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GLOBAL FORWARDING TRUCKING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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Basis of preparation of financial statements
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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:
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.
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.
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.
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