| REGENCYWAY LIMITED |
| Notes to the Accounts |
| for the year ended 28 February 2025 |
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|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes margins earned from the supply of travel services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
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| 3 |
Tangible fixed assets |
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|
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Land and buildings |
|
Plant and machinery etc |
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Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 March 2024 |
211,748 |
|
61,041 |
|
272,789 |
|
At 28 February 2025 |
211,748 |
|
61,041 |
|
272,789 |
|
|
|
|
|
|
|
|
|
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Depreciation |
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At 1 March 2024 |
- |
|
60,770 |
|
60,770 |
|
Charge for the year |
- |
|
68 |
|
68 |
|
At 28 February 2025 |
- |
|
60,838 |
|
60,838 |
|
|
|
|
|
|
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Net book value |
|
At 28 February 2025 |
211,748 |
|
203 |
|
211,951 |
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At 29 February 2024 |
211,748 |
|
271 |
|
212,019 |
|
|
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
36,495 |
|
116,502 |
|
Other debtors |
4,688 |
|
- |
|
|
|
|
|
|
41,183 |
|
116,502 |
|
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|
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| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
116,346 |
|
140,430 |
|
Taxation and social security costs |
5,486 |
|
7,681 |
|
Other creditors |
6,288 |
|
9,809 |
|
|
|
|
|
|
128,120 |
|
157,920 |
| 6 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 March 2024 |
139,170 |
|
139,170 |
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At 28 February 2025 |
139,170 |
|
139,170 |
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| 7 |
Controlling party |
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The company is controlled by Mr M Y Ali and his spouse, Mrs R Ali, who together hold all of the ordinary issued share capital. |
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| 8 |
Other information |
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REGENCYWAY LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
434A Foleshill Road, |
|
Coventry. |