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Registration number: 11188176

Went's Logistics Ltd

Annual Report and

Unaudited Financial Statements


for the Year Ended 29 February 2024

 

Went's Logistics Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 8

 

Went's Logistics Ltd

Company Information

Director

Mr S F H Went

Registered office

Unit 18 Industrial Estate
Ddole Road
Llandrindod Wells
Powys
LD1 6DF
 

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Went's Logistics Ltd

(Registration number: 11188176)

Balance Sheet
as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,435

12,726

Current assets

 

Debtors

5

23,824

24,076

Creditors: Amounts falling due within one year

6

(11,637)

(15,611)

Net current assets

 

12,187

8,465

Total assets less current liabilities

 

22,622

21,191

Creditors: Amounts falling due after more than one year

6

(26,428)

(26,891)

Net liabilities

 

(3,806)

(5,700)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(3,906)

(5,800)

Total equity

 

(3,806)

(5,700)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the director on 30 November 2024
 

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

Mr S F H Went

Director

 

Went's Logistics Ltd

Statement of Changes in Equity
for the Year Ended 29 February 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2023

100

(5,800)

(5,700)

Profit for the year

-

1,894

1,894

Total comprehensive income

-

1,894

1,894

At 29 February 2024

100

(3,906)

(3,806)



 

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2022

100

(9,972)

(9,872)

Profit for the year

-

4,172

4,172

Total comprehensive income

-

4,172

4,172

At 28 February 2023

100

(5,800)

(5,700)

 

Went's Logistics Ltd

Notes to the Financial Statements
for the Year Ended 29 February 2024

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:
Unit 18 Industrial Estate
Ddole Road
Llandrindod Wells
Powys
LD1 6DF

These financial statements were authorised for issue by the director on 30 November 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The accounts have been prepared on the going concern basis on the principal that the director will continue to offer his financial support.

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. 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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Went's Logistics Ltd

Notes to the Financial Statements
for the Year Ended 29 February 2024

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

Motor vehicles

18% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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. Accounts payable 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.

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.

 

Went's Logistics Ltd

Notes to the Financial Statements
for the Year Ended 29 February 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 (2023 - 1).

 

Went's Logistics Ltd

Notes to the Financial Statements
for the Year Ended 29 February 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

34,325

34,325

At 29 February 2024

34,325

34,325

Depreciation

At 1 March 2023

21,599

21,599

Charge for the year

2,291

2,291

At 29 February 2024

23,890

23,890

Carrying amount

At 29 February 2024

10,435

10,435

At 28 February 2023

12,726

12,726

5

Debtors

2024
£

2023
£

Other debtors

23,824

24,076

23,824

24,076

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

5,666

11,455

Accruals and deferred income

 

1,096

600

Other creditors

 

4,875

3,556

 

11,637

15,611

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

26,428

26,891

 

Went's Logistics Ltd

Notes to the Financial Statements
for the Year Ended 29 February 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

26,428

26,428

HP and finance lease liabilities

-

463

26,428

26,891

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,319

5,319

HP and finance lease liabilities

347

6,136

5,666

11,455