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COMPANY REGISTRATION NUMBER: 08823438
W T Transport Ltd
Financial Statements
31 December 2023
W T Transport Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13
W T Transport Ltd
Strategic Report
Year ended 31 December 2023
Who we are WT Transport Ltd is a family owned and managed company, that has grown significantly from its incorporation in 2013. Operating out of Northampton, we're located in the heart of the country which enables us to efficiently service customers locally & nationally. Formed in 1997, as one man, one van, we have grown and evolved over the years to follow the ebb and flow of the transport and warehouse industry over the years. Both directors are still very hands on within the business, and alongside the senior manager team strive to demonstrate accountability in action. Our values Our company motto is #WorkingTogether. We believe that people are at the centre of everything we do and are dedicated to supporting those who support the existence of the business, namely our customers and employees. Our strategy Along with a modern, FORS Silver accredited fleet, we operate specialist equipment that allows us to offer a wide range of services. We're both a member of the Pallet Network (TPN), the Hazchem Network, as well as the Haulagehub. This allows us to gain efficiencies as well as ensuring a consistent stream of work in to the company. Our three major service offerings are comprised of TPN, General Haulage and Warehousing. Between these three separate income streams, we have over 100 regular customers which allows our reputation to grow, and ensures we're not over reliant on particular customers. We have been fortunate enough to secure a lease over our current trading premises, which commenced at the end of the 2022 financial year. This will allow us to operate from a larger, modern and technologically advanced warehouse for the next ten years, which we hope in turn will enable us to provide our services to a greater number of clients. Review of the business Turnover for the year ending 31st December 2023 totalled £9,001,376, which represents a decrease of 6.3% on the year ending 2022. However, owing to efficiencies gained in membership to the Haulagehub and a new re-fuelling method, our vehicle running costs dropped by approximately 38%, to £1,247,906. With other direct costs remaining relatively consistent with the prior year, our gross profit margin increased to 21.4% (£1,928,383), from 15.6% (£1,499,766) in the prior year. We have been able to find a tenant for spare yard space, with the lease agreement commencing during the year. This has resulted in a new stream of income in this year that we will welcome going forwards. As a result of the aforementioned operating lease, rent, rates and water costs have increased significantly in the period ending 31st December 2023, totalling £1,317,111. The majority of which constitutes the rental payments due under the lease, which remain to be our most significant recurring cost. Owing primarily to the level of capital investment in the period, interest charges on obligations under finance lease have increased by 21.6% in the period, to £108,514. The total value of depreciation in the period totals £608,965, which is a 22% increase on the prior year (£499,127). Again, this is primarily due to the level of capital investment in the period. Overall, a loss was suffered in the period totalling £234,303. This contrasts with the profits achieved in the year ending 31st December 2022, totalling £59,920. Financial position Shareholders funds total £959,536 at the end of the reporting period. This is down from £1,285,939 in the period, of which the decrease is comprised of the loss suffered (above) and dividend distributions made to shareholders. Principle risks & uncertainties Liquidity risk Liquidity risk arises from the company's management of working capital and the finance charges and capital repayments on its debt obligations. The risk is that the company will encounter difficulty in meeting its obligation as and when they fall due. The company's policy is to manage working capital to ensure that there are always sufficient levels available. The company is financed through a combination of a sales financing facility, as well as hire purchase agreements for significant capital items. On inception of the operating lease for the premises, a significant deposit was paid, which concentrated a large amount of the company's cash reserves at that time. This is recognised as appropriate in the financial statements. Management, including the Directors, regularly review the financial position through the preparation of management reports and supporting information. Credit risk Customers who wish to open an account with us are vetted and approved by management. Trade receivables are managed efficiently owing to the finance facility provided to the company by Barclays Sales Finance. Therefore, irrecoverable debts are uncommon. Cash flow risk Similarly to the credit risk, cash flow is primarily managed via the provision of the sales finance facility which limits the level of irrecoverable debts experienced. In addition to this, credit terms with suppliers are exercised to the extent available, and all upcoming obligations under leases are taken into account when management review the position. Competitive risk Due to the competition in the industry being significant, we make use of synergies that can be formed via the HaulageHub to work together with other companies. In addition, we're a depot on behalf of TPN that allows us to maintain a consistent level of business. Being that our service offering has three separate significant parts, we reduce the likelihood of reliance on one particular part where industry competition may be greater.
This report was approved by the board of directors on 26 September 2024 and signed on behalf of the board by:
Mrs S Tattersall
Mr W Tattersall
Director
Director
Registered office:
Suite 3
Bignell Park Barns
Chesterton
Bicester
Oxfordshire
OX26 1TD
W T Transport Ltd
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was road haulage.
