Registered number
14552785
OUTWOOD EXPRESS LTD
Filleted Accounts
31 December 2024
OUTWOOD EXPRESS LTD
Registered number: 14552785
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 32,000 36,000
Tangible assets 4 118,363 131,503
150,363 167,503
Current assets
Stocks 29,520 16,350
Debtors 5 2,312 3,616
Cash at bank and in hand 16,054 25,874
47,886 45,840
Creditors: amounts falling due within one year 6 (12,485) (4,567)
Net current assets 35,401 41,273
Total assets less current liabilities 185,764 208,776
Creditors: amounts falling due after more than one year 7 (155,099) (191,100)
Net assets 30,665 17,676
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,565 17,576
Shareholder's funds 30,665 17,676
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.
MOHMED FARUK PATEL
Director
Approved by the board on 22 January 2025
OUTWOOD EXPRESS LTD
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 10 years
Vehicles over 10 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.
Pensions
The company operates a Pension scheme, using the Government approved provider. 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 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 40,000
At 31 December 2024 40,000
Amortisation
At 1 January 2024 4,000
Provided during the year 4,000
At 31 December 2024 8,000
Net book value
At 31 December 2024 32,000
At 31 December 2023 36,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 13,241 59,494 71,908 144,643
At 31 December 2024 13,241 59,494 71,908 144,643
Depreciation
At 1 January 2024 - 5,949 7,191 13,140
Charge for the year - 5,949 7,191 13,140
At 31 December 2024 - 11,898 14,382 26,280
Net book value
At 31 December 2024 13,241 47,596 57,526 118,363
At 31 December 2023 13,241 53,545 64,717 131,503
5 Debtors 2024 2023
£ £
Other debtors 2,312 3,616
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 6,642 4,567
Other creditors 5,843 -
12,485 4,567
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 48,000 84,001
Other creditors 107,099 107,099
155,099 191,100
8 Other information
OUTWOOD EXPRESS LTD is a private company limited by shares and incorporated in England. Its registered office is:
5 LANCEFIELD HOUSE
POTOVENS LANE
WAKEFIELD
WF1 2LE
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