Tradeway North West Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04911489 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

TRADEWAY NORTH WEST LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

J E Heald

G H Gerber

REGISTERED OFFICE:

Unit 1 Ashbrook Office Park

Longstone Road

Heald Green

Manchester

M22 5LB

REGISTERED NUMBER:

04911489 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gavin Bell BA ACA

AUDITORS:

Sedulo Audit Limited

Statutory Auditors

Regency Court

62-66 Deansgate

Manchester

M3 2EN

The directors present their report with the financial statements of the company for the year ended 29 February 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a non-trading company.

DIVIDENDS

No dividends will be distributed for the year ended 29 February 2020.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2019 to the date of this report.

J E Heald

G H Gerber

Other changes in directors holding office are as follows:

D A Sexton - resigned 30 June 2019

D C Edley - resigned 30 September 2019

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.

AUDITORS

Sedulo Audit Limited will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J E Heald - Director

1 July 2020

Opinion

We have audited the financial statements of Tradeway North West Limited (the 'company') for the year ended

29 February 2020 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 29 February 2020 and of its loss 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Emphasis of matter

We draw attention to note 3 to the financial statements which explains the directors assessment of uncertainties arising

from the Covid-19 pandemic and their impact on the company.

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 there is a material misstatement in the financial

statements or a material misstatement of the other information. 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.

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.

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.

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.

Gavin Bell BA ACA (Senior Statutory Auditor)

for and on behalf of Sedulo Audit Limited

Statutory Auditors

Regency Court

62-66 Deansgate

Manchester

M3 2EN

1 July 2020

TURNOVER

-

3,530,892

Cost of sales

27,040

3,251,546

GROSS (LOSS)/PROFIT

(27,040

)

279,346

Administrative expenses

11,121

310,651

OPERATING LOSS and

LOSS BEFORE TAXATION

5

(38,161

)

(31,305

)

Tax on loss

6

(7,251

)

(5,650

)

LOSS FOR THE FINANCIAL YEAR

(30,910

)

(25,655

)

LOSS FOR THE YEAR

(30,910

)

(25,655

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(30,910

)

(25,655

)

FIXED ASSETS

Tangible assets

8

411,389

416,495

CURRENT ASSETS

Debtors

9

313,471

200,138

Cash at bank

24,552

157,534

338,023

357,672

CREDITORS

Amounts falling due within one year

10

18,331

12,176

NET CURRENT ASSETS

319,692

345,496

TOTAL ASSETS LESS CURRENT LIABILITIES

731,081

761,991

CAPITAL AND RESERVES

Called up share capital

11

4,000

4,000

Retained earnings

12

727,081

757,991

SHAREHOLDERS' FUNDS

731,081

761,991

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2020 and were signed on its behalf by:

J E Heald - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2018

4,000

1,158,648

1,162,648

Changes in equity

Dividends

-

(375,002

)

(375,002

)

Total comprehensive income

-

(25,655

)

(25,655

)

Balance at 28 February 2019

4,000

757,991

761,991

Changes in equity

Total comprehensive income

-

(30,910

)

(30,910

)

Balance at 29 February 2020

4,000

727,081

731,081

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 private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

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

In common with virtually every other business in the country, the Company has been experiencing the effects of

the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be

assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to

protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the

foreseeable future 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

Turnover

Turnover represents the net provision of services exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Depreciation is not provided in respect of leasehold property. The directors consider that this departure from

Companies Act 2006 is necessary to provide a true and fair view as depreciation is only one of the factors

affecting the residual value of the property. The directors do not consider that any potential depreciation charge

would have a material impact upon the financial statements.

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.

4.	EMPLOYEES AND DIRECTORS

29.2.20

28.2.19

£

£

Wages and salaries

-

192,579

Social security costs

-

19,230

Other pension costs

-

8,055

-

219,864

The average number of employees during the year was as follows:

29.2.20

28.2.19

Administrative

-

1

Sales

-

10

-

11

29.2.20

28.2.19

£

£

Directors' remuneration

-

29,166

Directors' pension contributions to money purchase schemes

-

1,458

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

-

1

5.	LOSS BEFORE TAXATION

The loss before taxation is stated after charging:

29.2.20

28.2.19

£

£

Depreciation - owned assets

-

1,703

Auditors' remuneration

2,000

6,470

Auditors remuneration - other services

-

750

6.

TAXATION

Analysis of tax income

29.2.20

28.2.19

£

£

Current tax:

Group relief

(7,251

)

(5,650

)

Total tax income in income statement

(7,251

)

(5,650

)

Factors affecting the tax expense

The tax assessed for the year is the same as (2019 - higher) the standard rate of corporation tax in the UK. The

difference is explained below:

29.2.20

28.2.19

£

£

Loss before income tax

(38,161

)

(31,305

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2019 - 19%)

(7,251

)

(5,948

)

Effects of:

Expenses not deductible in determining taxable profit

-

156

during period

Capital allowances in excess of depreciation

-

142

Tax income

(7,251

)

(5,650

)

7.

DIVIDENDS

29.2.20

28.2.19

£

£

Ordinary "A" shares of £1 each

Interim

-

375,002

8.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 March 2019

411,389

28,251

958

440,598

Disposals

-

(28,251

)

(958

)

(29,209

)

At 29 February 2020

411,389

-

-

411,389

DEPRECIATION

At 1 March 2019

-

23,863

240

24,103

Eliminated on disposal

-

(23,863

)

(240

)

(24,103

)

At 29 February 2020

-

-

-

-

NET BOOK VALUE

At 29 February 2020

411,389

-

-

411,389

At 28 February 2019

411,389

4,388

718

416,495

The directors consider there to be no material impairment on the carrying value of the freehold property at

29th February 2020.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade debtors

-

1,747

Amounts owed by group undertakings

311,673

190,396

Other debtors

-

3,128

VAT

-

2,138

Prepayments

1,798

2,729

313,471

200,138

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade creditors

-

3,355

Amounts owed to group undertakings

15,675

2,071

VAT

656

-

Accrued expenses

2,000

6,750

18,331

12,176

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.20

28.2.19

value:

£

£

28

Ordinary "A"

£1

28

28

20

Ordinary "B"

£1

20

20

3,952

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 2019

757,991

Deficit for the year

(30,910

)

At 29 February 2020

727,081

13.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Tradeway (Shipping) Limited, registered in the UK.

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.

14.	POST BALANCE SHEET EVENTS

Subsequent to the year end the company was impacted by the effects of the Covid 19 pandemic including

Government imposed lockdowns in the UK and other countries as discussed at note 3.

The directors consider that potentially these circumstances could result in a future impairment of the

recoverability of certain material debtors, but do not consider there is sufficient information available at this

time to estimate what, if any, such an impairment may be.