Registered number
09988381
Kwikshift European Transportation & Logistics Ltd
Filleted Accounts
28 February 2023
Kwikshift European Transportation & Logistics Ltd
Registered number: 09988381
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,613 19,625
Current assets
Debtors 4 58,636 6,775
Cash at bank and in hand 156,682 87,199
215,318 93,974
Creditors: amounts falling due within one year 5 (120,408) (38,296)
Net current assets 94,910 55,678
Total assets less current liabilities 107,523 75,303
Creditors: amounts falling due after more than one year 6 (53,000) (60,000)
Net assets 54,523 15,303
Capital and reserves
Called up share capital 50 50
Profit and loss account 54,473 15,253
Shareholder's funds 54,523 15,303
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Boulton
Director
Approved by the board on 5 October 2023
Kwikshift European Transportation & Logistics Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 15
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2022 48,153
At 28 February 2023 48,153
Depreciation
At 1 March 2022 28,528
Charge for the year 7,012
At 28 February 2023 35,540
Net book value
At 28 February 2023 12,613
At 28 February 2022 19,625
4 Debtors 2023 2022
£ £
Other debtors 58,636 6,775
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 20,501 10,020
Corporation tax 10,844 4,101
Other taxes and social security costs 32,324 7,824
Other creditors 56,739 16,351
120,408 38,296
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 53,000 60,000
Other creditors is the amount loaaned by the directors and owing to them.
7 Controlling party
The company is controlled by the directors by reason of their shareholding.
8 Other information
Kwikshift European Transportation & Logistics Ltd is a private company limited by shares and incorporated in England. Its registered office is:
13 Village Road, Higher Bebington, Wirral, CH63 8PP
Kwikshift European Transportation & Logistics Ltd 09988381 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts October 2023 Simon Boulton No description of principal activity 09988381 2021-03-01 2022-02-28 09988381 core:WithinOneYear 2022-02-28 09988381 core:AfterOneYear 2022-02-28 09988381 core:ShareCapital 2022-02-28 09988381 core:RetainedEarningsAccumulatedLosses 2022-02-28 09988381 2022-03-01 2023-02-28 09988381 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09988381 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09988381 bus:Director40 2022-03-01 2023-02-28 09988381 1 2022-03-01 2023-02-28 09988381 2 2022-03-01 2023-02-28 09988381 core:Vehicles 2022-03-01 2023-02-28 09988381 countries:England 2022-03-01 2023-02-28 09988381 bus:FRS102 2022-03-01 2023-02-28 09988381 bus:FullAccounts 2022-03-01 2023-02-28 09988381 2023-02-28 09988381 core:WithinOneYear 2023-02-28 09988381 core:AfterOneYear 2023-02-28 09988381 core:ShareCapital 2023-02-28 09988381 core:RetainedEarningsAccumulatedLosses 2023-02-28 09988381 core:Vehicles 2023-02-28 09988381 2022-02-28 09988381 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure