Moonway Services Limited Filleted accounts for Companies House (small and micro)

MOONWAY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04115565

Moonway Services Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2019

Moonway Services Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Intangible assets	5	13,750	21,250
Tangible assets	6	272,134	161,326
		---------	---------
		285,884	182,576

Current assets

Stocks		52,829	15,890
Debtors	7	45,727	66,054
Cash at bank and in hand		43,953	–
		---------	--------
		142,509	81,944

Creditors: amounts falling due within one year	8	153,569		209,871
		---------		---------
Net current liabilities			11,060		127,927
			---------		---------
Total assets less current liabilities			274,824		54,649

Creditors: amounts falling due after more than one year	9		174,665		20,855

Provisions

Taxation including deferred tax	50,587	29,288
	---------	--------
Net assets	49,572	4,506
	---------	--------

Capital and reserves

Called up share capital	92,248	92,248
Profit and loss account	( 42,676)	( 87,742)
	--------	--------
Shareholders funds	49,572	4,506
	--------	--------

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 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 comprehensive income has not been delivered.

For the year ending 31 March 2019 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 .

Moonway Services Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:

Mr S Baker

Director

Company registration number: 04115565

Moonway Services Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Emporium, Bow Street, Langport, Somerset, TA10 9PQ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company had net current liabilities of £11,060 at 31 March 2019 and is therefore dependent on the continuing financial support of its directors and bankers to continue trading. Neither the directors nor the bankers have indicated that their continued support will not be forthcoming for the foreseeable future and the company is meeting its day to day liabilities as they fall due.

The directors have reviewed the company's current trading position and believe that, with the continued financial support, it has sufficient resources and is well placed to manage its business risks successfully despite the current economic outlook. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the accounts.

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.

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 or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Amortisation

The directors' have reassessed the useful life of the purchased goodwill and consider its remaining useful life to be 5 years.

	Goodwill	-	remaining balance written off over 5 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and Machinery	-	25% reducing balance
Coaches and Minibuses	-	10%/25% reducing balance basis
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2018: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2018 and 31 March 2019	150,000
	---------
Amortisation
At 1 April 2018	128,750
Charge for the year	7,500
	---------
At 31 March 2019	136,250
	---------
Carrying amount
At 31 March 2019	13,750
	---------
At 31 March 2018	21,250
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2018	1,788	381,102	1,462	384,352
Additions	–	138,000	3,581	141,581
	-------	---------	-------	---------
At 31 March 2019	1,788	519,102	5,043	525,933
	-------	---------	-------	---------
Depreciation
At 1 April 2018	1,697	220,652	677	223,026
Charge for the year	23	30,095	655	30,773
	-------	---------	-------	---------
At 31 March 2019	1,720	250,747	1,332	253,799
	-------	---------	-------	---------
Carrying amount
At 31 March 2019	68	268,355	3,711	272,134
	-------	---------	-------	---------
At 31 March 2018	91	160,450	785	161,326
	-------	---------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2019	143,640
	---------
At 31 March 2018	21,600
	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	20,714	53,365
Other debtors	25,013	12,689
	--------	--------
	45,727	66,054
	--------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	7,066	67,865
Trade creditors	19,870	28,625
Corporation tax	–	4,234
Social security and other taxes	3,774	2,911
Other creditors	122,859	106,236
	---------	---------
	153,569	209,871
	---------	---------

The bank loan and overdraft are secured by a debenture dated 29 April 2003 over the assets and books debts of the company.

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	76,265	7,041
Other creditors	98,400	13,814
	---------	--------
	174,665	20,855
	---------	--------

The bank loan and overdraft are secured by a debenture dated 29 April 2003 over the assets and books debts of the company.

Included within creditors falling due after more than one year is an amount of £48,003 in respect of liabilities which fall due for payment after more than five years from the balance sheet date.

The amount due after more than 5 years is repayable in 55 instalments

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	4,380	–
Later than 1 year and not later than 5 years	2,190	–
	-------	----
	6,570	–
	-------	----