REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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TRADEWAY (SHIPPING) LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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FOR |
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TRADEWAY (SHIPPING) LIMITED |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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TRADEWAY (SHIPPING) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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The directors present their strategic report for the year ended 29 February 2020. |
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REVIEW OF BUSINESS AND PRINCIPAL RISKS AND UNCERTAINTIES |
The uncertainty of Brexit was a continuing major factor during the trading year to February 2020, but the general |
weakness of Sterling helped to maintain a buoyant export market which helped push Gross Billings up by 10% from |
£19.83m to £21.62m. |
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A period of relative stability in the £/$ exchange rate during the year enabled to company to obtain more secure long |
term rates and margins were able to increase. |
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Throughout the year the principal risks in relation to future trading related to uncertainty over currency fluctuations and |
their impact, although the company remained well positioned to deal with the uncertainties created by Brexit as the vast |
majority of its business is transported to regions outside of the European Union. |
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Since the year end, however, the effect of the Covid 19 pandemic has become the overriding issue facing not just the |
company but the whole sector and world economy. Whilst the company has continued to trade during this period this has |
been at greatly reduced levels, and the directors anticipate that return to full activity will be gradual as businesses adapt |
to the need for social distancing in the working environment. |
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As discussed at note 3 to the financial statements, the directors consider that the company is in a strong position to come |
through this period, and they expect that the company will be able to meet the risks and uncertainties that arise. |
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ON BEHALF OF THE BOARD: |
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1 July 2020 |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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The directors present their report with the financial statements of the company for the year ended 29 February 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of freight forwarders. |
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DIVIDENDS |
Interim dividends per share were paid as follows: |
300,000 | - 27 June 2019 |
100,000 | - 21 August 2019 |
400,000 |
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The directors recommend that no final dividend be paid. |
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The total distribution of dividends for the year ended 29 February 2020 will be £ 400,000 . |
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FUTURE DEVELOPMENTS |
Future developments are considered in detail within the Strategic Report. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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POLITICAL DONATIONS AND EXPENDITURE |
During the year the company made no political donations. |
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EMPLOYEE INVOLVEMENT |
The company has continued to provide relevant information to the employees about developments and changes within |
the business. |
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SUPPLIER PAYMENT POLICY |
It is company policy to agree and clearly communicate the terms of payment as part of the commercial arrangement |
negotiated with suppliers and then to pay according to those terms based upon the timely receipt of an accurate invoice. |
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The number of average days purchases of the company were represented by trade creditors at 29 February 2020 was 6 |
(2019 - 5). |
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TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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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. |
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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. |
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AUDITORS |
Sedulo Audit Limited will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRADEWAY (SHIPPING) LIMITED |
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Opinion |
We have audited the financial statements of Tradeway (Shipping) 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 29 February 2020 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. |
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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. |
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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: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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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. |
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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. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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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. |
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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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRADEWAY (SHIPPING) LIMITED |
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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 Strategic Report or the Report of the Directors. |
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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: |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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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. |
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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. |
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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. |
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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. |
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for and on behalf of
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Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
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TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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29.2.20 | 28.2.19 |
Notes | £ | £ |
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TURNOVER | 4 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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1,036,545 | 699,348 |
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Other operating income |
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OPERATING PROFIT |
