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Registration number: SC389469

Wilson Steven Transport Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Wilson Steven Transport Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Wilson Steven Transport Limited

(Registration number: SC389469)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

490,076

507,103

Current assets

 

Stocks

3,219

4,733

Debtors

6

231,015

149,079

Cash at bank and in hand

 

118,159

90,013

 

352,393

243,825

Creditors: Amounts falling due within one year

7

(406,036)

(243,244)

Net current (liabilities)/assets

 

(53,643)

581

Total assets less current liabilities

 

436,433

507,684

Creditors: Amounts falling due after more than one year

7

(101,834)

(187,302)

Provisions for liabilities

(92,026)

(96,296)

Net assets

 

242,573

224,086

Capital and reserves

 

Called up share capital

102

102

Revaluation reserve

3,405

3,405

Retained earnings

239,066

220,579

Shareholders' funds

 

242,573

224,086

For the financial year ending 31 December 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 Income Statement.

 

Wilson Steven Transport Limited

(Registration number: SC389469)
Statement of Financial Position as at 31 December 2023

Approved and authorised by the director on 19 September 2024
 

.........................................
Mr Iain Steven
Director

 

Wilson Steven Transport Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Wester Dura
Cupar
Fife
KY15 5SY
United Kingdom

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 sale of goods and 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.

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.

 

Wilson Steven Transport Limited

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

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 statement of financial position 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

Tenant's Improvements

25% reducing balance

Plant & Machinery

25% reducing balance

Furniture & Fittings

15% reducing balance

Motor Vehicles

20-25% reducing balance

Trailers

10% reducing balance

Office Equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Wilson Steven Transport Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Wilson Steven Transport Limited

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

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 7 (2022 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

140,000

140,000

At 31 December 2023

140,000

140,000

Amortisation

At 1 January 2023

140,000

140,000

At 31 December 2023

140,000

140,000

Carrying amount

At 31 December 2023

-

-

 

Wilson Steven Transport Limited

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

5

Tangible assets

Tenants Improvements
£

Trailers
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

6,570

363,111

10,379

24,717

5,397

324,509

734,683

Additions

6,300

31,000

-

8,850

522

59,000

105,672

Disposals

-

(6,000)

-

-

-

-

(6,000)

At 31 December 2023

12,870

388,111

10,379

33,567

5,919

383,509

834,355

Depreciation

At 1 January 2023

6,293

94,154

7,926

12,677

1,541

104,989

227,580

Charge for the year

856

27,373

368

4,452

814

84,459

118,322

Eliminated on disposal

-

(1,623)

-

-

-

-

(1,623)

At 31 December 2023

7,149

119,904

8,294

17,129

2,355

189,448

344,279

Carrying amount

At 31 December 2023

5,721

268,207

2,085

16,438

3,564

194,061

490,076

At 31 December 2022

277

268,957

2,453

12,040

3,856

219,520

507,103

 

Wilson Steven Transport Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

223,514

126,457

Prepayments

7,501

22,622

 

231,015

149,079

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

132,660

111,631

Trade creditors

 

131,187

106,915

Taxation and social security

 

48,868

14,096

Accruals and deferred income

 

5,603

5,851

Other creditors

 

87,718

4,751

 

406,036

243,244

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

101,834

187,302

 

Wilson Steven Transport Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

86,000

161,468

Other borrowings

15,834

25,834

101,834

187,302

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

122,660

101,631

132,660

111,631