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Registered number: 05614012
Kedan Logistics Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05614012
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 131,487 6,663
131,487 6,663
CURRENT ASSETS
Debtors 5 563,425 485,583
Cash at bank and in hand 506,301 444,943
1,069,726 930,526
Creditors: Amounts Falling Due Within One Year 6 (679,650 ) (539,802 )
NET CURRENT ASSETS (LIABILITIES) 390,076 390,724
TOTAL ASSETS LESS CURRENT LIABILITIES 521,563 397,387
Creditors: Amounts Falling Due After More Than One Year 7 (53,102 ) (36,464 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (31,597 ) (1,266 )
NET ASSETS 436,864 359,657
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 436,862 359,655
SHAREHOLDERS' FUNDS 436,864 359,657
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit 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.
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 Keith Borroughs
Director
13th June 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kedan Logistics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05614012 . The registered office is 1 Schneider Close, Felixstowe, Suffolk, IP11 3SS.
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. 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 & Machinery 25% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost
2.4. 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.
2.5. 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. 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 year 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 asset reflects 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.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 9)
10 9
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 February 2023 7,500 56,767 64,267
Additions 179,768 6,412 186,180
Disposals (48,498 ) - (48,498 )
As at 31 January 2024 138,770 63,179 201,949
Depreciation
As at 1 February 2023 7,498 50,106 57,604
Provided during the period 7,147 5,711 12,858
As at 31 January 2024 14,645 55,817 70,462
Net Book Value
As at 31 January 2024 124,125 7,362 131,487
As at 1 February 2023 2 6,661 6,663
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 64,707 -
64,707 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 545,798 468,262
Prepayments and accrued income 5,822 8,182
VAT 11,803 9,137
Called up share capital not paid 2 2
563,425 485,583
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,863 -
Trade creditors 422,201 326,418
Bank loans and overdrafts 9,952 -
Corporation tax 72,799 67,685
Other taxes and social security 7,864 6,291
Other creditors 139,222 134,043
Accruals and deferred income 5,749 5,365
679,650 539,802
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 36,439 -
Bank loans 16,663 36,464
53,102 36,464
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 21,863 -
Later than one year and not later than five years 36,439 -
58,302 -
58,302 -
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9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 31,597 1,266
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 1,266 1,266
Additions 30,331 30,331
Balance at 31 January 2024 31,597 31,597
11. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 2 2
Amount of Allotted, Called Up Share Capital 2 2
12. Capital Commitments
2024 2023
£ £
At the end of the period - 48,873
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
13. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Keith Borroughs 120,000 170,000
Mr Daniel Soall 120,000 170,000
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