Registered number
SC564480
ANW Transport Ltd
Filleted Accounts
30 April 2024
ANW Transport Ltd
Registered number: SC564480
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,683,669 1,413,622
Current assets
Stocks 34,802 14,988
Debtors 4 1,043,737 686,432
Cash at bank and in hand 101,184 167,885
1,179,723 869,305
Creditors: amounts falling due within one year 5 (1,238,149) (830,670)
Net current (liabilities)/assets (58,426) 38,635
Total assets less current liabilities 1,625,243 1,452,257
Creditors: amounts falling due after more than one year 6 (618,834) (540,592)
Provisions for liabilities (318,702) (270,653)
Net assets 687,707 641,012
Capital and reserves
Called up share capital 100 100
Profit and loss account 687,607 640,912
Shareholder's funds 687,707 641,012
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Neil Williams
Director
Approved by the board on 28 January 2025
ANW Transport Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 10 years
Plant and machinery over 7 years
Motor vehicles over 7 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 22
3 Tangible fixed assets
Leasehold Improvements Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 10,675 1,657,165 352,045 2,019,885
Additions - 415,833 199,000 614,833
Disposals - - (29,000) (29,000)
At 30 April 2024 10,675 2,072,998 522,045 2,605,718
Depreciation
At 1 May 2023 2,670 504,963 98,630 606,263
Charge for the year 1,068 266,771 66,933 334,772
On disposals - - (18,986) (18,986)
At 30 April 2024 3,738 771,734 146,577 922,049
Net book value
At 30 April 2024 6,937 1,301,264 375,468 1,683,669
At 30 April 2023 8,005 1,152,202 253,415 1,413,622
4 Debtors 2024 2023
£ £
Trade debtors 1,033,464 661,699
Other debtors 10,273 24,733
1,043,737 686,432
Factored debts included within trade debtors amounted to £338,812 (2023 - £238,137)
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 396,333 419,774
Trade creditors 220,643 151,059
Taxation and social security costs 312,551 152,352
Other creditors 298,622 97,485
1,238,149 830,670
Obligations under hire purchase contracts are secured over the related assets.
Included in creditors is an amount of £220,888 (2023 - £18,718) which is due to the factoring agent.
The company has granted a floating charge over its assets as security against the balance due to the
factoring finance company.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,376 22,312
Obligations under finance lease and hire purchase contracts 606,458 518,280
618,834 540,592
Obligations under hire purchase contracts are secured over the related assets.
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 388,000 30,000
8 Related party transactions 2024 2023
£ £
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
Key management personnel - 16,704
9 Controlling party
The company was under the control of Andrew Neil Williams the sole director who holds 100% of the issued share capital
10 Other information
ANW Transport Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
24 South Quarry Avenue
Gorebridge
Midlothian
EH23 4GU
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