REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Yourway Transport Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Yourway Transport Limited |
Yourway Transport Limited (Registered number: 05017065) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Yourway Transport Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Scottish Provident House |
76-80 College Road |
Harrow |
Middlesex |
HA1 1BQ |
Yourway Transport Limited (Registered number: 05017065) |
Strategic Report |
for the Year Ended 31 December 2022 |
The director presents his strategic report for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
For over a decade, we have guaranteed speed of delivery with highly customized transport solutions. It is our goal to deal with every client and every shipment on a one to one basis to ensure the highest level of service. This philosophy colors every aspect of our service. We will do whatever it takes to ensure the fastest, most secure and most reliable delivery possible. |
Individualized Services Include: |
- Consultation with customers to review global transport requirements for their materials, as well as import and export requirements for customs clearance |
- Sourcing and provision of packaging supplies such as insulated shippers, UN certified shippers for all ambient refrigerated and frozen shipments, gel-packs, dry ice and temperature controlled shipping containers and temperature monitors |
- Cold chain management of supplies from pick-up through delivery including monitoring and gel-pack or dry ice replenishment |
- Logistical project management in accordance with upcoming clinical trial protocol |
- Pre-customs clearance in select cities |
- Temperature monitor download capabilities |
- Detailed web-based order entry, shipment tracking and Proof of Delivery (POD) |
Yourway Transport couriers are available to pick up shipments 24 hours a day, seven days a week, including weekends and holidays and no cut offs. There are no weight, size or value restrictions on any of the shipments we handle. |
Regardless of when orders are received, all deliveries are placed on the first available flight out to their destination using only premium flights. To ensure the fastest delivery time possible, orders are never held for consolidation. |
Once a shipment is in the air, we have an experienced network of agents and associates stationed around the world who are on the ground waiting to clear and deliver shipments to their destinations as soon as they arrive. Worldwide customs pre-clearance capabilities proactively expedite delivery. If any difficulties are encountered they are dealt with immediately and effectively. |
We have many means of transportation at our disposal including on-board couriers, private aircraft charters, and helicopter services. Shipments can be tracked electronically through our website. Our system allows you to receive an automatic confirmation once your items have been delivered. |
With our years of experience, we are aware of the critical nature of all biological samples required for a clinical trial. Our knowledgeable staff can consult with you to recommend and supply the appropriate packaging to meet the temperature requirements for these shipments, confirm import and export requirements as well as train your investigators in proper packing of the samples. No matter the size of the shipment or the frequency with which they occur, Yourway Transport has the infrastructure available to ensure the integrity of these shipments from the moment they are packaged and depart the site through to final delivery to the laboratory. |
Key performance indicators: |
- Turnover increased by 18.80% compared to 2021, which is in line with the constant growth of revenue in recent years. |
- Gross profit margin is 53% which is line with the normal trend of business. |
- Profit before tax margin is 43% which is healthy and in line with normal trend in recent years. |
Yourway Transport Limited (Registered number: 05017065) |
Strategic Report |
for the Year Ended 31 December 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are a number of risks and uncertainties that can impact the performance of Yourway Transport (YWT), some of which are beyond the control of YWT and the director. The YWT management closely monitors market trends and risks on an on-going basis. These trends and risks are the focus of monthly management meetings where performance is assessed versus budget, forecast and prior year; key performance indicators are also used to benchmark operational performance. An annual assessment of trends and risks is also an integral part of the business's annual review of its strategic plan and budget, which are submitted to the director for consideration and approval. A combination of all of this, in what is a bottom up and top down approach, enables the director to determine and assess the risk environment. |
Customer credit risk: |
As part of the overall service package YWT provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances. YWT has established procedures and credit control policies around managing its receivables and takes action where necessary. Trade receivables are primarily managed by a sanction process. All major outstanding and overdue balances together with significant potential exposures are reviewed regularly and concerns are discussed at monthly meetings. Control systems are in place to ensure that authorisation requests are supported with appropriate and sufficient documentation and are approved at appropriate levels in the organisation. |
Information technology and business continuity: |
YWT uses a range of information technology systems across its business for efficient processing of orders, control procedures and financial management. These systems are constantly reviewed and updated to meet the needs of the business. Business continuity and disaster recovery planning is regularly assessed and tested to ensure the YWT is adequately resourced and maintains an appropriately robust environment including preventative processes on cybercrime. |
Human Resources: |
People and teams and talent management are an integral part of YWT's business and are key to continuing progress. Competition for talent is significant both within the industry and beyond it. YWT attracts and retains its people through provision of on-going opportunity for career progress, training initiatives and continually identifying emerging managers and leaders within the business. |
Foreign exchange risk: |
Foreign exchange rates have undergone a period of volatility due to economic uncertainty and relative economic performance in different parts of the world. YWT operates a treasury model to mitigate foreign exchange risk. |
ON BEHALF OF THE BOARD: |
20 September 2023 |
Yourway Transport Limited (Registered number: 05017065) |
Report of the Director |
for the Year Ended 31 December 2022 |
The director presents his report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of time sensitive courier solutions. |
DIVIDENDS |
The total dividends declared for the year ended 31 December 2022 was £13,000,000. |
DIRECTOR |
CHARITABLE DONATIONS AND EXPENDITURE |
The company made £500 of charitable donations to UK registered charity during the year. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
