Company Registration No. SC057964 (Scotland)
Glen Transport Limited
Unaudited accounts
for the year ended 31 August 2023
Glen Transport Limited
Unaudited accounts
Contents
Glen Transport Limited
Company Information
for the year ended 31 August 2023
Company Number
SC057964 (Scotland)
Registered Office
Devon park Mills
Alexandra Street
Devonside , Tillicoultry
Clackmannanshire
FK13 6HP
Accountants
Bridge of Allan Enterprise Ltd
"The Summerhouse"
29A Kenilworth Road, Bridge of Allan
Stirling
FK9 4EH
Glen Transport Limited
Statement of financial position
as at 31 August 2023
Tangible assets
18,792
24,701
Cash at bank and in hand
66,406
81,991
Creditors: amounts falling due within one year
(45,383)
(55,381)
Net current assets
55,984
63,227
Total assets less current liabilities
74,776
87,928
Provisions for liabilities
Deferred tax
(3,570)
(4,693)
Called up share capital
10,000
10,000
Profit and loss account
61,206
73,235
Shareholders' funds
71,206
83,235
For the year ending 31 August 2023 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 October 2023 and were signed on its behalf by
David Taylor
Director
Company Registration No. SC057964
Glen Transport Limited
Notes to the Accounts
for the year ended 31 August 2023
Glen Transport Limited is a private company, limited by shares, registered in Scotland, registration number SC057964. The registered office is Devon park Mills , Alexandra Street, Devonside , Tillicoultry , Clackmannanshire, FK13 6HP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, in relation to removal, storage and distribution services provided, excluding value added tax.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income ordirectly 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 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.
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.
Glen Transport Limited
Notes to the Accounts
for the year ended 31 August 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account in the period to which they relate.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 September 2022
42,468
99,573
142,041
At 31 August 2023
42,468
99,573
142,041
At 1 September 2022
39,806
77,534
117,340
Charge for the year
399
5,510
5,909
At 31 August 2023
40,205
83,044
123,249
At 31 August 2023
2,263
16,529
18,792
At 31 August 2022
2,662
22,039
24,701
Amounts falling due within one year
Trade debtors
12,815
12,900
Other debtors
13,049
14,620
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
5,508
5,094
Taxes and social security
2,249
6,703
Other creditors
3,133
3,812
Loans from directors
20,722
26,130
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account
(26,130)
5,408
-
(20,722)
Glen Transport Limited
Notes to the Accounts
for the year ended 31 August 2023
8
Transactions with related parties
The company leased premises from the director at no cost.
Included within "Other creditors" is a balance of £3133 (2022: £3133) due to a shareholder. This loan is interest free, and no fixed terms of repayment have been agreed.
9
Average number of employees
During the year the average number of employees was 6 (2022: 8).