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Registration number: 10563387

Welldone Logistics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2022

 

Welldone Logistics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Welldone Logistics Limited

Company Information

Directors

Mr Marek Krawczyszyn

Mrs Iwona Wegrzyn

Registered office

1 Rothley House
Coalville Business Park
Coalville
Leicestershire
LE67 3NR

Accountants

Smart Accountants (Small Business Centre) Limited
113-115 Belvoir Road
Coalville
Leicestershire
LE67 3PH

 

Welldone Logistics Limited

(Registration number: 10563387)
Balance Sheet as at 31 January 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

122,375

41,720

Current assets

 

Debtors

5

249,630

191,273

Cash at bank and in hand

 

34,067

34,403

 

283,697

225,676

Creditors: Amounts falling due within one year

6

(292,830)

(238,490)

Net current liabilities

 

(9,133)

(12,814)

Total assets less current liabilities

 

113,242

28,906

Creditors: Amounts falling due after more than one year

6

(105,016)

(62,813)

Net assets/(liabilities)

 

8,226

(33,907)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

8,126

(34,007)

Shareholders' funds/(deficit)

 

8,226

(33,907)

For the financial year ending 31 January 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 September 2022 and signed on its behalf by:
 

 

Welldone Logistics Limited

(Registration number: 10563387)
Balance Sheet as at 31 January 2022

.........................................
Mr Marek Krawczyszyn
Director

 

Welldone Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
1 Rothley House
Coalville Business Park
Coalville
Leicestershire
LE67 3NR

These financial statements were authorised for issue by the Board on 10 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Welldone Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Plant and Machinery

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Welldone Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2021 - 6).

 

Welldone Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2021

119,033

119,033

Additions

119,715

119,715

Disposals

(1,850)

(1,850)

At 31 January 2022

236,898

236,898

Depreciation

At 1 February 2021

77,313

77,313

Charge for the year

37,441

37,441

Eliminated on disposal

(231)

(231)

At 31 January 2022

114,523

114,523

Carrying amount

At 31 January 2022

122,375

122,375

At 31 January 2021

41,720

41,720

5

Debtors

Current

2022
£

2021
£

Trade debtors

224,647

127,454

Prepayments

850

699

Other debtors

24,133

63,120

 

249,630

191,273

6

Creditors

Creditors: amounts falling due within one year

 

Welldone Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

32,354

32,194

Trade creditors

 

14,283

20,598

Taxation and social security

 

59,881

78,903

Accruals and deferred income

 

-

750

Other creditors

 

186,312

106,045

 

292,830

238,490

 

Welldone Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

105,016

62,813

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

33,333

50,000

Hire purchase contracts

71,683

12,813

105,016

62,813

2022
£

2021
£

Current loans and borrowings

Bank borrowings

20,797

22,469

Bank overdrafts

11,557

9,725

32,354

32,194