REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 28 February 2024 |
for |
M & W AIRFREIGHT LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
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 |
Current assets |
Debtors |
Cash at bank |
Creditors |
Amounts falling due within one year |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 6 |
Retained earnings |
Shareholders' funds |
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 |
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 |
The company's trading address is Mirwell House, Carrington Lane, Manchester M33 5NL. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
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. | Tangible fixed assets |
Totals |
£ |
Cost |
At 1 March 2023 |
and 28 February 2024 |
Depreciation |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
Net book value |
At 28 February 2024 |
At 28 February 2023 |
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: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
7. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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). |