In the absence of a notice proposing that the appointment be terminated, the auditors, Merali's, are deemed to be reappointed for the next financial year. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Yourway Transport Limited |
Opinion |
We have audited the financial statements of Yourway Transport Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Yourway Transport Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- enquiring of management including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. |
- discussing among the engagement team including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006 and Tax legislation. |
Audit response to risks identified |
As a result of performing the above, we identified management override of controls, revenue recognition including completeness and cut off for sales, occurrence and cut off for cost of sales as key audit matters/risks. |
Our procedures to respond to risks identified included the following: |
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
- Obtained intercompany balance confirmations, checked inter company balances where applicable, and reviewed minutes of board meetings. |
- Substantive test on sales and cost of sales cycles to get assurance on sales completeness and cut off, and occurrence and cut off on cost of sales. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Yourway Transport Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Scottish Provident House |
76-80 College Road |
Harrow |
Middlesex |
HA1 1BQ |
Yourway Transport Limited (Registered number: 05017065) |
Income Statement |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Income from fixed asset investments |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Yourway Transport Limited (Registered number: 05017065) |
Other Comprehensive Income |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Yourway Transport Limited (Registered number: 05017065) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Yourway Transport Limited (Registered number: 05017065) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Yourway Transport Limited (Registered number: 05017065) |
Cash Flow Statement |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Sale of current asset investment | - | 3,337 |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Movement in bal with group undertaking | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 5,893,405 |
Cash and cash equivalents at end of year | 2 | 2,924,704 | 11,318,401 |
Yourway Transport Limited (Registered number: 05017065) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Gain) / Loss of forex | (776,949 | ) | 228,841 |
Finance income | (13,622 | ) | (18,856 | ) |
10,786,616 | 7,742,606 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 2,924,704 | 11,318,401 |
Year ended 31 December 2021 |
31/12/21 | 1/1/21 |
£ | £ |
Cash and cash equivalents | 11,318,401 | 5,893,405 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/22 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,318,401 | (8,393,697 | ) | 2,924,704 |
11,318,401 | ( |
) | 2,924,704 |
Total | 11,318,401 | (8,393,697 | ) | 2,924,704 |
Yourway Transport Limited (Registered number: 05017065) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Yourway Transport Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial reporting framework that has been applied in preparation of the financial statements is applicable law and United Kingdom Standards (United Kingdom Generally Accepted Accounting Practice) |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
It represents net invoice value of the services, excluding value added tax. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments - (financial assets) |
At initial recognition, the company measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value through profit and loss (FVTPL) are expensed in profit or loss |
The company subsequently measures all equity investments at fair value through profit and loss. Dividends from such investments continue to be recognised in profit or loss as other income when the company's right to receive payments is established. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Yourway Transport Limited (Registered number: 05017065) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
UK | 2,410,682 | 2,584,131 |
Europe | 6,418,872 | 4,566,085 |
Rest of the World | 17,717,940 | 15,196,821 |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Administration and sales |
2022 | 2021 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
6. | AUDITORS' REMUNERATION |
2022 | 2021 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements | 15,000 | 15,000 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Yourway Transport Limited (Registered number: 05017065) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Differences due to deferred tax | (2,366 | ) | 4,709 |
Total tax charge | 2,197,283 | 1,421,322 |
8. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares shares of £1.00 each |
Dividend |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
Yourway Transport Limited (Registered number: 05017065) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 112,089 | 243,756 |
Dividends payable | 306,733 | 484,169 |
Pension contribution | 6,239 | 5,965 |
Accruals |
12. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 7,842 | 10,209 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during year | ( |
) |
Balance at 31 December 2022 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary shares | £1.00 | 100 | 100 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2022 |
Yourway Transport Limited (Registered number: 05017065) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
15. | RELATED PARTY DISCLOSURES |
1) Amounts owed by group undertakings |
Balance as at 31/12/2022 with Yourway Transport Inc USA is £NIL (2021: £NIL). This balance has resulted from the following transactions during the year between Yourway Transport Ltd (UK company) and Yourway Transport Inc (US company): |
2022 | 2021 |
£ | £ |
Brought forward | - | - |
UK Co sales received by US Co | 9,051,307 | 5,892,762 |
US Co suppliers paid by UK Co | 323,280 | 162,325 |
US Co sales received by UK Co | (336,345) | (2,313,144) |
UK Co suppliers paid by US Co | (1,234,790) | (1,187,880) |
Payments by UK for US Co | 5,373,984 | 23,585 |
YWT Singapore balance - Received for US Co by UK Co | - | - |
Payment by US Co for UK Co in relation to dividends payable | (13,177,436) | (2,577,648) |
Total | NIL | NIL |
Yourway Transport Inc is related party due to common control of Mr.G Jaffer. |
2) Balance as at 31/12/2022 with Yourway Transport Limited (India) was £10,375 (2021:£3,576). This has resulted from payments and receipts between each other. |
3) Balance as at 31/12/2022 with Yourway Transport Limited (Ireland) was £1,080,237 . This has resulted from payments and receipts between each other. |
4) Balance as at 31/12/2022 with Yourway Investment Limited (Ireland) was £3,240,277 . This has resulted from payments and receipts between each other. |
4) Dividend declared to director in the year amounted to £13,000,000 (2021: £3,000,000). |
5) Dividends Payable: The amount of £306,733 (2021: £484,169) is dividend payable to the director, Mr G. Jaffer |