REGISTERED NUMBER: |
Financial Statements For The Year Ended 28 February 2024 |
for |
Gordon Transport Solutions Ltd |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 28 February 2024 |
for |
Gordon Transport Solutions Ltd |
Gordon Transport Solutions Ltd (Registered number: SC422256) |
Contents of the Financial Statements |
For The Year Ended 28 February 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Gordon Transport Solutions Ltd |
Company Information |
For The Year Ended 28 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Gordon Transport Solutions Ltd (Registered number: SC422256) |
Abridged Statement of Financial Position |
28 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Gordon Transport Solutions Ltd (Registered number: SC422256) |
Abridged Statement of Financial Position - continued |
28 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Gordon Transport Solutions Ltd (Registered number: SC422256) |
Notes to the Financial Statements |
For The Year Ended 28 February 2024 |
1. | STATUTORY INFORMATION |
Gordon Transport Solutions Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinar y course of the Company's activities. |
Sales are presented, net of value added tax, rebates and discounts. |
The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the r elated receivables is reasonably assured and when the specific criteria for each of the Company's activities are met. |
Tangible fixed assets |
Fixed plant and equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Impairment of fixed assets |
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such |
indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is no t possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. |
Gordon Transport Solutions Ltd (Registered number: SC422256) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
Loans and other receivables |
Loans and other receivables are non derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses. |
Other financial liabilities |
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value. |
Impairment of financial instruments |
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Gordon Transport Solutions Ltd (Registered number: SC422256) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
At 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
5. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Gordon Transport Solutions Ltd (Registered number: SC422256) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan is secured. It is repayable over a period of 5 years and interest is chargeable at a commercial rate. |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is J Gordon. |