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Registered number: 07385557
3 Ways Transport Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07385557
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 214,962 293,765
214,962 293,765
CURRENT ASSETS
Stocks 5 15,700 25,000
Debtors 6 39,185 18,460
Cash at bank and in hand 1,898 7,428
56,783 50,888
Creditors: Amounts Falling Due Within One Year 7 (239,039 ) (216,336 )
NET CURRENT ASSETS (LIABILITIES) (182,256 ) (165,448 )
TOTAL ASSETS LESS CURRENT LIABILITIES 32,706 128,317
Creditors: Amounts Falling Due After More Than One Year 8 (73,930 ) (140,229 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (48,715 ) (55,177 )
NET LIABILITIES (89,939 ) (67,089 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (90,039 ) (67,189 )
SHAREHOLDERS' FUNDS (89,939) (67,089)
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Adam Davis
Director
31/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
3 Ways Transport Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07385557 . The registered office is Unit 3 Brookfield Trade Park, Lincoln Road, Peterborough, Cambs, PE4 6LA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
The director has provided personal guarantees for any loans in 3 Ways Transport Ltd and is continuing to support the company for the forseeable future.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance and 10% straight line
Motor Vehicles 12% reducing balance
Fixtures & Fittings 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Sales, marketing and distribution 6 9
6 9
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 87,142 388,459 475,601
Disposals (5,148 ) (70,544 ) (75,692 )
As at 31 March 2024 81,994 317,915 399,909
Depreciation
As at 1 April 2023 48,467 133,369 181,836
Provided during the period 7,972 25,476 33,448
Disposals (2,583 ) (27,754 ) (30,337 )
As at 31 March 2024 53,856 131,091 184,947
...CONTINUED
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Net Book Value
As at 31 March 2024 28,138 186,824 214,962
As at 1 April 2023 38,675 255,090 293,765
5. Stocks
2024 2023
£ £
Finished goods 15,700 25,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,173 18,460
Other debtors 25,012 -
39,185 18,460
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 24,661 61,224
Trade creditors 74,256 59,919
Bank loans and overdrafts 57,372 37,132
Other taxes and social security 64,465 44,905
Other creditors 17,475 12,035
Pensions 810 1,121
239,039 216,336
During the year a cash advance in exchange for a purchased amount of £30,000 was made of which £5,903 was repaid. There was a fixed fee of £12,022. There is no repayment term for the purchased amount and the balance at 31 March 2024 was £36,119 (2023:£32,341) included in trade creditors. The director, Mr A Davis, is a guarantor.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,189 39,348
Bank loans 61,741 100,881
73,930 140,229
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured on the assets to which they relate.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 36,850 100,572
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 24,661 61,224
Later than one year and not later than five years 12,189 39,348
36,850 100,572
36,850 100,572
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Pension Commitments
The company operates a defined contribution pension scheme for staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £810 (2023: £1,121) were due to the fund. They are included in creditors within one year.
13. Directors Advances, Credits and Guarantees
During the year there were repayments of £12,738 of a bank loan of £30,000 taken out in 2023. The amount outstanding at the balance sheet date was £12,500 (2023:£22,500). This loan is secured by a personal guarantee from the director, Mr A Davis.
Also included in bank loans is a loan of £100,000 taken out in 2023 with a repayment term of 5 years and interest is 11% per annum. The amounts repaid during the year were £27,395 and the outstanding amount at the balance sheet date was £64,756 (2023:£83,870).This loan is secured by a personal guarantee from the director, Mr A Davis.
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