Company registration number 08038866 (England and Wales)
MW TIMBER HAULAGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MW TIMBER HAULAGE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MW TIMBER HAULAGE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
611,106
462,781
Current assets
Debtors
5
166,197
174,361
Cash at bank and in hand
178,625
116,447
344,822
290,808
Creditors: amounts falling due within one year
6
(108,214)
(135,823)
Net current assets
236,608
154,985
Total assets less current liabilities
847,714
617,766
Creditors: amounts falling due after more than one year
7
(100,470)
(47,455)
Provisions for liabilities
(152,405)
(115,231)
Net assets
594,839
455,080
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
594,837
455,078
Total equity
594,839
455,080
MW TIMBER HAULAGE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr MP Watts
Director
Company Registration No. 08038866
MW TIMBER HAULAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

MW Timber Haulage Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cherrywood, Monument Road, Wellington, Somerset, TA21 9PW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% cost
Plant and machinery
20% reducing balance
Computer equipment
25% cost
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences.

MW TIMBER HAULAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 4).

2024
2023
Number
Number
Total
3
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
20,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
47,478
883,924
1,090
19,190
951,682
Additions
-
0
324,271
-
0
-
0
324,271
Disposals
-
0
(349,456)
-
0
-
0
(349,456)
At 31 March 2024
47,478
858,739
1,090
19,190
926,497
Depreciation and impairment
At 1 April 2023
1,900
469,099
568
17,334
488,901
Depreciation charged in the year
950
74,654
273
371
76,248
Eliminated in respect of disposals
-
0
(249,758)
-
0
-
0
(249,758)
At 31 March 2024
2,850
293,995
841
17,705
315,391
Carrying amount
At 31 March 2024
44,628
564,744
249
1,485
611,106
At 31 March 2023
45,578
414,825
522
1,856
462,781
MW TIMBER HAULAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
154,912
172,300
Other debtors
11,285
2,061
166,197
174,361
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,053
17,654
Corporation tax
37,190
20,570
Other taxation and social security
11,018
40,043
Other creditors
51,953
57,556
108,214
135,823
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
100,470
47,455
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