Will Freight Services Limited NI013381 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the organisation of road haulage and freight forwarding Digita Accounts Production Advanced 6.30.9574.0 true true NI013381 2023-04-01 2024-03-31 NI013381 2024-03-31 NI013381 bus:OrdinaryShareClass1 2024-03-31 NI013381 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 NI013381 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 NI013381 core:CurrentFinancialInstruments 2024-03-31 NI013381 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI013381 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI013381 core:FurnitureFittingsToolsEquipment 2024-03-31 NI013381 core:LandBuildings 2024-03-31 NI013381 core:MotorVehicles 2024-03-31 NI013381 bus:SmallEntities 2023-04-01 2024-03-31 NI013381 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI013381 bus:FilletedAccounts 2023-04-01 2024-03-31 NI013381 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI013381 bus:RegisteredOffice 2023-04-01 2024-03-31 NI013381 bus:Director2 2023-04-01 2024-03-31 NI013381 bus:Director4 2023-04-01 2024-03-31 NI013381 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI013381 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI013381 bus:Agent1 2023-04-01 2024-03-31 NI013381 core:FurnitureFittings 2023-04-01 2024-03-31 NI013381 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI013381 core:LandBuildings 2023-04-01 2024-03-31 NI013381 core:MotorVehicles 2023-04-01 2024-03-31 NI013381 core:OfficeEquipment 2023-04-01 2024-03-31 NI013381 countries:NorthernIreland 2023-04-01 2024-03-31 NI013381 2023-03-31 NI013381 core:FurnitureFittingsToolsEquipment 2023-03-31 NI013381 core:LandBuildings 2023-03-31 NI013381 core:MotorVehicles 2023-03-31 NI013381 2022-04-01 2023-03-31 NI013381 2023-03-31 NI013381 bus:OrdinaryShareClass1 2023-03-31 NI013381 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI013381 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI013381 core:CurrentFinancialInstruments 2023-03-31 NI013381 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI013381 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI013381 core:FurnitureFittingsToolsEquipment 2023-03-31 NI013381 core:LandBuildings 2023-03-31 NI013381 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI013381

Will Freight Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Will Freight Services Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 11

 

Will Freight Services Limited

Company Information

Directors

Mr Ivan Hamilton

Mrs Denise Hamilton

Registered office

Unit B4 Antrim Enterprise Agency
Greystone Road
Antrim
BT41 1JZ

Accountants

T B Millar & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

Will Freight Services Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Ivan Hamilton

Mrs Denise Hamilton

Principal activity

The principal activity of the company is the organisation of road haulage and freight forwarding

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 28 June 2024 and signed on its behalf by:
 

.........................................
Mr Ivan Hamilton
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Will Freight Services Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Will Freight Services Limited for the year ended 31 March 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in Ireland (ICAI), we have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of Will Freight Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Will Freight Services Limited and state those matters that we have agreed to state to the Board of Directors of Will Freight Services Limited, as a body, and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Will Freight Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Will Freight Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Will Freight Services Limited. You consider that Will Freight Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Will Freight Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

T B Millar & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

28 June 2024

 

Will Freight Services Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

827,099

686,613

Cost of sales

 

(300,508)

(284,520)

Gross profit

 

526,591

402,093

Administrative expenses

 

(258,088)

(249,962)

Operating profit

 

268,503

152,131

Profit before tax

268,503

152,131

Tax on profit

 

(66,943)

(28,905)

Profit for the financial year

 

201,560

123,226

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Will Freight Services Limited

(Registration number: NI013381)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

85,033

81,968

Current assets

 

Debtors

5

247,766

152,230

Cash at bank and in hand

 

545,170

399,598

 

792,936

551,828

Creditors: Amounts falling due within one year

6

(140,113)

(89,194)

Net current assets

 

652,823

462,634

Total assets less current liabilities

 

737,856

544,602

Creditors: Amounts falling due after more than one year

6

(7,463)

(14,352)

Provisions for liabilities

(13,743)

(13,160)

Net assets

 

716,650

517,090

Capital and reserves

 

Called up share capital

7

18,182

18,182

Capital redemption reserve

11,818

11,818

Retained earnings

686,650

487,090

Shareholders' funds

 

716,650

517,090

For the financial 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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Will Freight Services Limited

(Registration number: NI013381)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 28 June 2024 and signed on its behalf by:
 

.........................................
Mr Ivan Hamilton
Director

 

Will Freight Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit B4 Antrim Enterprise Agency
Greystone Road
Antrim
BT41 1JZ

These financial statements were authorised for issue by the Board on 28 June 2024.

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.

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.

 

Will Freight Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 balance sheet 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

Motor Vehicles

25% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Office Equipment

33.3% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Will Freight Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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 balance sheet as a finance lease obligation.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

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

 

Will Freight Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

12,700

149,241

192,774

354,715

Additions

-

15,212

18,950

34,162

Disposals

-

-

(18,550)

(18,550)

At 31 March 2024

12,700

164,453

193,174

370,327

Depreciation

At 1 April 2023

-

146,891

125,856

272,747

Charge for the year

2,540

1,294

16,829

20,663

Eliminated on disposal

-

-

(8,116)

(8,116)

At 31 March 2024

2,540

148,185

134,569

285,294

Carrying amount

At 31 March 2024

10,160

16,268

58,605

85,033

At 31 March 2023

12,700

2,350

66,918

81,968

Included within the net book value of land and buildings above is £10,160 (2023 - £12,700) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

247,766

132,304

Other debtors

-

19,926

 

247,766

152,230

 

Will Freight Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,889

6,889

Trade creditors

 

28,895

21,660

Taxation and social security

 

101,834

55,685

Accruals and deferred income

 

2,495

2,375

Other creditors

 

-

2,585

 

140,113

89,194

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,463

14,352

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Allotted of £1 each

18,182

18,182

18,182

18,182

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,463

14,352

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

6,889

6,889