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Income from shares in group undertakings |
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1,395,314 | 1,088,215 |
Amounts written off investments | 6 | 886,137 | - |
509,177 | 1,088,215 |
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Interest payable and similar expenses | 7 |
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PROFIT BEFORE TAXATION | 8 |
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Tax on profit | 9 |
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PROFIT FOR THE FINANCIAL YEAR |
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TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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29.2.20 | 28.2.19 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Item that will not be reclassified to profit or loss: |
Share option scheme |
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Income tax relating to item that will not be reclassified to
profit or loss |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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BALANCE SHEET |
29 FEBRUARY 2020 |
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29.2.20 | 28.2.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
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Investments | 12 |
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CURRENT ASSETS |
Debtors | 13 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
15 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings - |
non-distributable |
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Capital redemption reserve |
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Other reserves |
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Retained earnings | 2,644,489 | 2,940,789 |
SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Called up | Retained |
share | Retained | earnings |
capital | earnings | - non-distributable |
£ | £ | £ |
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Balance at 1 March 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 28 February 2019 |
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2,940,789 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 29 February 2020 |
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Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
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Balance at 1 March 2018 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income |
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Balance at 28 February 2019 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income | - | 1,748 |
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Balance at 29 February 2020 |
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TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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1. | STATEMENT OF CHANGES IN EQUITY |
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Total comprehensive income is fully attributable to owners of the parent. |
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2. | STATUTORY INFORMATION |
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Tradeway (Shipping) 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. |
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3. | ACCOUNTING POLICIES |
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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. |
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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. |
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The financial statements show the results and financial position of the company only. The company has taken |
advantage of the exemption from preparing consolidated financial statements incorporating its subsidiary |
undertakings, Tradeway North West Limited and SAI Logistics Limited as the results are included within |
consolidated financial statements prepared by the company's ultimate parent undertaking, Santova Limited, a |
company registered in South Africa. |
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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. |
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In particular they have revisited forecasts and assessed the immediate and medium term outlook. Despite an |
initial significant fall in activity the company was able to record a small profit in April, ahead of their revised |
forecasts and there are has been small improvement in activity to date in May. |
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The company has furloughed a number of staff to mitigate costs but are planning on these returning within a |
relatively short timescale as the directors anticipate that activity will continue to gradually increase. |
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The company's forecasts indicate that whilst the company is likely to record losses for a period of up to 6 |
months, they expect a return to profitability thereafter. The directors note that the company had significant cash |
reserves as at the year end which had increased as at the end of April, and based on their revised forecasts they |
expect the company to be able to meet all its cash flow requirements, with no recourse required for additional |
third party funding. |
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Notwithstanding the company has net current liabilities, this is due to balances owing to the parent of £1.827m |
(2019: £1.697m) and the company has received confirmation from that company that repayment of this balance |
will not be sought unless the company has sufficient surplus funds and does not impact on its ability to meet its |
liabilities as and when they fall due. |
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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. |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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3. | ACCOUNTING POLICIES - continued |
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; |
-share based payments; |
-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 |
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Where required, equivalent disclosures are given in the group accounts of the ultimate parent company. |
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Critical accounting judgements and key sources of estimation uncertainty |
The presentation of financial statements in accordance with FRS 101 requires the use of certain critical |
accounting estimates. It also requires directors to exercise judgement in applying the company's accounting |
policies as follows: |
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- the directors have had to determine whether there are indications of impairment of the company's freehold |
property, taking into consideration the economic viability and expected future performance of the asset. |
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- the directors have also had to determine whether there indications of impairment of the company's fixed asset |
investments |
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Turnover |
Turnover represents the net provision of services exclusive of value added tax. |
