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Company No: 12060406 (England and Wales)

TQ LOGISTICS SW LTD

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

TQ LOGISTICS SW LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

TQ LOGISTICS SW LTD

BALANCE SHEET

As at 30 June 2024
TQ LOGISTICS SW LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,948 13,123
9,948 13,123
Current assets
Debtors 4 79,836 58,914
Cash at bank and in hand 9,256 59,497
89,092 118,411
Creditors: amounts falling due within one year 5 ( 108,285) ( 90,741)
Net current (liabilities)/assets (19,193) 27,670
Total assets less current liabilities (9,245) 40,793
Creditors: amounts falling due after more than one year 6 ( 5,887) 0
Provision for liabilities 966 ( 2,493)
Net (liabilities)/assets ( 14,166) 38,300
Capital and reserves
Called-up share capital 7 106 106
Profit and loss account ( 14,272 ) 38,194
Total shareholders' (deficit)/funds ( 14,166) 38,300

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 TQ Logistics SW Ltd (registered number: 12060406) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Mr G Fawke
Director
TQ LOGISTICS SW LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
TQ LOGISTICS SW LTD

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

TQ Logistics SW Ltd (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 43 Carlton Road, Torquay, TQ1 1LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £14,166. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

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.

Taxation

Current tax
Tax is recognised in the 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 corporation 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.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 profits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 0

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 July 2023 16,083 1,395 17,478
At 30 June 2024 16,083 1,395 17,478
Accumulated depreciation
At 01 July 2023 4,021 334 4,355
Charge for the financial year 3,016 159 3,175
At 30 June 2024 7,037 493 7,530
Net book value
At 30 June 2024 9,046 902 9,948
At 30 June 2023 12,062 1,061 13,123

4. Debtors

2024 2023
£ £
Trade debtors 26,965 14,234
Corporation tax 1,391 0
Other debtors 51,480 44,680
79,836 58,914

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 29,019 0
Trade creditors 6,972 2,622
Amounts owed to directors 10,670 0
Accruals 3,700 12,220
Corporation tax 0 8,906
Other taxation and social security 48,392 65,654
Other creditors 9,532 1,339
108,285 90,741

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

2024 2023
£ £
Bank loans 5,887 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
6 Ordinary B shares of £ 1.00 each 6 6
106 106

8. Financial commitments

Commitments

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

- Within one year - £6,330.84
- Between one and five years - £14,975.98

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Loan balance brought forward 24,015 7,034
Advances to directors 59,527 153,549
Repayments by directors (94,212) (136,568)
Loan balance carried forward (10,670) 24,015

Loans provided to the director are repayable on demand. Interest is charged at the HMRC official rate.