Company registration number 02143848 (England and Wales)
GORDONS TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GORDONS TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
GORDONS TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,986,023
3,123,720
Current assets
Stocks
24,388
45,327
Debtors
4
965,184
1,509,281
989,572
1,554,608
Creditors: amounts falling due within one year
5
(1,439,469)
(2,118,402)
Net current liabilities
(449,897)
(563,794)
Total assets less current liabilities
2,536,126
2,559,926
Creditors: amounts falling due after more than one year
6
(916,591)
(1,044,360)
Provisions for liabilities
(664,487)
(485,043)
Net assets
955,048
1,030,523
Capital and reserves
Called up share capital
60
60
Profit and loss reserves
954,988
1,030,463
Total equity
955,048
1,030,523

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GORDONS TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr J M Atkinson
Director
Company registration number 02143848 (England and Wales)
GORDONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Gordons Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hall Farm, Manor Road, Beal, Nr Goole, DN14 0ST.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Building Fixtures & Property Improvements
2% & 4% straight line
Mobile Plant
33.3% reducing balance
Office Equipment
33.3% reducing balance
Leased Assets
20% straight line
Motor Vehicles
25% reducing balance
Lorries
25% reducing balance
Trailers
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

GORDONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

 

 

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with bank and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

 

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities including creditors and bank loans are measured at the transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

GORDONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13

Debt factoring

 

Included within trade debtors are factored debtor balances with recourse, these are shown at full value. Any amounts received from the factor regarding these balances are included within other creditors.

GORDONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 53 (2022 - 50).

2023
2022
Number
Number
Total
53
50
GORDONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Building Fixtures & Property Improvements
Mobile Plant
Office Equipment
Leased Assets
Motor Vehicles
Lorries
Trailers
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
277,864
134,100
69,387
79,950
217,562
3,849,000
3,009,821
7,637,684
Additions
-
0
44,132
1,008
-
0
232,642
488,126
-
0
765,908
Disposals
-
0
(11,480)
(1,599)
-
0
-
0
(907,000)
(44,300)
(964,379)
At 31 December 2023
277,864
166,752
68,796
79,950
450,204
3,430,126
2,965,521
7,439,213
Depreciation and impairment
At 1 January 2023
130,084
113,509
55,234
79,950
100,470
1,952,387
2,082,330
4,513,965
Depreciation charged in the year
6,295
16,217
4,794
-
0
47,130
520,125
185,471
780,032
Eliminated in respect of disposals
-
0
(11,407)
(1,362)
-
0
-
0
(783,874)
(44,164)
(840,807)
At 31 December 2023
136,378
118,320
58,666
79,950
147,600
1,688,638
2,223,638
4,453,190
Carrying amount
At 31 December 2023
141,486
48,432
10,130
-
0
302,604
1,741,488
741,883
2,986,023
At 31 December 2022
147,780
20,591
14,153
-
0
117,092
1,896,613
927,491
3,123,720
GORDONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
858,023
1,351,130
Corporation tax recoverable
-
0
71,299
Other debtors
-
0
1,567
Prepayments and accrued income
107,161
85,285
965,184
1,509,281
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,405
52,918
Obligations under finance leases
635,342
673,522
Trade creditors
221,663
278,380
Taxation and social security
302,129
160,712
Other creditors
221,633
908,196
Accruals and deferred income
45,297
44,674
1,439,469
2,118,402

Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.

 

£144,352 (2022 £802,642) of Other Creditors are secured.

6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14,167
24,167
Obligations under finance leases
902,424
1,020,193
916,591
1,044,360

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

GORDONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Operating lease commitments
Lessee

At the reporting end date the company had total outstanding commitments for lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
70,400
139,904
8
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
120,000
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Key management personnel
4,632
16,634
Other related parties
25,312
20,312
2023-12-312023-01-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr J M AtkinsonK GordonMrs F L Atkinsonfalsefalse021438482023-01-012023-12-31021438482023-12-31021438482022-12-3102143848core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3102143848core:PlantMachinery2023-12-3102143848core:FurnitureFittings2023-12-3102143848core:ComputerEquipment2023-12-3102143848core:MotorVehicles2023-12-3102143848core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3102143848core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-12-3102143848core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3102143848core:PlantMachinery2022-12-3102143848core:FurnitureFittings2022-12-3102143848core:ComputerEquipment2022-12-3102143848core:MotorVehicles2022-12-3102143848core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3102143848core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-12-3102143848core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102143848core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102143848core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3102143848core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3102143848core:CurrentFinancialInstruments2023-12-3102143848core:CurrentFinancialInstruments2022-12-3102143848core:Non-currentFinancialInstruments2023-12-3102143848core:Non-currentFinancialInstruments2022-12-3102143848core:ShareCapital2023-12-3102143848core:ShareCapital2022-12-3102143848core:RetainedEarningsAccumulatedLosses2023-12-3102143848core:RetainedEarningsAccumulatedLosses2022-12-3102143848bus:Director12023-01-012023-12-3102143848core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3102143848core:PlantMachinery2023-01-012023-12-3102143848core:FurnitureFittings2023-01-012023-12-3102143848core:ComputerEquipment2023-01-012023-12-3102143848core:MotorVehicles2023-01-012023-12-3102143848core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3102143848core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-01-012023-12-31021438482022-01-012022-12-3102143848core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3102143848core:ComputerEquipment2022-12-3102143848core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31021438482022-12-3102143848core:FurnitureFittings2022-12-3102143848core:MotorVehicles2022-12-3102143848bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102143848bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102143848bus:FRS1022023-01-012023-12-3102143848bus:AuditExemptWithAccountantsReport2023-01-012023-12-3102143848bus:Director22023-01-012023-12-3102143848bus:CompanySecretary12023-01-012023-12-3102143848bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP