GF LOGISTICS (UK) LIMITED

Company Registration Number:
07545216 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

GF LOGISTICS (UK) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

GF LOGISTICS (UK) LIMITED

Balance sheet

As at 31 December 2023


Notes

2023

10 months to 31 December 2022


£

£
Fixed assets
Tangible assets: 3 7,380 9,840
Total fixed assets: 7,380 9,840
Current assets
Debtors:   1,504,373 1,087,177
Cash at bank and in hand: 243,622 335,442
Total current assets: 1,747,995 1,422,619
Creditors: amounts falling due within one year:   (1,331,298) (990,786)
Net current assets (liabilities): 416,697 431,833
Total assets less current liabilities: 424,077 441,673
Total net assets (liabilities): 424,077 441,673
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 424,076 441,672
Shareholders funds: 424,077 441,673

The notes form part of these financial statements

GF LOGISTICS (UK) LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 19 September 2024
and signed on behalf of the board by:

Name: Martin Narup
Status: Director

The notes form part of these financial statements

GF LOGISTICS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover consists of the invoiced value (excluding VAT) receivable by the company in the ordinary course of business for goods supplied and for services supplied as a principal.

Tangible fixed assets and depreciation policy

Depreciation is calculated to write off the cost, less estimated residual values, of tangible fixed assets over their estimated useful lives to the business. Where there is evidence of impairment, fixed assets are written down to receivable amount. Any such write down would be charged to operating profit. Office Equipment 25.0% Reducing Balance

Other accounting policies

Stock, work in progress and long-term contracts Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first-in. first-out basis. Cost consists of direct materials, labour and attributable overheads. Net realisable value is based on estimated selling price less any further costs of realisation. Leased Assets Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight-line basis over the lease terms. Pension Costs Contributions in respect of the company's defined contribution pension scheme are charged to profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid are shown as either accruals or prepayments at the year end. Foreign Currencies Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

GF LOGISTICS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 10 months to 31 December 2022
Average number of employees during the period 12 3

GF LOGISTICS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 18,673
At 31 December 2023 18,673
Depreciation
At 01 January 2023 8,833
Charge for year 2,460
At 31 December 2023 11,293
Net book value
At 31 December 2023 7,380
At 31 December 2022 9,840

GF LOGISTICS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Financial commitments

The company has the following annual commitments in respect of operating leases: Expiring within 1-5 Years £57,388

GF LOGISTICS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Related party transactions

Name of the related party: Gallozzi Shipping Limited SPA
Relationship:
Common Director/Shareholder
Description of the Transaction: Sales
£
Balance at 01 January 2023 545,302
Balance at 31 December 2023 881,749
Name of the related party: Gallozzi Shipping Limited SPA
Relationship:
Common Director/Shareholder
Description of the Transaction: Purchases
£
Balance at 01 January 2023 218,961
Balance at 31 December 2023 544,539
Name of the related party: GF Logistic Turkey
Relationship:
Common Director/Shareholder
Description of the Transaction: Sales
£
Balance at 01 January 2023 2,287
Balance at 31 December 2023 8,734
Name of the related party: GF Logistic Turkey
Relationship:
Common Owner/Director
Description of the Transaction: Purchases
£
Balance at 01 January 2023 39,762
Balance at 31 December 2023 116,744
Name of the related party: GF Logistic China Limited
Relationship:
Common Owner/Director
Description of the Transaction: Sales
£
Balance at 01 January 2023 0
Balance at 31 December 2023 7,011
Name of the related party: GF Logistic China Limited
Relationship:
Common Director/Shareholder
Description of the Transaction: Purchases
£
Balance at 01 January 2023 60
Balance at 31 December 2023 595
Name of the related party: GF Logistic SPA
Relationship:
Common Owner/Director
Description of the Transaction: Purchases
£
Balance at 01 January 2023 6,632
Balance at 31 December 2023 30,480