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REGISTERED NUMBER: 02700411 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

G K Transport Limited

G K Transport Limited (Registered number: 02700411)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G K Transport Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr G Kibble
Mrs H Kibble
Mr P Kibble





SECRETARY: Mrs H Kibble





REGISTERED OFFICE: Patrick Gregory Road
Off Linthouse Lane
Wednesfield
Wolverhampton
West Midlands
WV11 3DU





REGISTERED NUMBER: 02700411 (England and Wales)





ACCOUNTANTS: Haines Watts Wolverhampton Limited
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

G K Transport Limited (Registered number: 02700411)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 359,544 436,167

CURRENT ASSETS
Stocks 28,224 20,694
Debtors 5 604,889 400,288
Cash at bank and in hand 180,152 251,021
813,265 672,003
CREDITORS
Amounts falling due within one year 6 232,104 154,183
NET CURRENT ASSETS 581,161 517,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

940,705

953,987

CREDITORS
Amounts falling due after more than one
year

7

(9,480

)

(19,760

)

PROVISIONS FOR LIABILITIES (89,886 ) (109,042 )
NET ASSETS 841,339 825,185

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 840,339 824,185
SHAREHOLDERS' FUNDS 841,339 825,185

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

G K Transport Limited (Registered number: 02700411)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2025 and were signed on its behalf by:





Mr G Kibble - Director


G K Transport Limited (Registered number: 02700411)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

G K Transport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts. Revenue from the provision of goods and services is recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

G K Transport Limited (Registered number: 02700411)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023 20,285 31,746 834,658 886,689
Additions 2,700 1,748 36,250 40,698
Disposals - - (44,482 ) (44,482 )
At 31 July 2024 22,985 33,494 826,426 882,905
DEPRECIATION
At 1 August 2023 7,080 20,023 423,419 450,522
Charge for year 3,144 1,876 101,814 106,834
Eliminated on disposal - - (33,995 ) (33,995 )
At 31 July 2024 10,224 21,899 491,238 523,361
NET BOOK VALUE
At 31 July 2024 12,761 11,595 335,188 359,544
At 31 July 2023 13,205 11,723 411,239 436,167

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 584,470 387,043
Other debtors 20,419 13,245
604,889 400,288

G K Transport Limited (Registered number: 02700411)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 15,314 13,742
Trade creditors 92,497 39,934
Taxation and social security 83,827 57,947
Other creditors 40,466 42,560
232,104 154,183

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 9,480 19,760

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 24,000 24,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 5,627 4,335
Bank loans 19,167 29,167
24,794 33,502

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

G K Transport Limited (Registered number: 02700411)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Mr P Kibble
Balance outstanding at start of year 802 -
Amounts advanced 18,200 6,002
Amounts repaid (18,200 ) (5,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 802 802

Mr G Kibble
Balance outstanding at start of year (22,812 ) (50,582 )
Amounts advanced 47,655 33,870
Amounts repaid (13,674 ) (6,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,169 (22,812 )