Directors
The directors who served the company during the year were as follows:
Mrs S Tattersall
Mr W Tattersall
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Principle place of business
The entities principle place of business differs to the registered office, and is as follows:
Rothbart 133, Tithe Barn Way, Swan Valley Way, Northampton NN4 9QY
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 26 September 2024 and signed on behalf of the board by:
Mrs S Tattersall
Mr W Tattersall
Director
Director
Registered office:
Suite 3
Bignell Park Barns
Chesterton
Bicester
Oxfordshire
OX26 1TD
W T Transport Ltd
Independent Auditor's Report to the Members of W T Transport Ltd
Year ended 31 December 2023
Opinion
We have audited the financial statements of W T Transport Ltd (the 'company') for the year ended 31 December 2023 which comprise the income statement, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following: - the nature of the industry or sector, control environment and business performance; - the results of enquiries of management about their own identification and assessment of the risks of irregularities; - matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in the area of recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation; - enquiring of management concerning actual and potential litigation and claims; - reviewing material legal costs in the period; - performing analytical procedures to identify unusual or unexpected relationships; - reviewing correspondence with HMRC; - testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias; and - evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Other information
The financial statements for the year ended 31st December 2022 were not audited.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr S Medcalf
(Senior Statutory Auditor)
For and on behalf of
Xeinadin Audit Limited
Chartered Accountants & statutory auditor
8th Floor Beckett House
36 Old Jewry
London
EC2R 8DD
2 October 2024
W T Transport Ltd
Income Statement
Year ended 31 December 2023
2023
2022
(restated)
Note
£
£
Turnover
4
9,001,376
9,606,559
Cost of sales
7,072,993
8,106,793
------------
------------
Gross profit
1,928,383
1,499,766
Administrative expenses
2,099,473
1,331,902
Other operating income
5
49,714
------------
------------
Operating (loss)/profit
6
( 121,376)
167,864
Other interest receivable and similar income
10
32
387
Interest payable and similar expenses
11
108,514
89,262
------------
------------
(Loss)/profit before taxation
( 229,858)
78,989
Tax on (loss)/profit
12
4,445
19,069
---------
--------
(Loss)/profit for the financial year
( 234,303)
59,920
---------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
W T Transport Ltd
Statement of Financial Position
31 December 2023
2023
2022
(restated)
Note
£
£
£
Fixed assets
Intangible assets
14
47,625
70,500
Tangible assets
15
3,255,497
3,083,408
------------
------------
3,303,122
3,153,908
Current assets
Debtors
16
2,491,730
2,338,801
Cash at bank and in hand
16,760
111,534
------------
------------
2,508,490
2,450,335
Creditors: amounts falling due within one year
17
3,155,993
2,847,994
------------
------------
Net current liabilities
647,503
397,659
------------
------------
Total assets less current liabilities
2,655,619
2,756,249
Creditors: amounts falling due after more than one year
18
1,372,197
1,150,869
Provisions
Taxation including deferred tax
20
323,786
319,341
------------
------------
Net assets
959,636
1,286,039
------------
------------
Capital and reserves
Called up share capital
24
100
100
Profit and loss account
959,536
1,285,939
---------
------------
Shareholders funds
959,636
1,286,039
---------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mrs S Tattersall
Mr W Tattersall
Director
Director
Company registration number: 08823438
W T Transport Ltd
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
100
1,302,019
1,302,119
Profit for the year
59,920
59,920
----
------------
------------
Total comprehensive income for the year
59,920
59,920
Dividends paid and payable
13
( 76,000)
( 76,000)
----
------------
------------
Total investments by and distributions to owners
( 76,000)
( 76,000)
At 31 December 2022
100
1,285,939
1,286,039
Loss for the year
( 234,303)
( 234,303)
----
------------
------------
Total comprehensive income for the year
( 234,303)
( 234,303)
Dividends paid and payable
13
( 92,100)
( 92,100)
----
--------
--------
Total investments by and distributions to owners
( 92,100)
( 92,100)
----
---------
---------
At 31 December 2023
100
959,536
959,636
----
---------
---------
W T Transport Ltd
Statement of Cash Flows
Year ended 31 December 2023
2023
2022
(restated)
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 234,303)
59,920
Adjustments for:
Depreciation of tangible assets
608,965
499,127
Amortisation of intangible assets
22,875
22,875
Other interest receivable and similar income
( 32)
( 387)
Interest payable and similar expenses
108,514
89,262
Loss/(gains) on disposal of tangible assets
44,853
( 21,363)
Tax on (loss)/profit
4,445
19,069
Accrued expenses
39,271
481,873
Changes in:
Trade and other debtors
( 152,929)
( 748,161)
Trade and other creditors
113,614
59,307
---------
---------
Cash generated from operations
555,273
461,522
Interest paid
( 108,514)
( 89,262)
Interest received
32
387
---------
---------
Net cash from operating activities
446,791
372,647
