Silverfin false false 30/06/2024 01/07/2023 30/06/2024 A Wain 25/03/2022 S Wain 24/03/2017 S D Wain 03/06/2005 25 March 2025 The principal activity of the Company during the financial year was general haulage. 05470661 2024-06-30 05470661 bus:Director1 2024-06-30 05470661 bus:Director2 2024-06-30 05470661 bus:Director3 2024-06-30 05470661 2023-06-30 05470661 core:CurrentFinancialInstruments 2024-06-30 05470661 core:CurrentFinancialInstruments 2023-06-30 05470661 core:Non-currentFinancialInstruments 2024-06-30 05470661 core:Non-currentFinancialInstruments 2023-06-30 05470661 core:ShareCapital 2024-06-30 05470661 core:ShareCapital 2023-06-30 05470661 core:RetainedEarningsAccumulatedLosses 2024-06-30 05470661 core:RetainedEarningsAccumulatedLosses 2023-06-30 05470661 core:Goodwill 2023-06-30 05470661 core:Goodwill 2024-06-30 05470661 core:LandBuildings 2023-06-30 05470661 core:PlantMachinery 2023-06-30 05470661 core:Vehicles 2023-06-30 05470661 core:FurnitureFittings 2023-06-30 05470661 core:ComputerEquipment 2023-06-30 05470661 core:LandBuildings 2024-06-30 05470661 core:PlantMachinery 2024-06-30 05470661 core:Vehicles 2024-06-30 05470661 core:FurnitureFittings 2024-06-30 05470661 core:ComputerEquipment 2024-06-30 05470661 core:CurrentFinancialInstruments core:Secured 2024-06-30 05470661 core:WithinOneYear 2024-06-30 05470661 core:WithinOneYear 2023-06-30 05470661 core:BetweenOneFiveYears 2024-06-30 05470661 core:BetweenOneFiveYears 2023-06-30 05470661 core:MoreThanFiveYears 2024-06-30 05470661 core:MoreThanFiveYears 2023-06-30 05470661 2023-07-01 2024-06-30 05470661 bus:FilletedAccounts 2023-07-01 2024-06-30 05470661 bus:SmallEntities 2023-07-01 2024-06-30 05470661 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05470661 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05470661 bus:Director1 2023-07-01 2024-06-30 05470661 bus:Director2 2023-07-01 2024-06-30 05470661 bus:Director3 2023-07-01 2024-06-30 05470661 core:Goodwill core:TopRangeValue 2023-07-01 2024-06-30 05470661 core:Goodwill 2023-07-01 2024-06-30 05470661 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 05470661 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 05470661 core:Vehicles core:TopRangeValue 2023-07-01 2024-06-30 05470661 core:Vehicles 2023-07-01 2024-06-30 05470661 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 05470661 core:ComputerEquipment core:TopRangeValue 2023-07-01 2024-06-30 05470661 2022-07-01 2023-06-30 05470661 core:LandBuildings 2023-07-01 2024-06-30 05470661 core:PlantMachinery 2023-07-01 2024-06-30 05470661 core:FurnitureFittings 2023-07-01 2024-06-30 05470661 core:ComputerEquipment 2023-07-01 2024-06-30 05470661 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 05470661 (England and Wales)

WAINS TRANSPORT LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

WAINS TRANSPORT LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

WAINS TRANSPORT LIMITED

BALANCE SHEET

As at 30 June 2024
WAINS TRANSPORT LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,561,099 1,381,176
1,561,099 1,381,176
Current assets
Stocks 5 10,000 10,000
Debtors 6 613,086 537,385
Cash at bank and in hand 153,205 114,182
776,291 661,567
Creditors: amounts falling due within one year 7 ( 924,804) ( 883,956)
Net current liabilities (148,513) (222,389)
Total assets less current liabilities 1,412,586 1,158,787
Creditors: amounts falling due after more than one year 8 ( 627,572) ( 458,373)
Provision for liabilities ( 341,346) ( 325,368)
Net assets 443,668 375,046
Capital and reserves
Called-up share capital 100 100
Profit and loss account 443,568 374,946
Total shareholders' funds 443,668 375,046

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Wains Transport Limited (registered number: 05470661) were approved and authorised for issue by the Board of Directors on 25 March 2025. They were signed on its behalf by:

S D Wain
Director
WAINS TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
WAINS TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wains Transport Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 11 Kingsford Rural Industrial Estate, Kentisbeare, Cullompton, EX15 2AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of transport services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 4 years straight line
Vehicles 8 years straight line
20 - 33 % reducing balance
Fixtures and fittings 6.67 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 34 30

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 180,000 180,000
At 30 June 2024 180,000 180,000
Accumulated amortisation
At 01 July 2023 180,000 180,000
At 30 June 2024 180,000 180,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 July 2023 85,406 323,187 2,953,114 35,646 9,461 3,406,814
Additions 0 193,865 530,755 830 3,932 729,382
Disposals 0 ( 201,243) ( 442,250) 0 0 ( 643,493)
At 30 June 2024 85,406 315,809 3,041,619 36,476 13,393 3,492,703
Accumulated depreciation
At 01 July 2023 25,622 189,455 1,768,690 32,410 9,461 2,025,638
Charge for the financial year 8,541 69,531 244,395 2,480 430 325,377
Disposals 0 ( 107,020) ( 312,391) 0 0 ( 419,411)
At 30 June 2024 34,163 151,966 1,700,694 34,890 9,891 1,931,604
Net book value
At 30 June 2024 51,243 163,843 1,340,925 1,586 3,502 1,561,099
At 30 June 2023 59,784 133,732 1,184,424 3,236 0 1,381,176

5. Stocks

2024 2023
£ £
Stocks 10,000 10,000

6. Debtors

2024 2023
£ £
Trade debtors 489,092 439,823
Other debtors 123,994 97,562
613,086 537,385

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 11,372 9,527
Trade creditors 211,554 303,726
Taxation and social security 192,845 114,057
Obligations under finance leases and hire purchase contracts (secured) 273,279 342,355
Other creditors 235,754 114,291
924,804 883,956

Security has been given by the company over the invoice discounting borrowings of £203,668 (2023 : £34,759) included within trade creditors.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 20,806 31,948
Obligations under finance leases and hire purchase contracts (secured) 606,766 426,425
627,572 458,373

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 80,327 79,091
between one and five years 234,818 259,909
after five years 54,000 108,000
369,145 447,000

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
A Wain 2,500 400
S D Wain 9,698 0
S A Wain 38,227 0

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2023, the balance owed by the director was £Nil. During the year, £32,227 was advanced to the director, and £nil was repaid by the director. At 30 June 2024 the balance owed by the director was £38,227.

At 1 July 2023, the balance owed by the director was £Nil. During the year, £9,698 was advanced to the director, and £nil was repaid by the director. At 30 June 2024 the balance owed by the director was £9,698.

At 1 July 2023, the balance owed by the director was £400. During the year, £2,100 was advanced to the director, and £nil was repaid by the director. At 30 June 2024 the balance owed by the director was £2,500.

At 1 July 2022, the balance owed by the director was £nil. During the year, £400 was advanced to the director, and £nil was repaid by the director. At 30 June 2023 the balance owed by the director was £400.

Guarantees

S D Wain has provided a personal guarantee over the bank loan advanced to the company of £50,000.