Limited Liability Partnership Registration No. OC420182 (England and Wales)
I.T. WAY TRANS GROUP
CLEARANCE LLP
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
I.T. WAY TRANS GROUP CLEARANCE LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
I.T. WAY TRANS GROUP CLEARANCE LLP
Limited Liability Partnership Registration No. OC420182
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
241,410
114,214
Current assets
Debtors
4
1,062,313
2,075,053
Cash at bank and in hand
503,861
199,654
1,566,174
2,274,707
Creditors: amounts falling due within one year
5
(3,932,769)
(2,989,624)
Net current liabilities
(2,366,595)
(714,917)
Total assets less current liabilities
(2,125,185)
(600,703)
Creditors: amounts falling due after more than one year
6
(10,918)
(18,688)
Net liabilities attributable to members
(2,136,103)
(619,391)
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
(2,136,224)
(619,512)
Members' other interests
Members' capital classified as equity
121
121
(2,136,103)
(619,391)

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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

I.T. WAY TRANS GROUP CLEARANCE LLP
Limited Liability Partnership Registration No. OC420182
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 17 September 2025 and are signed on their behalf by:
17 September 2025
Orange Transgroup Ltd
Designated member
I.T. WAY TRANS GROUP CLEARANCE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Limited liability partnership information

I.T. Way Trans Group Clearance LLP is a limited liability partnership incorporated in England and Wales. The registered office is Unit 3, Aerodrome Way Ind Estate, Cranford Lane, Heston, Middx, TW5 9QB.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together 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 limited liability partnership. Monetary a mounts 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 time of approving the financial statements, the partners have a reasonable expectation that the partnership has adequate resources to continue in operational existence for the foreseeable future. Thus, the partners continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the freight services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

I.T. WAY TRANS GROUP CLEARANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets 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:

Leasehold land and buildings
20% Straight Line
Plant and equipment
25% Straight Line
Fixtures and fittings
25% Straight Line
Motor vehicles
25% Straight Line

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 recognised in the profit and loss account.

1.6
Cash at bank and in hand

Cash at bank and in hand 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.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

I.T. WAY TRANS GROUP CLEARANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
35
34
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
-
158,044
158,044
Additions
40,745
194,350
235,095
Disposals
-
(34,000)
(34,000)
At 31 December 2024
40,745
318,394
359,139
Depreciation and impairment
At 1 January 2024
-
43,830
43,830
Depreciation charged in the year
6,007
68,600
74,607
Eliminated in respect of disposals
-
(708)
(708)
At 31 December 2024
6,007
111,722
117,729
Carrying amount
At 31 December 2024
34,738
206,672
241,410
At 31 December 2023
-
114,214
114,214
I.T. WAY TRANS GROUP CLEARANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
691,142
1,703,308
Other debtors
371,171
371,745
1,062,313
2,075,053
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,056
-
Trade creditors
1,421,247
1,628,625
Taxation and social security
26,845
39,584
Other creditors
2,483,621
1,321,415
3,932,769
2,989,624
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,918
18,688
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Financial commitments, guarantees and contingent liabilities

The bank holds security over the cash deposits of £486,098.

I.T. WAY TRANS GROUP CLEARANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
834,081
7,956
Between two and five years
2,781,533
27,848
3,615,614
35,804
10
Related party transactions

Included in trade creditors is £773,989 (2023 - £394,817 ) owed to Orange Trans Group Limited, a member of the LLP.

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