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Turnover is recognised on the date when the company has fulfilled its performance obligations in relation to their |
contract with the customer i.e. the date on which goods are shipped by the relevant shipping line. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Depreciation is not provided in respect of freehold 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, which in the opinion of the directors will be considerable in light of |
the location of the property.The directors do not consider that any potential depreciation charge has a material |
impact upon the financial statements either individually in the current year or cumulatively. |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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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. |
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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. |
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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. |
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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. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result.Foreign |
exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end |
exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income |
statement |
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Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the income statement in the period to which they relate. |
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Investments in subsidiaries |
Investments in subsidiaries are held at cost less accumulated impairment losses. |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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4. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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29.2.20 | 28.2.19 |
£ | £ |
United Kingdom |
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Rest of the world |
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5. | EMPLOYEES AND DIRECTORS |
29.2.20 | 28.2.19 |
£ | £ |
Wages and salaries | 1,107,730 | 873,979 |
Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
29.2.20 | 28.2.19 |
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Administrative | 20 | 14 |
Sales | 7 | 6 |
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29.2.20 | 28.2.19 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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6. | AMOUNTS WRITTEN OFF INVESTMENTS |
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Amounts written off investments relates to the write down of the carrying value of the subsidiary Tradeway |
North West Limited which has ceased to trade. |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.20 | 28.2.19 |
£ | £ |
Other interest | 226,976 | 89,131 |
|
Interest payable relates to a loan from the company's parent undertaking and other financial liabilities. |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
8. | PROFIT BEFORE TAXATION |
|
The profit before taxation is stated after charging/(crediting): |
29.2.20 | 28.2.19 |
£ | £ |
Depreciation - owned assets |
|
|
Auditors' remuneration |
|
|
Foreign exchange differences | ( |
) | ( |
) |
Auditors remuneration - other services | 748 | 1,250 |
|
9. | TAXATION |
|
Analysis of tax expense |
29.2.20 | 28.2.19 |
£ | £ |
Current tax: |
Tax |
|
|
Group relief | 44,573 | 42,408 |
|
Total tax expense in income statement |
|
|
|
Factors affecting the tax expense |
The tax assessed for the year is higher (2019 - lower) than the standard rate of corporation tax in the UK. The |
difference is explained below: |
|
29.2.20 | 28.2.19 |
£ | £ |
Profit before income tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
53,618 |
189,826 |
|
Effects of: |
Expenses not deductible in determining taxable profit | 171,175 | 5,113 |
Capital allowances in excess of depreciation | 1,208 | (413 | ) |
Income deductible in determining taxable profit | (47,500 | ) | (71,250 | ) |
Tax expense |
|
|
|
Tax effects relating to effects of other comprehensive income |
|
29.2.20 |
Gross | Tax | Net |
£ | £ | £ |
Share option scheme |
|
- | 1,748 |
|
28.2.19 |
Gross | Tax | Net |
£ | £ | £ |
Share option scheme |
|
- | 1,375 |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
10. | DIVIDENDS |
29.2.20 | 28.2.19 |
£ | £ |
Ordinary shares of £1 each |
Interim | 400,000 | 1,370,000 |
|
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2019 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
|
|
( |
) | ( |
) |
At 29 February 2020 |
|
|
|
|
|
DEPRECIATION |
At 1 March 2019 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
|
|
( |
) | ( |
) |
At 29 February 2020 |
|
|
|
|
|
NET BOOK VALUE |
At 29 February 2020 |
|
|
|
|
|
At 28 February 2019 |
|
|
|
|
|
|
Cost or valuation at 29 February 2020 is represented by: |
|
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2020 | 101,751 | - | - | 101,751 |
Cost | 308,249 | 36,309 | 43,999 | 388,557 |
410,000 | 36,309 | 43,999 | 490,308 |
|
The revaluation surplus of £101,751 (2019: £101,751) is disclosed within Capital and Reserves as a |
non-distributable reserve. |
|
The directors consider there to be no material impairment on the carrying value of the freehold property at 29th |
February 2020. |
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
12. | INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2019 | 4,436,890 |
Impairments | (886,137 | ) |
At 29 February 2020 | 3,550,753 |
NET BOOK VALUE |
At 29 February 2020 | 3,550,753 |
At 28 February 2019 | 4,436,890 |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: Unit 1 Ashbrook Office Park, Longstone Road Heald Green, Manchester, M22 5LB |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: Unit D Libra Maidstone Road, Kingston, Milton Keynes, MK10 0BD |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
TRADEWAY (SHIPPING) LIMITED (REGISTERED NUMBER: 01475410) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
15. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Other creditors |
|
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.20 | 28.2.19 |
value: | £ | £ |
|
Ordinary | £1 | 10,000 | 10,000 |
|
Full voting and dividend rights are attached to the Ordinary shares. |
|
17. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from |
those of the company in an independently administered fund. The pension cost charge represents contributions |
payable by the company to the fund and amounted to £114,014 (2019: £116,306). Contributions totalling £7,405 |
were accrued at the year end (2019: £986). |
|
18. | ULTIMATE 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. |
|
19. | POST BALANCE SHEET EVENTS |
|
Subsequent to the year end the company and it's subsidiary undertakings were impacted by the effects of the |
Covid 19 pandemic including Government imposed lockdowns in the UK and other countries in which they |
operate, which has had a negative effect on operations, as discussed at note 3. |
|
The directors consider that potentially these circumstances could result in a future impairment of the carrying |
value of investments in subsidiary undertakings, but do not consider there is sufficient information available at |
this time to estimate what, if any, such an impairment may be. |