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Registration number: 04285814

Team Wesley Logistics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Team Wesley Logistics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Team Wesley Logistics Limited

Company Information

Directors

Mr James Wilfred Clark

Mrs Lynne Patricia Clark

Ms Bernadette Brosnan

Mr Andrew Ian Grange

Registered office

Low Moor Business Park
Common Road
Bradford
West Yorkshire
BD12 0ND

Solicitors

Stachiw Bashir Green
656 Great Horton Road
Bradford
BD7 4AA

Accountants

Ian Richards & Co (Leeds) Limited
Office 23
Burley Hill Business Centre
Burley Hill
Leeds
LS4 2PU

 

Team Wesley Logistics Limited

(Registration number: 04285814)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

340,075

364,059

Investments

5

100

100

 

340,175

364,159

Current assets

 

Debtors

6

1,224,430

1,240,633

Cash at bank and in hand

 

62,909

70,361

 

1,287,339

1,310,994

Creditors: Amounts falling due within one year

7

(1,339,669)

(1,324,036)

Net current liabilities

 

(52,330)

(13,042)

Total assets less current liabilities

 

287,845

351,117

Creditors: Amounts falling due after more than one year

7

(232,762)

(276,358)

Net assets

 

55,083

74,759

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

53,083

72,759

Shareholders' funds

 

55,083

74,759

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

 

Team Wesley Logistics Limited

(Registration number: 04285814)
Balance Sheet as at 30 September 2024


Mr Andrew Ian Grange
Director

   
     
 

Team Wesley Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Low Moor Business Park
Common Road
Bradford
West Yorkshire
BD12 0ND
United Kingdom

These financial statements were authorised for issue by the Board on 20 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 financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Team Wesley Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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

Freehold land and buildings

2% straight line basis

Plant and machinery

20% straight line basis

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 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.

 

Team Wesley Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 30).

 

Team Wesley Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 October 2023

263,155

25,994

679,930

40,110

Additions

-

-

37,500

-

At 30 September 2024

263,155

25,994

717,430

40,110

Depreciation

At 1 October 2023

18,316

25,995

560,678

40,109

Charge for the year

5,263

-

56,253

-

At 30 September 2024

23,579

25,995

616,931

40,109

Carrying amount

At 30 September 2024

239,576

(1)

100,499

1

At 30 September 2023

244,839

1

119,218

1

Total
£

Cost or valuation

At 1 October 2023

1,009,189

Additions

37,500

At 30 September 2024

1,046,689

Depreciation

At 1 October 2023

645,098

Charge for the year

61,516

At 30 September 2024

706,614

Carrying amount

At 30 September 2024

340,075

At 30 September 2023

364,059

Included within the net book value of land and buildings above is £239,576 (2023 - £244,839) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

 

Team Wesley Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Subsidiaries

£

Cost or valuation

At 1 October 2023

100

Provision

Carrying amount

At 30 September 2024

100

At 30 September 2023

100

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,149,410

1,123,100

Prepayments

48,206

45,999

Other debtors

26,814

71,534

 

1,224,430

1,240,633

 

Team Wesley Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

545,459

469,184

Trade creditors

 

738,375

774,375

Taxation and social security

 

57,890

47,883

Other creditors

 

(2,055)

32,594

 

1,339,669

1,324,036

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

232,762

276,358

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

232,762

276,358

2024
£

2023
£

Current loans and borrowings

Other borrowings

545,459

469,184

 

Team Wesley Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Other borrowings

Factoring Advance is denominated in £ with a nominal interest rate of %. The carrying amount at year end is £545,459 (2023 - £469,184).