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REGISTERED NUMBER: 05038010 (England and Wales)















SIMON WILLITTS TRANSPORT LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024






SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SIMON WILLITTS TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: S D Gent
P J Houston





REGISTERED OFFICE: Depot 2
Unit 5 Finlan Road
Stakehill Industrial Estate
Middleton
Greater Manchester
M24 2RW





REGISTERED NUMBER: 05038010 (England and Wales)





AUDITORS: DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 1,041,139 2,916
1,041,139 2,916

CURRENT ASSETS
Debtors 6 451,358 459,744
Cash at bank and in hand 1,390,478 1,157,711
1,841,836 1,617,455
CREDITORS
Amounts falling due within one year 7 (1,353,550 ) (372,205 )
NET CURRENT ASSETS 488,286 1,245,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,529,425

1,248,166

CREDITORS
Amounts falling due after more than one
year

8

(142,436

)

-

PROVISIONS FOR LIABILITIES (1,867 ) -
NET ASSETS 1,385,122 1,248,166

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,385,022 1,248,066
1,385,122 1,248,166

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





S D Gent - Director


SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Simon Willitts Transport Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 05038010 and the registered office address is Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, M24 2RW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors recognise that the future cannot be predicted with certainty. The directors expect the company to continue trading and generating profit. Profit before tax was £149,773 (2023: £114,283) and reserves were £1,385,122 (2023: £1,248,166). Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Revenue
Revenue is recognised at the fair value of the consideration receivable for logistics solution services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue is recognised when the service has been provided to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software was amortised evenly over its estimated useful life of two years.

SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 50% on cost and 10% -33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. if any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 32 ) .

SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2023
and 31 July 2024 2,400
AMORTISATION
At 1 August 2023
and 31 July 2024 2,400
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 August 2023 35,268
Additions 1,064,376
Disposals (4,680 )
At 31 July 2024 1,094,964
DEPRECIATION
At 1 August 2023 32,352
Charge for year 26,153
Eliminated on disposal (4,680 )
At 31 July 2024 53,825
NET BOOK VALUE
At 31 July 2024 1,041,139
At 31 July 2023 2,916

SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 335,876
At 31 July 2024 335,876
DEPRECIATION
Charge for year 6,009
At 31 July 2024 6,009
NET BOOK VALUE
At 31 July 2024 329,867

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 412,016 375,553
Amounts owed by group undertakings - 19,820
Other debtors 39,342 64,371
451,358 459,744

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 193,440 -
Trade creditors 129,314 96,445
Amounts owed to group undertakings 878,970 103,107
Taxation and social security 120,641 145,908
Other creditors 31,185 26,745
1,353,550 372,205

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 142,436 -

SIMON WILLITTS TRANSPORT LIMITED (REGISTERED NUMBER: 05038010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 335,876 -

Hire purchase liabilities are secured on the assets to which they relate.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kate Hughes (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Millfield Holdings Limited, a company incorporated in England & Wales with registered number 10045486 and registered office at Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, England, M24 2RW.

Millfield Holdings Limited prepares consolidated financial statements including the financial statements of this company and these are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.