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REGISTERED NUMBER: SC422256 (Scotland)















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: S J Gordon
J Gordon
A R McWhirter





REGISTERED OFFICE: Schawkirk Garage
Stair
Ayrshire
KA5 5JA





REGISTERED NUMBER: SC422256 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered 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 4 415,467 436,865

CURRENT ASSETS
Stocks 44,873 43,100
Debtors 535,955 553,177
Cash at bank and in hand 404,172 275,838
985,000 872,115
CREDITORS
Amounts falling due within one year 585,045 615,096
NET CURRENT ASSETS 399,955 257,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

815,422

693,884

CREDITORS
Amounts falling due after more than one
year

(15,833

)

(25,833

)

PROVISIONS FOR LIABILITIES (103,865 ) (83,004 )
NET ASSETS 695,724 585,047

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 695,624 584,947
695,724 585,047

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 28 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:




S J Gordon - Director



J Gordon - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixed plant and equipment - 15% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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 14 (2023 - 22 ) .

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 787,347
Additions 126,559
Disposals (133,200 )
At 28 February 2024 780,706
DEPRECIATION
At 1 March 2023 350,482
Charge for year 100,415
Eliminated on disposal (85,658 )
At 28 February 2024 365,239
NET BOOK VALUE
At 28 February 2024 415,467
At 28 February 2023 436,865

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 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,833 15,833

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 19,000 19,000
Between one and five years 19,000 38,000
38,000 57,000

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 25,833 35,833

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.