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Registration number: 8925433

WS Transport Limited

Financial Statements

30 November 2023

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WS Transport Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2

 

WS Transport Limited

(Registration number: 8925433)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

36,386

45,482

Investment property

5

10,637,976

10,500,000

Investments

6

768

768

 

10,675,130

10,546,250

Current assets

 

Debtors

7

3,564,137

1,530,901

Cash at bank and in hand

 

199,650

63,420

 

3,763,787

1,594,321

Creditors: Amounts falling due within one year

8

(4,459,762)

(2,744,414)

Net current liabilities

 

(695,975)

(1,150,093)

Total assets less current liabilities

 

9,979,155

9,396,157

Provisions for liabilities

(1,569,130)

(1,680,497)

Net assets

 

8,410,025

7,715,660

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Non-distributable reserve

 

5,216,643

5,216,643

Profit and loss account

3,193,380

2,499,015

Total equity

 

8,410,025

7,715,660

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 Board on 28 November 2024
 

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

D N Cox

Director

 

WS Transport Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

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 - '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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 November 2024 was Steven Barnes, who signed for and on behalf of Dodd & Co Audit Limited.

 

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The external valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

WS Transport Limited

Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Plant and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

47,876

47,876

At 30 November 2023

47,876

47,876

Depreciation

At 1 December 2022

2,394

2,394

Charge for the year

9,096

9,096

At 30 November 2023

11,490

11,490

Carrying amount

At 30 November 2023

36,386

36,386

At 30 November 2022

45,482

45,482

5

Investment properties

£

At 1 December 2022

10,500,000

Additions

137,976

At 30 November 2023

10,637,976

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)

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

667

Investments in joint ventures

668

1

Investments in associates

100

100

768

768

Subsidiaries

£

Cost

At 1 December 2022

667

Transfer to joint ventures

(667)

At 30 November 2023

-

Carrying amount

At 30 November 2023

-

At 30 November 2022

667

Joint ventures

£

Cost

At 1 December 2022

1

Transfer from subsidiaries

667

At 30 November 2023

668

Carrying amount

At 30 November 2023

668

At 30 November 2022

1

Associates

£

Cost

At 1 December 2022

100

At 30 November 2023

100

Carrying amount

At 30 November 2023

100

At 30 November 2022

100

 

WS Transport Limited

Notes to the Financial Statements for the Year Ended 30 November 2023 (continued)

7

Debtors

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

2,879,425

1,500,000

Other debtors

684,712

30,901

3,564,137

1,530,901

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,852,036

1,692,201

Trade creditors

 

468,248

4,104

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,906,000

1,026,575

Taxation and social security

 

-

11,758

Other creditors

 

233,478

9,776

 

4,459,762

2,744,414

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,692,000

1,692,000

Other borrowings

160,036

201

1,852,036

1,692,201

 

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
£

Bank borrowings

1,692,000

1,692,000

Bank borrowings are secured by fixed and floating charges over the company's assets.

10

Parent and ultimate parent undertaking

There is no one ultimate controlling party.