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Company Registration No. SC057964 (Scotland)
Glen Transport Limited Unaudited accounts for the year ended 31 August 2023
Glen Transport Limited Unaudited accounts Contents
Page
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Glen Transport Limited Company Information for the year ended 31 August 2023
Director
David Taylor
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
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Glen Transport Limited Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
18,792 
24,701 
Current assets
Inventories
9,097 
9,097 
Debtors
25,864 
27,520 
Cash at bank and in hand
66,406 
81,991 
101,367 
118,608 
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)
Net assets
71,206 
83,235 
Capital and reserves
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
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Glen Transport Limited Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
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 taxation
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.
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Glen Transport Limited Notes to the Accounts for the year ended 31 August 2023
Pension costs
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 
Depreciation
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 
Net book value
At 31 August 2023
2,263 
16,529 
18,792 
At 31 August 2022
2,662 
22,039 
24,701 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
12,815 
12,900 
Other debtors
13,049 
14,620 
25,864 
27,520 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
8,969 
8,324 
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 
Accruals
4,802 
5,318 
45,383 
55,381 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
David Taylor
Directors Loan Account
(26,130)
5,408 
- 
(20,722)
(26,130)
5,408 
- 
(20,722)
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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).
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