Registered number
08364105
G Transport Limited
Report and Accounts
31 March 2024
G Transport Limited
Registered number: 08364105
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,343,088 1,153,731
Current assets
Debtors 5 263,344 64,911
Cash at bank and in hand 541,045 144,667
804,389 209,578
Creditors: amounts falling due within one year 6 (524,120) (223,736)
Net current assets/(liabilities) 280,269 (14,158)
Total assets less current liabilities 1,623,357 1,139,573
Creditors: amounts falling due after more than one year 7 (341,346) (379,565)
Net assets 1,282,011 760,008
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,282,010 760,007
Shareholder's funds 1,282,011 760,008
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………………..
G Taylor
Director
Approved by the board on 30 July 2024
G Transport Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
IT Equipment 5 years straight line
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 150,000
At 31 March 2024 150,000
Amortisation
At 1 April 2023 150,000
At 31 March 2024 150,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 1,710,360
Additions 454,750
Disposals (110,800)
At 31 March 2024 2,054,310
Depreciation
At 1 April 2023 556,629
Charge for the year 183,619
On disposals (29,026)
At 31 March 2024 711,222
Net book value
At 31 March 2024 1,343,088
At 31 March 2023 1,153,731
5 Debtors 2024 2023
£ £
Trade debtors 251,674 64,911
Other debtors 11,670 -
263,344 64,911
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 153,677 139,725
Trade creditors 291,639 31,584
Director's account 38,111 50,775
Corporation tax 39,934 -
Other taxes and social security costs - 902
Other creditors 759 750
524,120 223,736
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 341,346 379,565
8 Other information
G Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
29 Rothschild Road
Leighton Buzzard
Bedfordshire
LU7 2SY
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