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Registration number: 03286263

KWL Logistics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

KWL Logistics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

KWL Logistics Limited

Company Information

Director

Mr Jason Henry Flower

Registered office

11-15 Schneider Business Park
Felixstowe
Suffolk
IP11 3SS

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

KWL Logistics Limited

(Registration number: 03286263)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

27,908

36,499

Current assets

 

Debtors

5

1,079,917

1,263,761

Cash at bank and in hand

 

1,135,640

976,008

 

2,215,557

2,239,769

Creditors: Amounts falling due within one year

6

(1,202,144)

(1,386,802)

Net current assets

 

1,013,413

852,967

Total assets less current liabilities

 

1,041,321

889,466

Provisions for liabilities

(6,020)

(7,493)

Net assets

 

1,035,301

881,973

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

1,035,299

881,971

Shareholders' funds

 

1,035,301

881,973

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2023
 

.........................................
Mr Jason Henry Flower
Director

 

KWL Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:
11-15 Schneider Business Park
Felixstowe
Suffolk
IP11 3SS
United Kingdom

These financial statements were authorised for issue by the director on 29 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Government grants

The accruals model is followed for the recognition of government grants. Grants related to revenue are recognised in income so as to match the inclusion in the profit and loss account of the related expenditure. If they are not directly related to expenditure, such grants are recognised in income when receivable. Grants related to assets are recognised in income over the useful lives of the assets concerned. The excess of grants received over the amounts recognised in the profit and loss account at the period end is included in creditors.

 

KWL Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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:

Asset class

Depreciation method and rate

Motor vehicles

25% per year straight line

Office equipment

15%/25% per year straight line

Website

25% per year straight line

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 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.

 

KWL Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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 and hire purchase contracts are recognised at their fair value at inception of the lease or contract.These assets are depreciated on a straight-line basis over the useful life of the asset at the depreciation rates indicated above. The corresponding liability is included in the Balance Sheet within creditors.

Finance lease and hire purchase payments are apportioned between finance costs in the Profit and Loss Account and reduction of the related 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 in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2022 - 15).

 

KWL Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

105,901

28,445

4,550

138,896

Additions

10,928

-

-

10,928

Disposals

(5,885)

-

-

(5,885)

At 31 January 2023

110,944

28,445

4,550

143,939

Depreciation

At 1 February 2022

74,380

24,889

3,128

102,397

Charge for the year

14,824

3,556

1,138

19,518

Eliminated on disposal

(5,884)

-

-

(5,884)

At 31 January 2023

83,320

28,445

4,266

116,031

Carrying amount

At 31 January 2023

27,624

-

284

27,908

At 31 January 2022

31,521

3,556

1,422

36,499

5

Debtors

Current

2023
£

2022
£

Trade debtors

 

621,983

670,334

Amounts owed by group undertakings

230,954

289,276

Prepayments and accrued income

 

189,905

274,199

Other debtors

 

37,075

29,952

   

1,079,917

1,263,761

 

KWL Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

-

10,826

Trade creditors

581,186

608,229

Amounts owed to group undertakings

68,872

68,872

Taxation and social security

180,539

153,214

Other creditors

1,990

1,516

Accruals and deferred income

369,557

544,145

1,202,144

1,386,802


The loans and borrowings were secured on the specific assets concerned.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Obligations under finance leases and hire purchase contracts

-

10,826

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,621 (2022 - £43,955). These commitments relate to operating lease agreements.