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REGISTERED NUMBER: 01431969 (England and Wales)















Financial Statements

for the Year Ended 28 February 2023

for

M. & W. FREIGHT LIMITED

M. & W. FREIGHT LIMITED (REGISTERED NUMBER: 01431969)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


M. & W. FREIGHT LIMITED

Company Information
for the Year Ended 28 February 2023







Directors: G Parkinson
K E Walsh
W Mather
S B Jones





Secretary: C Gembalczyk





Registered office: Haines Watts Manchester Limited
Northern Assurance Building
9/21 Princess Street
Manchester
M2 4DN





Registered number: 01431969 (England and Wales)





Auditors: Haines Watts
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

M. & W. FREIGHT LIMITED (REGISTERED NUMBER: 01431969)

Abridged Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 85,831 91,335

Current assets
Debtors 4,276,697 13,213,026
Cash at bank and in hand 9,262,967 8,872,971
13,539,664 22,085,997
Creditors
Amounts falling due within one year 8,468,386 17,629,439
Net current assets 5,071,278 4,456,558
Total assets less current liabilities 5,157,109 4,547,893

Creditors
Amounts falling due after more than one
year

483,000

-
Net assets 4,674,109 4,547,893

Capital and reserves
Called up share capital 6 100,000 100,000
Retained earnings 4,574,109 4,447,893
Shareholders' funds 4,674,109 4,547,893

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





G Parkinson - Director


M. & W. FREIGHT LIMITED (REGISTERED NUMBER: 01431969)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. Statutory information

M. & W. Freight 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.

The company's trading address is Mirwell House, Carrington Lane, Manchester M33 5NL.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered the impact on the business of possible scenarios in response to the war in Ukraine. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future event that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The only estimate and assumption which has a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year is the job estimate accrual. This is based on management's best estimate of the future costs relating to jobs completed pre year end.

Turnover
The company acts as agents for the arrangement of freight forwarding services for third parties. Its turnover represents commissions and fees receivable net of discounts and VAT. Turnover is recognised when risk and reward transfers to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 6 years
Motor vehicles - Straight line over 6 years
Computer equipment - Straight line over 6 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

M. & W. FREIGHT LIMITED (REGISTERED NUMBER: 01431969)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where
the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is
measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Other income
Other income relates to management charges receivable, rents receivable, grants and foreign exchange gains and losses. They are recognised on the accruals basis.

4. Employees and directors

The average number of employees during the year was 31 (2022 - 32 ) .

M. & W. FREIGHT LIMITED (REGISTERED NUMBER: 01431969)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. Tangible fixed assets
Totals
£   
Cost
At 1 March 2022 204,838
Additions 28,000
Disposals (29,534 )
At 28 February 2023 203,304
Depreciation
At 1 March 2022 113,503
Charge for year 23,623
Eliminated on disposal (19,653 )
At 28 February 2023 117,473
Net book value
At 28 February 2023 85,831
At 28 February 2022 91,335

6. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

7. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Angela Chorlton FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

8. Contingent liabilities

At 28 February 2023 there were contingent liabilities in respect of guarantees covering customs duties. The amount guaranteed is £820,000 (2022 - £820,000).