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COMPANY REGISTRATION NUMBER: 08957711
GNA TRANSPORT LTD
Filleted Unaudited Financial Statements
31 May 2024
GNA TRANSPORT LTD
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
280,960
176,597
Current assets
Debtors
6
12,503
6,317
Cash at bank and in hand
109,968
103,586
---------
---------
122,471
109,903
Creditors: amounts falling due within one year
7
101,725
66,175
---------
---------
Net current assets
20,746
43,728
---------
---------
Total assets less current liabilities
301,706
220,325
Creditors: amounts falling due after more than one year
8
135,085
72,742
---------
---------
Net assets
166,621
147,583
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
166,620
147,582
---------
---------
Shareholders funds
166,621
147,583
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GNA TRANSPORT LTD
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
Mr G S ATWAL
Director
Company registration number: 08957711
GNA TRANSPORT LTD
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 116 EDEN CLOSE, SLOUGH, SL3 8TZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
All assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 June 2023
406,810
9,817
416,627
Additions
188,154
3,281
191,435
Disposals
( 37,000)
( 37,000)
---------
--------
---------
At 31 May 2024
557,964
13,098
571,062
---------
--------
---------
Depreciation
At 1 June 2023
235,343
4,687
240,030
Charge for the year
68,558
1,683
70,241
Disposals
( 20,169)
( 20,169)
---------
--------
---------
At 31 May 2024
283,732
6,370
290,102
---------
--------
---------
Carrying amount
At 31 May 2024
274,232
6,728
280,960
---------
--------
---------
At 31 May 2023
171,467
5,130
176,597
---------
--------
---------
6. Debtors
2024
2023
£
£
Other debtors
12,503
6,317
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
8,374
4,724
Social security and other taxes
29,379
26,548
Other creditors
63,972
34,903
---------
--------
101,725
66,175
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bounce back loan
23,903
33,819
Other creditors
111,182
38,923
---------
--------
135,085
72,742
---------
--------
9. Director's advances, credits and guarantees
Directors loan account relates to directors current account.
10. Related party transactions
The company was under the control of Mr G S ATWAL throughout the current year. Mr G S ATWAL is the managing director and 100% shareholder.