Company registration number 06745996 (England and Wales)
Wise Transport Services Ltd
Unaudited financial statements
For the year ended 30 November 2024
Wise Transport Services Ltd
Company information
Directors
Mr P F O'Neill
Ms T A Elleray
Secretary
Ms T A Elleray
Company number
06745996
Registered office
5 Wrigley Fold
Middleton
Manchester
M24 5XA
Accountants
DJH Bury Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Wise Transport Services Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Wise Transport Services Ltd
Statement of financial position
As at 30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
65,812
87,452
Current assets
Trade and other receivables
5
6,088
1,699
Cash and cash equivalents
1,201
24,133
7,289
25,832
Current liabilities
6
(123,287)
(145,677)
Net current liabilities
(115,998)
(119,845)
Net liabilities
(50,186)
(32,393)
Equity
Called up share capital
100
100
Retained earnings
(50,286)
(32,493)
Total equity
(50,186)
(32,393)

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
Mr P F O'Neill
Director
Company registration number 06745996 (England and Wales)
Wise Transport Services Ltd
Notes to the financial statements
For the year ended 30 November 2024
- 2 -
1
Accounting policies
Company information

Wise Transport Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Wrigley Fold, Middleton, Manchester, M24 5XA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the statement of financial position, the company had net liabilities of £true49,357 (2023: £32,393) and reported losses for the year. Included in other payables was a loan account due to the director and the director has agreed that it will not demand repayments of the loan balances until the company is in a position to make a repayment. The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the director continue to adopt the going concern basis in preparing the financial statements.

1.3
Revenue

Revenue comprises the aggregate of the fair value of the sale of services provided net of value added tax. Service revenues are recognised as those services are provided to the customers

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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.

 

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.

 

1.5
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.

Wise Transport Services Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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 non-current 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.

Wise Transport Services Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Property, plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2023
4,114
123,791
127,905
Additions
915
-
0
915
Disposals
(1,665)
-
0
(1,665)
At 30 November 2024
3,364
123,791
127,155
Depreciation and impairment
At 1 December 2023
2,135
38,318
40,453
Depreciation charged in the year
358
21,368
21,726
Eliminated in respect of disposals
(836)
-
0
(836)
At 30 November 2024
1,657
59,686
61,343
Carrying amount
At 30 November 2024
1,707
64,105
65,812
At 30 November 2023
1,979
85,473
87,452
Wise Transport Services Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2024
4
Property, plant and equipment
(Continued)
- 5 -

 

5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
300
160
Other receivables
704
1,539
1,004
1,699
Deferred tax asset
5,084
-
0
6,088
1,699
6
Current liabilities
2024
2023
£
£
Trade payables
781
468
Taxation and social security
895
1,277
Other payables
121,611
143,932
123,287
145,677
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