Moonway Services Limited Company Accounts

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 2017

Moonway Services Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Moonway Services Limited

Officers and Professional Advisers

The board of directors	Mr S Baker
	Mr A Palmer

Company secretary	Mrs B Baker

Registered office	The Old Emporium
	Bow Street
	Langport
	Somerset
	TA10 9PQ

Accountants	Chalmers & Co (SW) Limited
	Chartered Accountants
	Trading as Chalmers & Co.
	The Old Emporium
	Bow Street
	Langport
	Somerset
	TA10 9PQ

Bankers	Lloyds
	9 High Street
	Yeovil
	Somerset
	BA20 1RN

Moonway Services Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	28,750	36,250
Tangible assets	6	145,194	163,759
		---------	---------
		173,944	200,009

Current assets

Stocks		21,000	21,000
Debtors	7	40,342	38,047
		-------	-------
		61,342	59,047

Creditors: amounts falling due within one year	8	202,948		183,534
		---------		---------
Net current liabilities			141,606	124,487
			---------	---------
Total assets less current liabilities			32,338	75,522

Creditors: amounts falling due after more than one year	9		26,886	45,523

Provisions

Taxation including deferred tax	25,923	30,616
	-------	-------
Net liabilities	( 20,471)	( 617)
	-------	-------

Capital and reserves

Called up share capital	92,248	92,248
Profit and loss account	( 112,719)	( 92,865)
	---------	-------
Shareholders deficit	( 20,471)	( 617)
	---------	-------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 2017

These financial statements were approved by the board of directors and authorised for issue on 18 December 2017 , 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 2017

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Going concern

The company had net current liabilities of £141,606 and net liabilities of £20,471 at 31 March 2017 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 5 (2016: 5 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	150,000
	---------
Amortisation
At 1 April 2016	113,750
Charge for the year	7,500
	---------
At 31 March 2017	121,250
	---------
Carrying amount
At 31 March 2017	28,750
	---------
At 31 March 2016	36,250
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	1,788	368,122	1,462	371,372
Disposals	–	( 21,520)	–	( 21,520)
	------	---------	------	---------
At 31 March 2017	1,788	346,602	1,462	349,852
	------	---------	------	---------
Depreciation
At 1 April 2016	1,627	205,610	376	207,613
Charge for the year	40	16,179	163	16,382
Disposals	–	( 19,337)	–	( 19,337)
	------	---------	------	---------
At 31 March 2017	1,667	202,452	539	204,658
	------	---------	------	---------
Carrying amount
At 31 March 2017	121	144,150	923	145,194
	------	---------	------	---------
At 31 March 2016	161	162,512	1,086	163,759
	------	---------	------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	29,003	26,488
Other debtors	11,339	11,559
	-------	-------
	40,342	38,047
	-------	-------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	79,541	81,646
Trade creditors	18,513	9,456
Corporation tax	–	2,401
Social security and other taxes	2,767	1,464
Other creditors	102,127	88,567
	---------	---------
	202,948	183,534
	---------	---------

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

	2017	2016
	£	£
Bank loans and overdrafts	26,886	45,523
	-------	-------

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

10. Related party transactions

During the year the company paid rent of £8,250 to Mr S Baker in connection with a property owned by him which the company uses (2016: £9,000).

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.