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REGISTERED NUMBER: SC422256 (Scotland)
















Financial Statements

for the Year Ended 28 February 2023

for

Gordon Transport Solutions Ltd

Gordon Transport Solutions Ltd (Registered number: SC422256)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gordon Transport Solutions Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr J Gordon
Mr S J Gordon
Mr A R Mcwhirter





REGISTERED OFFICE: Schawkirk Garage
Stair
Ayrshire
KA5 5JA





REGISTERED NUMBER: SC422256 (Scotland)






Gordon Transport Solutions Ltd (Registered number: SC422256)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 436,865 355,501

CURRENT ASSETS
Stocks 43,100 62,582
Debtors 5 553,177 474,243
Cash at bank and in hand 275,838 210,553
872,115 747,378
CREDITORS
Amounts falling due within one year 6 615,096 552,532
NET CURRENT ASSETS 257,019 194,846
TOTAL ASSETS LESS CURRENT
LIABILITIES

693,884

550,347

CREDITORS
Amounts falling due after more than one
year

7

(25,833

)

(35,833

)

PROVISIONS FOR LIABILITIES (83,004 ) (67,545 )
NET ASSETS 585,047 446,969

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 584,947 446,869
SHAREHOLDERS' FUNDS 585,047 446,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

Gordon Transport Solutions Ltd (Registered number: SC422256)

Balance Sheet - continued
28 February 2023


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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:




Mr S J Gordon - Director



Mr J Gordon - Director


Gordon Transport Solutions Ltd (Registered number: SC422256)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Gordon Transport Solutions Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Going concern
The financial statements have been prepared on a going concern basis which assumes the company will continue to trade for a period of 12 months from the date of approval.

The directors consider the financial requirements of the company on a regular basis, taking account of existing resources and current and future trading conditions. This is to ensure that adequate financial resources are available to meet operating commitments as they fall due. Having carried out this exercise the directors are satisfied that the accounts may be prepared on a going concern basis.

Turnover/ revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant, machinery and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Gordon Transport Solutions Ltd (Registered number: SC422256)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Grant income
The directors believe revenue grants received against specific overhead costs should be offset against the costs incurred and as such have been accounted for in that manner.

Gordon Transport Solutions Ltd (Registered number: SC422256)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant,
machinery Fixtures
and and Motor Computer
equipment fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 186,504 1,014 440,139 27,092 654,749
Additions 100,920 1,770 77,896 3,612 184,198
Disposals - - (51,600 ) - (51,600 )
At 28 February 2023 287,424 2,784 466,435 30,704 787,347
DEPRECIATION
At 1 March 2022 66,210 51 210,781 22,206 299,248
Charge for year 16,203 233 67,806 2,044 86,286
Eliminated on disposal - - (35,052 ) - (35,052 )
At 28 February 2023 82,413 284 243,535 24,250 350,482
NET BOOK VALUE
At 28 February 2023 205,011 2,500 222,900 6,454 436,865
At 28 February 2022 120,294 963 229,358 4,886 355,501

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 491,022 420,410
Other debtors 62,155 53,833
553,177 474,243

Gordon Transport Solutions Ltd (Registered number: SC422256)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 224,693 100,797
Taxation and social security 92,193 116,912
Other creditors 288,210 324,823
615,096 552,532

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,833 35,833

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 19,000 6,000
Between one and five years 38,000 24,000
57,000 30,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 35,833 45,833

The bank loan is secured, repayable over a period of 5 years and interest is chargeable at a commercial rate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

11. ULTIMATE CONTROLLING PARTY

The controlling party is J Gordon by virtue of his 100% ownership in the issued share capital of the company.