REGISTERED NUMBER: SC413524 (Scotland)

Unaudited Financial Statements for the Year Ended 31 January 2025

for

Xs Transport Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,198,190

1,300,333

CURRENT ASSETS

Debtors

5

568,128

452,419

Cash at bank and in hand

260,241

314,790

828,369

767,209

CREDITORS

Amounts falling due within one year

6

(622,856

)

(508,839

)

NET CURRENT ASSETS

205,513

258,370

TOTAL ASSETS LESS CURRENT LIABILITIES

1,403,703

1,558,703

CREDITORS

Amounts falling due after more than one year

7

(589,656

)

(672,437

)

PROVISIONS FOR LIABILITIES

(47,483

)

(77,931

)

NET ASSETS

766,564

808,335

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

766,563

808,334

SHAREHOLDERS' FUNDS

766,564

808,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

Mr A W Taylor - Director

Ms L G Forsythe - Director

1.	STATUTORY INFORMATION

XS Transport Limited is a private company, limited by shares, domiciled in Scotland, registration number SC413524. The registered office is Former Masterton Building, Inchyra Grange Road, Grangemouth, FK3 9XB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services in respect of road haulage contracting services excluding value added tax. Sales are recognised at the point at which the goods are transferred and the service is complete.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Freehold land

-

not provided

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Freehold

Plant and

property

land

machinery

£

£

£

COST

At 1 February 2024

934,801

147,362

62,176

Additions

-

-

3,195

At 31 January 2025

934,801

147,362

65,371

DEPRECIATION

At 1 February 2024

92,429

-

32,085

Charge for year

18,696

-

12,800

At 31 January 2025

111,125

-

44,885

NET BOOK VALUE

At 31 January 2025

823,676

147,362

20,486

At 31 January 2024

842,372

147,362

30,091

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2024

18,974

981,931

6,623

2,151,867

Additions

1,355

45,418

-

49,968

At 31 January 2025

20,329

1,027,349

6,623

2,201,835

DEPRECIATION

At 1 February 2024

16,129

705,599

5,292

851,534

Charge for year

1,973

117,827

815

152,111

At 31 January 2025

18,102

823,426

6,107

1,003,645

NET BOOK VALUE

At 31 January 2025

2,227

203,923

516

1,198,190

At 31 January 2024

2,845

276,332

1,331

1,300,333

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 February 2024

600,504

Additions

45,418

At 31 January 2025

645,922

DEPRECIATION

At 1 February 2024

368,762

Charge for year

98,244

At 31 January 2025

467,006

NET BOOK VALUE

At 31 January 2025

178,916

At 31 January 2024

231,742

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

475,002

370,851

Other debtors

93,126

81,568

568,128

452,419

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

68,782

68,782

Hire purchase contracts

48,861

80,890

Trade creditors

70,889

82,000

Taxation and social security

118,598

42,409

Other creditors

315,726

234,758

622,856

508,839

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans

484,045

552,827

Hire purchase contracts

105,611

119,610

589,656

672,437

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

275,524

317,347

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.25

31.1.24

£

£

Bank loans

552,827

621,609

Hire purchase contracts

154,472

200,500

Amounts due to Factors

290,361

209,875

997,660

1,031,984

Lloyds TSB Commercial Finance Limited hold a bond and floating charge over the whole of the property of the company. This was assigned on 4 May 2012.

On the 26th February 2019 the company granted a floating charge over all its property, undertaking, assets (including uncalled capital) and rights owned now or in the future to the Bank of Scotland PLC.

On the 19th April 2019 the company granted a standard security over all its property at Inchyra Road, Grangemouth to the Bank of Scotland PLC.

Hire purchase creditors are secured on the assets to which they relate.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the following amounts were advanced to director:-

A Taylor £41,222 (2024:- £66,444)