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Registered number: 13422596














GLOBAL FORWARDING TRUCKING LIMITED
 FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GLOBAL FORWARDING TRUCKING LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4


 
GLOBAL FORWARDING TRUCKING LIMITED
REGISTERED NUMBER:13422596

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
22,177
6,301

Bank and cash balances
  
2,970
17,334

  
25,147
23,635

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(28,624)
(89,086)

  

Net liabilities
  
(3,477)
(65,451)


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
(3,577)
(65,551)

  
(3,477)
(65,451)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.




M A Roydon
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
GLOBAL FORWARDING TRUCKING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Global Forwarding Trucking Limited is a limited liability company registered in England and Wales. Its registered office address is at Unit B Crosspoint Distribution Park, Swallowfield Way, Hayes, Middlesex, UB3 1DQ.
The Company ceased trading on 6 October 2023.
The financial statements are presented in £ sterling, which is the functional currency of the Company. 
The principal activity of the Company during the period was that of freight transport by road. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors intend to liquidate the Company. Accordingly, the going concern basis of accounting is no longer appropriate as at 31 December 2023. As required by FRS102 paragraph 3.9, the Directors have prepared the financial statements on the basis that the Company is no longer a going concern. The financial statements have therefore been prepared on a breakup basis for the year ended 31 December 2023. All tangible assets have been reclassed from non-current to current assets. The Directors have chosen not to charge accelerated depreciation as the assets will naturally reach the end of their useful economic life before the proposed liquidation. No other adjustments to assets and liabilities were required to be made.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

In accordance with the principal activities, the Company recognised turnover on the date of dispatch of freight. 

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 
GLOBAL FORWARDING TRUCKING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.6

Basic Financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).


4.


Debtors

2023
2022
£
£


Trade debtors
7,823
-

Amounts owed by group undertakings
13,053
-

Other debtors
15
2,000

Prepayments and accrued income
1,286
4,301

22,177
6,301


Page 3

 
GLOBAL FORWARDING TRUCKING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
18,039
-

Amounts owed to group undertakings
-
57,046

Other taxation and social security
2,286
6,589

Other creditors
765
17,205

Accruals and deferred income
7,534
8,246

28,624
89,086



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary Shares shares of £1 each
100
100



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held sepately from those of the entity in an independently administred fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £2,538  (2022 - £270).
Contributions totalling £Nil (2022 - £629) were payable to the fund at the balance sheet date and are
included in creditors.


8.


Related party transactions

The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption
allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.


9.


Controlling party

The immediate parent undertaking is Global Forwarding Limited.
The Directors consider that the ultimate controlling party is Hecny Transportation Limited, a company
incorporated in Hong Kong.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 4 March 2025 by Sean Brennan FCCA (Senior Statutory Auditor) on behalf of Sopher+Co LLP.

Page 4

 
GLOBAL FORWARDING TRUCKING LIMITED
 
 
Page 5