinary "B" shares of £1 each
20
20
20
20
Ordinary "C" shares of £1 each
3,952
3,952
3,952
3,952
4,000
4,000
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
Retained earnings
2025
2024
£
£
At the beginning of the year
786,189
779,900
Profit for the year
1,540
6,289
At the end of the year
787,729
786,189
Included in reserves are unrealised heldover gains on freehold property of £101,751 (2024: £101,751).
13
Events after the reporting date
No events materially affecting the assessment of these financial statements have occurred after the balance sheet date.
TRADEWAY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 15 -
14
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.
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