GENERAL EXPRESS SERVICES (CONTRACTS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
General Express Services (Contracts) Limited is a private company limited by shares which is domiciled and incorporated in England and Wales.
The address of the Company's registered office and principal place of business is Central Transport Depot, Opposite 13 Berth, Tilbury Docks, Essex, RM17 7EH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.
The following principal accounting policies have been applied:
The financial statements are prepared on the basis that the Company will continue in operational existence for the foreseeable future. This means, in particular, that the income statement and balance sheet assume no intention or necessity to liquidate or curtial significantly the scale of operations. The financial statements have been prepared on the basis given the director has confirmed that he will provide continuing financial support for the company for at least twelve months from the date the accounts are approved.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised in the period to which the service relates.
Stock represents fuel held, and is valued at cost.
Short-term debtors are measured at transaction price, less any impairment.
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