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 21,728)
( 879,806)
Proceeds from sale of tangible assets
82,184
141,060
---------
---------
Net cash from/(used in) investing activities
60,456
( 738,746)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
137,769
598,859
Payments of finance lease liabilities
( 647,690)
( 636,624)
Dividends paid
( 92,100)
( 76,000)
---------
---------
Net cash used in financing activities
( 602,021)
( 113,765)
---------
---------
Net decrease in cash and cash equivalents
( 94,774)
( 479,864)
Cash and cash equivalents at beginning of year
111,534
591,398
---------
---------
Cash and cash equivalents at end of year
16,760
111,534
---------
---------
W T Transport Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3, Bignell Park Barns, Chesterton, Bicester, Oxfordshire, OX26 1TD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
(restated)
£
£
Rendering of services
9,001,376
9,606,559
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
(restated)
£
£
Rental income
49,714
--------
----
6. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2023
2022
(restated)
£
£
Amortisation of intangible assets
22,875
22,875
Depreciation of tangible assets
608,965
499,127
Loss/(gains) on disposal of tangible assets
44,853
( 21,363)
Impairment of trade debtors
4,078
Operating lease rentals
6,144
---------
---------
7. Auditor's remuneration
2023
2022
(restated)
£
£
Fees payable for the audit of the financial statements
7,500
-------
----
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
76
81
Management staff
2
2
----
----
78
83
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
(restated)
£
£
Wages and salaries
2,426,671
2,364,067
Social security costs
233,297
235,817
Other pension costs
47,650
43,556
------------
------------
2,707,618
2,643,440
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
(restated)
£
£
Remuneration
26,501
26,020
--------
--------
10. Other interest receivable and similar income
2023
2022
(restated)
£
£
Interest on bank deposits
32
387
----
----
11. Interest payable and similar expenses
2023
2022
(restated)
£
£
Interest on obligations under finance leases and hire purchase contracts
108,514
89,262
---------
--------
12. Tax on (loss)/profit
Major components of tax expense
2023
2022
(restated)
£
£
Deferred tax:
Origination and reversal of timing differences
4,445
19,069
-------
--------
Tax on (loss)/profit
4,445
19,069
-------
--------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
2023
2022
(restated)
£
£
(Loss)/profit on ordinary activities before taxation
( 229,858)
78,989
---------
--------
(Loss)/profit on ordinary activities by rate of tax
( 229,858)
78,989
Effect of capital allowances and depreciation
( 183,279)
( 757,076)
Unused tax losses
413,137
678,087
Deferred tax
4,445
19,069
---------
---------
Tax on (loss)/profit
4,445
19,069
---------
---------
13. Dividends
2023
2022
(restated)
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
92,100
76,000
--------
--------
14. Intangible assets
Goodwill
£
Cost
At 1 January 2023 (as restated) and 31 December 2023
228,750
---------
Amortisation
At 1 January 2023
158,250
Charge for the year
22,875
---------
At 31 December 2023
181,125
---------
Carrying amount
At 31 December 2023
47,625
---------
At 31 December 2022
70,500
---------
15. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023 (as restated)
810,409
768,356
5,996
3,500,972
10,061
5,095,794
Additions
15,879
592,850
881
394,296
1,003,906
Disposals
( 1,189,833)
( 1,189,833)
---------
------------
-------
------------
--------
------------
At 31 Dec 2023
826,288
1,361,206
6,877
2,705,435
10,061
4,909,867
---------
------------
-------
------------
--------
------------
Depreciation
At 1 Jan 2023
20,078
207,403
4,052
1,777,321
3,532
2,012,386
Charge for the year
82,623
78,938
280
446,478
646
608,965
Disposals
( 966,981)
( 966,981)
---------
------------
-------
------------
--------
------------
At 31 Dec 2023
102,701
286,341
4,332
1,256,818
4,178
1,654,370
---------
------------
-------
------------
--------
------------
Carrying amount
At 31 Dec 2023
723,587
1,074,865
2,545
1,448,617
5,883
3,255,497
---------
------------
-------
------------
--------
------------
At 31 Dec 2022
790,331
560,953
1,944
1,723,651
6,529
3,083,408
---------
------------
-------
------------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2023
728,879
1,363,851
2,092,730
---------
------------
------------
At 31 December 2022
265,165
1,329,908
1,595,073
---------
------------
------------
16. Debtors
2023
2022
(restated)
£
£
Trade debtors
1,310,762
1,445,662
Prepayments and accrued income
460,029
171,514
Other debtors
720,939
721,625
------------
------------
2,491,730
2,338,801
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
(restated)
£
£
Other debtors
719,950
719,950
---------
---------
17. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
748,219
610,007
Trade creditors
1,002,228
1,022,595
Accruals and deferred income
523,454
484,183
Social security and other taxes
215,911
84,352
Obligations under finance leases and hire purchase contracts
640,958
623,613
Director loan accounts
30
473
Other creditors
25,193
22,771
------------
------------
3,155,993
2,847,994
------------
------------
Amounts owed to Barclays Bank totalling £748,219 (2022: £610,007) are secured by a fixed charge & a floating charge over all property or undertaking of the company.
18. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Obligations under finance leases and hire purchase contracts
1,372,197
1,150,869
------------
------------
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
640,958
623,613
Later than 1 year and not later than 5 years
1,372,197
1,150,869
------------
------------
2,013,155
1,774,482
------------
------------
Obligations under finance leases primarily consist of motor vehicles and plant & machinery under hire purchase agreement. The term of which varies between 1-5 years at the year end.
20. Provisions
Deferred tax (note 21)
£
At 1 January 2023 (as restated)
319,341
Additions
4,445
---------
At 31 December 2023
323,786
---------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
(restated)
£
£
Included in provisions (note 20)
323,786
319,341
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
(restated)
£
£
Accelerated capital allowances
645,817
485,588
Unused tax losses
( 322,031)
( 166,247)
---------
---------
323,786
319,341
---------
---------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 47,650 (2022: £ 43,556 ).
23. Prior period adjustment
It has been necessary to make a prior period adjustment for an error arising in the 2022 accounts. This error was a result of misinterpreting a lease deposit as an addition to land & buildings, instead of a debtor due greater than 1 year. The result of this was that the composition of non-current assets changed, with the £719,949 deposit being moved from land & property. In addition, depreciation charged on the property of £29,997.50 was reversed. Profits in the financial statement increased as a result, but there was no bearing on the current tax position. Reserves, therefore, increased by £29,998. In connection with the leasehold addition, there was a rent-free period of 6 months. It has been necessary to include a prior year adjustment in respect of an accrual for this rent-free period. This will be unwound over the lease term against rents payable. As a result, reserves decreased by £474,967. It has also been necessary to include a prior period adjustment in respect of deferred tax not previously recognised. This is calculated as the net of timing differences for all classes of asset and tax allowable losses accumulated. This has resulted in a net deferred tax liability, which has reduced brought forward reserves by £319,341. The net effect of these adjustments is that brought forward reserves have decreased from £2,050,249 to £1,285,939.
Share capital Profit & loss account Total
£ £ £
As at January 2023 (as previously stated) 100 2,050,249 2,050,349
Effect of prior year adjustment (764,310) (764,310)
As at January 2023 (restated) 100 1,285,939 1,286,039
24. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
All ordinary shares carry equal rights with respect to distribution of dividends and repayment of capital.
25. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
New finance leases
At 31 Dec 2023
£
£
£
£
Cash at bank and in hand
111,534
(94,774)
16,760
Debt due within one year
(1,234,093)
45,148
(200,262)
(1,389,207)
Debt due after one year
(1,150,869)
478,356
(699,684)
(1,372,197)
------------
---------
---------
------------
( 2,273,428)
428,730
( 899,946)
( 2,744,644)
------------
---------
---------
------------
26. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
1,199,916
1,199,916
Later than 1 year and not later than 5 years
4,799,664
4,799,664
Later than 5 years
5,235,798
5,999,580
-------------
-------------
11,235,378
11,999,160
-------------
-------------
Major lease commitments have been in respect of the business premises. The business has signed a 10 year lease agreement, with a 5 year rent review point agreed.
W T Transport Ltd
Notes to the Financial Statements (continued)
Year ended 31 December 2023
26. Operating leases (continued)
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
58,760
Later than 1 year and not later than 5 years
176,280
---------
----
235,040
---------
----
The business leases spare room within the yard to an external unconnected party. This agreement provides the business with rental income on a quarterly basis, and will run from 31/03/2023 to 31/03/2028 unless otherwise extended or terminated.
27. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs S Tattersall
18,332
30,386
( 45,000)
3,718
Mr W Tattersall
( 18,805)
81,907
( 66,850)
( 3,748)
--------
---------
---------
-------
( 473)
112,293
( 111,850)
( 30)
--------
---------
---------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs S Tattersall
52,333
42,000
( 76,000)
18,333
Mr W Tattersall
( 63,954)
79,335
( 34,187)
(18,806)
--------
---------
---------
--------
( 11,621)
121,335
( 110,187)
( 473)
--------
---------
---------
--------