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Registered number: 06198317
G & L Transport Southern Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06198317
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 640,378 485,357
640,378 485,357
CURRENT ASSETS
Stocks 6 203,820 153,400
Debtors 7 988,259 843,701
Cash at bank and in hand 153,650 113,733
1,345,729 1,110,834
Creditors: Amounts Falling Due Within One Year 8 (1,514,731 ) (1,278,840 )
NET CURRENT ASSETS (LIABILITIES) (169,002 ) (168,006 )
TOTAL ASSETS LESS CURRENT LIABILITIES 471,376 317,351
Creditors: Amounts Falling Due After More Than One Year 9 (348,325 ) (171,937 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (71,379 ) (75,759 )
NET ASSETS 51,672 69,655
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 51,572 69,555
SHAREHOLDERS' FUNDS 51,672 69,655
Page 1
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For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L Bullimore
Director
30th July 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
G & L Transport Southern Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06198317 . The registered office is 1st Floor, Unit 12, Compass Point, Ensign Way, Hamble, Southampton, Hampshire, SO31 4RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery various rates
Motor vehicles various rates
Fixtures & Fittings 25% reducing balance
Office and computer equipment 25% reducing balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 18 (2022: 17)
18 17
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4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 40,000
As at 31 July 2023 40,000
Amortisation
As at 1 August 2022 40,000
As at 31 July 2023 40,000
Net Book Value
As at 31 July 2023 -
As at 1 August 2022 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 2 years.
5. Tangible Assets
Plant and machinery Motor vehicles Office and computer equipment Total
£ £ £ £
Cost
As at 1 August 2022 321,290 370,233 8,666 700,189
Additions 75,000 284,277 2,297 361,574
Disposals (56,919 ) (112,477 ) (2,500 ) (171,896 )
As at 31 July 2023 339,371 542,033 8,463 889,867
Depreciation
As at 1 August 2022 97,807 109,055 7,970 214,832
Provided during the period 31,004 61,463 635 93,102
Disposals (13,506 ) (42,439 ) (2,500 ) (58,445 )
As at 31 July 2023 115,305 128,079 6,105 249,489
Net Book Value
As at 31 July 2023 224,066 413,954 2,358 640,378
As at 1 August 2022 223,483 261,178 696 485,357
6. Stocks
2023 2022
£ £
Materials 203,820 153,400
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 793,619 663,250
Other debtors 194,640 180,451
988,259 843,701
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 159,656 139,254
Trade creditors 207,060 227,455
Bank loans and overdrafts 25,317 14,621
Other creditors 588,287 555,154
Taxation and social security 534,411 342,356
1,514,731 1,278,840
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 303,056 142,839
Bank loans 45,269 29,098
348,325 171,937
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 159,656 139,254
Later than one year and not later than five years 303,056 142,839
462,712 282,093
462,712 282,093
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Mr Lee Bullimore 162,798 123,291 (104,500 ) - 181,589
In accordance with instructions received from Mrs Georgina Bullimore, the director's wife, dividends payable on her holdings of A and B ordinary shares in the Company are credited to her husband's loan account with the Company.
The above loan is unsecured and repayable on demand, interest is charged on overdrawn balances at the prevailing beneficial loan rate. Interest charged for the year was £3,085.
13. Ultimate Controlling Party
The company's ultimate controlling party is Mr L Bullimore by reason of his majority holding in the issued share capital in the company.
14. Reclassification
Certain corresponding figures for the previous financial year have been reclassified to conform to current year presentation.
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