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REGISTERED NUMBER: 03955858 (England and Wales)


















WAYNE POWELL
TRANSPORT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


WAYNE POWELL
TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: S W Powell
Mrs E J Powell





SECRETARY: Mrs E J Powell





REGISTERED OFFICE: Springchase
Draethen
Lower Machen
Newport
South Wales
NP10 8GB





REGISTERED NUMBER: 03955858 (England and Wales)






WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 540,948

CURRENT ASSETS
Debtors 5 41,534 603
Cash at bank 453,074 344,034
494,608 344,637
CREDITORS
Amounts falling due within one year 6 87,089 205,297
NET CURRENT ASSETS 407,519 139,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

407,519

680,288

CREDITORS
Amounts falling due after more than one
year

7

-

(96,604

)

PROVISIONS FOR LIABILITIES - (60,257 )
NET ASSETS 407,519 523,427

CAPITAL AND RESERVES
Called up share capital 30,003 30,003
Revaluation reserve 9 - 191,596
Retained earnings 377,516 301,828
SHAREHOLDERS' FUNDS 407,519 523,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





S W Powell - Director


WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Wayne Powell Transport 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 presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to nearest £.

2. ACCOUNTING POLICIES

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

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the director has made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover
Turnover represents amounts derived from the provision of goods and services which fall within the company's ordinary activities. Revenue is recognised when the related services are performed.

WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets.
The rates of depreciation on a straight line basis are as follows:

Freehold property 2% per annum
Tractors and trailer units 10% to 20% per annum
Motor vehicles 25% per annum
Fixtures, fittings and equipment 15% per annum

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Operating lease rentals are charged to the income statement in equal annual amounts over the lease term.

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.

WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured 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.

Financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument measured at the present value of the future payments discounted at a market rate of interest.

Going concern
During the period the company sold its assets and the directors have taken the decision for the company to cease trading. Accordingly, these financial statements are not prepared on a going concern basis.

The directors have adopted a basis other than going concern in preparing these financial statements.

Government grants
Grants are credited to deferred revenue when entitlement to the grant has been established. Grants towards capital expenditure are then released to the profit and loss account over the useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 11 ).

WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 450,000 993,811 1,443,811
Disposals (450,000 ) (993,811 ) (1,443,811 )
At 31 March 2023 - - -
DEPRECIATION
At 1 April 2022 - 902,863 902,863
Charge for year - 3,580 3,580
Eliminated on disposal - (906,443 ) (906,443 )
At 31 March 2023 - - -
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 450,000 90,948 540,948

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 600
Other debtors 41,534 3
41,534 603

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 26,774
Trade creditors - 182
Taxation and social security 79,839 65,698
Other creditors 7,250 112,643
87,089 205,297

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 96,604

WAYNE POWELL
TRANSPORT LIMITED (REGISTERED NUMBER: 03955858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 123,378

The company's liabilities are secured by a fixed and floating charge over the company's assets in the form of a Debenture dated 14 May 2013 in favour of Barclays bank PLC, and by a Legal Charge dated 27 November 2013 in favour of Barclays Bank PLC secured on the company's freehold premises.

9. RESERVES
Revaluation
reserve
£   
At 1 April 2022 191,596
Transfer (191,596 )

At 31 March 2023 -

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
S W Powell
Balance outstanding at start of year (30,393 ) (9,129 )
Amounts advanced 71,927 (21,264 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 41,534 (30,393 )

As at the balance sheet date the company was due £41,534 from the company directors (2021 due to directors - £30,393). The balance is interest free and repayable on demand.