Registered number
11066104
G & S Transporting Ltd
Filleted Accounts
30 November 2023
G & S Transporting Ltd
Registered number: 11066104
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 35,071 54,471
Current assets
Debtors 4 54 8,751
Cash at bank and in hand 1,019 2,601
1,073 11,352
Creditors: amounts falling due within one year 5 (20,794) (17,246)
Net current liabilities (19,721) (5,894)
Total assets less current liabilities 15,350 48,577
Creditors: amounts falling due after more than one year 6 (6,227) (40,000)
Net assets 9,123 8,577
Capital and reserves
Called up share capital 1 1
Profit and loss account 9,122 8,576
Shareholder's funds 9,123 8,577
The director is 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 director acknowledges her 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.
Mrs K J Gess
Director
Approved by the board on 18 November 2024
G & S Transporting Ltd
Notes to the Accounts
for the year ended 30 November 2023
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 (as applied to small entities by section 1A of the standard).
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.
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 20% reducing balance
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 48,083 24,500 72,583
Additions - 10,000 10,000
Disposals (36,144) - (36,144)
At 30 November 2023 11,939 34,500 46,439
Depreciation
At 1 December 2022 18,112 - 18,112
Charge for the year 1,368 4,900 6,268
On disposals (13,012) - (13,012)
At 30 November 2023 6,468 4,900 11,368
Net book value
At 30 November 2023 5,471 29,600 35,071
At 30 November 2022 29,971 24,500 54,471
4 Debtors 2023 2022
£ £
Trade debtors - 7,500
Other debtors 54 1,251
54 8,751
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,335 -
Trade creditors 12,735 12,446
Taxation and social security costs 3,761 2,665
Other creditors 1,963 2,135
20,794 17,246
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 40,000
Obligations under finance lease and hire purchase contracts 6,227 -
6,227 40,000
7 Other information
G & S Transporting Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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