Registration number:
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WS Transport Limited
(Registration number: 8925433)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Non-distributable reserve |
5,216,643 |
5,216,643 |
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Profit and loss account |
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Total equity |
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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.
Approved and authorised by the
.........................................
D N Cox
Director
WS Transport Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The company has net current liabilities at 30 November 2023 and meets its day to day working capital requirements through its bank loan facilities. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.
However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.
Audit report
WS Transport Limited
Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)
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 and dividends receivable. 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 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.
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 |
Plant and equipment |
20% reducing balance basis |
Investment property
Investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
WS Transport Limited
Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)
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 the sale of goods 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. Trade creditors 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 where due after more than one year.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
WS Transport Limited
Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)
Tangible assets |
Plant and equipment |
Total |
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Cost or valuation |
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At 1 December 2022 |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Investment properties |
£ |
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At 1 December 2022 |
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Additions |
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At 30 November 2023 |
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During 2022 a valuation of investment properties was undertaken by CBRE Limited, independent valuers not connected with the company on the basis of market value, valuing investment properties at £10,500,000. The director considers this valuation, plus costs subsequently incurred, as being appropriate as an assessment of fair value at 30 November 2023.
WS Transport Limited
Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
- |
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Investments in joint ventures |
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Investments in associates |
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Subsidiaries |
£ |
Cost |
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At 1 December 2022 |
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Transfer to joint ventures |
( |
At 30 November 2023 |
- |
Carrying amount |
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At 30 November 2023 |
- |
At 30 November 2022 |
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Joint ventures |
£ |
Cost |
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At 1 December 2022 |
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Transfer from subsidiaries |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Associates |
£ |
Cost |
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At 1 December 2022 |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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WS Transport Limited
Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)
Debtors |
2023 |
2022 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
- |
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Other creditors |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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WS Transport Limited
Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)
Current loans and borrowings includes the following liabilities, on which security has been given by the company:
2023 |
2022 |
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Bank borrowings |
1,692,000 |
1,692,000 |
Bank borrowings are secured by fixed and floating charges over the company's assets.
Parent and ultimate parent undertaking |