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Registration number: 08719469

GNN Transport Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

GNN Transport Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

GNN Transport Ltd

Company Information

Directors

Mr Nerijus Jackus

Miss Gintare Vosyliute

Registered office

41 St Benedicts Road
Brandon
Suffolk
IP27 OUP

Accountants

SCS Accounting Solutions Limited Unit 5, Broadway Barns
The Broadway
Scarning
Dereham
Norfolk
NR19 2LQ

 

GNN Transport Ltd

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Nerijus Jackus

Miss Gintare Vosyliute

Principal activity

The principal activity of the company is Haulage

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 May 2025 and signed on its behalf by:
 

.........................................
Miss Gintare Vosyliute
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GNN Transport Ltd
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GNN Transport Ltd for the year ended 31 October 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of GNN Transport Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GNN Transport Ltd and state those matters that we have agreed to state to the Board of Directors of GNN Transport Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GNN Transport Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GNN Transport Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GNN Transport Ltd. You consider that GNN Transport Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GNN Transport Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

SCS Accounting Solutions Limited
Unit 5, Broadway Barns
The Broadway
Scarning
Dereham
Norfolk
NR19 2LQ

9 May 2025

 

GNN Transport Ltd

Profit and Loss Account for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

 

346,990

351,796

Cost of sales

 

(136,854)

(145,247)

Gross profit

 

210,136

206,549

Administrative expenses

 

(144,179)

(125,382)

Operating profit

 

65,957

81,167

Other interest receivable and similar income

 

-

1

Interest payable and similar expenses

 

-

(127)

   

-

(126)

Profit before tax

4

65,957

81,041

Tax on profit

 

(10,746)

(11,716)

Profit for the financial year

 

55,211

69,325

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

GNN Transport Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2024

2024
£

2023
£

Profit for the year

55,211

69,325

Total comprehensive income for the year

55,211

69,325

 

GNN Transport Ltd

(Registration number: 08719469)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

27,990

18,816

Current assets

 

Debtors

6

8,542

9,658

Cash at bank and in hand

 

66,742

50,326

 

75,284

59,984

Creditors: Amounts falling due within one year

7

(15,902)

(23,139)

Net current assets

 

59,382

36,845

Net assets

 

87,372

55,661

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

87,272

55,561

Shareholders' funds

 

87,372

55,661

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 11 May 2025 and signed on its behalf by:
 

.........................................
Miss Gintare Vosyliute
Director

 

GNN Transport Ltd

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Retained earnings
£

Total
£

At 1 November 2023

100

55,561

55,661

Profit for the year

-

55,211

55,211

Dividends

-

(23,500)

(23,500)

At 31 October 2024

100

87,272

87,372

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

6,236

6,336

Profit for the year

-

69,325

69,325

Dividends

-

(20,000)

(20,000)

At 31 October 2023

100

55,561

55,661

 

GNN Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
41 St Benedicts Road
Brandon
Suffolk
IP27 OUP
England

These financial statements were authorised for issue by the Board on 11 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

GNN Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight-line

Plant & Machinery

20% Straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

GNN Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

6,233

3,584

 

GNN Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

499

69,867

70,366

Additions

241

15,166

15,407

At 31 October 2024

740

85,033

85,773

Depreciation

At 1 November 2023

499

51,051

51,550

Charge for the year

41

6,192

6,233

At 31 October 2024

540

57,243

57,783

Carrying amount

At 31 October 2024

200

27,790

27,990

At 31 October 2023

-

18,816

18,816

6

Debtors

Current

2024
£

2023
£

Prepayments

2,000

2,500

Other debtors

6,542

7,158

 

8,542

9,658

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,629

5,619

Taxation and social security

11,122

12,165

Other creditors

151

5,355

15,902

23,139

8

Share capital

Allotted, called up and fully paid shares

 

GNN Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £235.00 (2023 - £200.00) per each Ordinary

23,500

20,000

 

 

Reconciliation to Dividends categories

Total assigned to category SOCIE 2 2

0

0

Difference to be corrected

23,500

20,000

10

Related party transactions

 

GNN Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

30,622

23,015

 

GNN Transport Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 October 2024

2024
£

2023
£

Turnover/revenue

346,990

351,796

Cost of sales

Purchase of raw materials and consumables

(673)

(709)

Vehicle costs

(129,613)

(133,389)

Printing, postage and stationery

(5,998)

(4,768)

Other costs

(570)

(6,381)

Gross profit

210,136

206,549

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,359)

(1,530)

Advertising, promotions and marketing costs

-

(468)

Rent, rates and services costs

(8,346)

(9,418)

Utilities costs

(602)

(272)

Other repairs and maintenance costs

(333)

-

Cleaning costs

(13)

(112)

Depreciation of fixed assets

(6,233)

(3,584)

Vehicle costs

(480)

(1,312)

Wages and salaries excluding directors

(60,868)

(53,411)

Social security costs excluding directors

(1,100)

-

Pension costs defined contribution schemes excluding directors

(286)

-

Staff costs excluding directors

(62,254)

(53,411)

Salaries and fees, directors

(30,622)

(23,015)

Social security costs, directors

(374)

-

Staff costs, directors

(30,996)

(23,015)

Consultancy costs

-

(467)

Travel and subsistence

(20,977)

(18,877)

Training

(120)

(152)

Legal and professional costs

(220)

-

Bank charges

(106)

(105)

Insurance costs

(9,481)

(10,402)

IT and computing

(67)

(237)

Telecommunications

(1,087)

(972)

Printing, postage and stationery

(260)

(253)

Other costs

(1,245)

(795)

Other operating income

Other items

Profit on ordinary activities before finance charges and interest

65,957

81,167

 

GNN Transport Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 October 2024

2024
£

2023
£

Bank interest and similar income receivable

-

1

Non-bank interest and similar charges

-

(127)

Profit on ordinary activities before taxation

65,957

81,041

Tax on profit or loss on ordinary activities

(10,746)

(11,716)

Profit for the financial year

55,211

69,325