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REGISTERED NUMBER: SC413524 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Xs Transport Limited

Xs Transport Limited (Registered number: SC413524)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Xs Transport Limited (Registered number: SC413524)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,300,333 1,254,496

CURRENT ASSETS
Debtors 5 446,913 466,071
Cash at bank and in hand 314,790 407,109
761,703 873,180
CREDITORS
Amounts falling due within one year 6 (508,840 ) (519,592 )
NET CURRENT ASSETS 252,863 353,588
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,553,196

1,608,084

CREDITORS
Amounts falling due after more than one
year

7

(672,437

)

(687,803

)

PROVISIONS FOR LIABILITIES (77,931 ) (61,413 )
NET ASSETS 802,828 858,868

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 802,827 858,867
SHAREHOLDERS' FUNDS 802,828 858,868

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Xs Transport Limited (Registered number: SC413524)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:




A W Taylor - Director



Ms L G Forsythe - Director


Xs Transport Limited (Registered number: SC413524)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

XS Transport Limited is a private company, limited by shares, domiciled in Scotland, registration number SC413524. The registered office is Former Masterton Building, Inchyra Grange Road, Grangemouth, FK3 9XB.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of road haulage contracting services excluding value added tax. Sales are recognised at the point at which the goods are transferred and the service is complete.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Freehold land - not provided
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Xs Transport Limited (Registered number: SC413524)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Freehold Freehold Plant and
property land machinery
£    £    £   
COST
At 1 February 2023 934,801 147,362 60,393
Additions - - 1,783
At 31 January 2024 934,801 147,362 62,176
DEPRECIATION
At 1 February 2023 73,733 - 19,030
Charge for year 18,696 - 13,055
At 31 January 2024 92,429 - 32,085
NET BOOK VALUE
At 31 January 2024 842,372 147,362 30,091
At 31 January 2023 861,068 147,362 41,363

Xs Transport Limited (Registered number: SC413524)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 18,724 818,797 5,941 1,986,018
Additions 250 163,134 682 165,849
At 31 January 2024 18,974 981,931 6,623 2,151,867
DEPRECIATION
At 1 February 2023 12,076 622,298 4,385 731,522
Charge for year 4,053 83,301 907 120,012
At 31 January 2024 16,129 705,599 5,292 851,534
NET BOOK VALUE
At 31 January 2024 2,845 276,332 1,331 1,300,333
At 31 January 2023 6,648 196,499 1,556 1,254,496

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 437,370
Additions 163,134
At 31 January 2024 600,504
DEPRECIATION
At 1 February 2023 305,043
Charge for year 63,719
At 31 January 2024 368,762
NET BOOK VALUE
At 31 January 2024 231,742
At 31 January 2023 132,327

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 370,851 380,379
Other debtors 76,062 85,692
446,913 466,071

Xs Transport Limited (Registered number: SC413524)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 68,782 67,250
Hire purchase contracts 80,890 64,611
Trade creditors 82,001 90,139
Taxation and social security 42,409 125,705
Other creditors 234,758 171,887
508,840 519,592

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 552,827 621,540
Hire purchase contracts 119,610 66,263
672,437 687,803

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 317,347 367,986

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 621,609 688,790
Hire purchase contracts 200,500 130,874
Amounts due to Factors 209,875 144,438
1,031,984 964,102

Lloyds TSB Commercial Finance Limited hold a bond and floating charge over the whole of the property of the company. This was assigned on 4 May 2012.

On the 26th February 2019 the company granted a floating charge over all its property, undertaking, assets (including uncalled capital) and rights owned now or in the future to the Bank of Scotland PLC.

On the 19th April 2019 the company granted a standard security over all its property at Inchyra Road, Grangemouth to the Bank of Scotland PLC.

Hire purchase creditors are secured on the assets to which they relate.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the following amounts were advanced to director:-

A Taylor £66,444 (2023:- £81,735)