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REGISTERED NUMBER: 01697139 (England and Wales)















Financial Statements

for the Year Ended 28 February 2024

for

M & W AIRFREIGHT LIMITED

M & W AIRFREIGHT LIMITED (REGISTERED NUMBER: 01697139)

Contents of the Financial Statements
for the Year Ended 28 February 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


M & W AIRFREIGHT LIMITED

Company Information
for the Year Ended 28 February 2024







Directors: G Parkinson
P Bisby





Secretary: C Gembalczyk





Registered office: Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN





Registered number: 01697139 (England and Wales)





Auditors: CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

M & W AIRFREIGHT LIMITED (REGISTERED NUMBER: 01697139)

Abridged Balance Sheet
28 February 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 6,295 8,371

Current assets
Debtors 252,926 296,580
Cash at bank 2,898,452 2,881,461
3,151,378 3,178,041
Creditors
Amounts falling due within one year 361,914 393,112
Net current assets 2,789,464 2,784,929
Total assets less current liabilities 2,795,759 2,793,300

Capital and reserves
Called up share capital 6 100,000 100,000
Retained earnings 2,695,759 2,693,300
Shareholders' funds 2,795,759 2,793,300

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





G Parkinson - Director


M & W AIRFREIGHT LIMITED (REGISTERED NUMBER: 01697139)

Notes to the Financial Statements
for the Year Ended 28 February 2024


1. Statutory information

M & W Airfreight Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's trading address is Mirwell House, Carrington Lane, Manchester M33 5NL.

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future event that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The only estimate and assumption which has a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year is the job estimate accrual. This is based on management's best estimate of the future costs relating to jobs completed pre year end.

Turnover
The company acts as an agent for the arrangement of freight forwarding services for third parties. Its turnover represents commissions and fees receivable net of discounts and VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 6 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is
measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


M & W AIRFREIGHT LIMITED (REGISTERED NUMBER: 01697139)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Interest income
Interest income is recognised using the effective interest method.

4. Employees and directors

The average number of employees during the year was 5 (2023 - 5 ) .

5. Tangible fixed assets
Totals
£   
Cost
At 1 March 2023
and 28 February 2024 13,075
Depreciation
At 1 March 2023 4,704
Charge for year 2,076
At 28 February 2024 6,780
Net book value
At 28 February 2024 6,295
At 28 February 2023 8,371

M & W AIRFREIGHT LIMITED (REGISTERED NUMBER: 01697139)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024


6. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 100,000

7. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Angela Chorlton FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

8. Contingent liabilities

At 28 February 2024 there were contingent liabilities in respect of guarantees covering customs duties. The amount guaranteed is £200,000 (2022 - £200,000).