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REGISTERED NUMBER: SC109864 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

Galt Transport Limited

Galt Transport Limited (Registered number: SC109864)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


Galt Transport Limited (Registered number: SC109864)

Strategic Report
for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS
The directors are pleased to report another successful year.

The company has generated turnover of £8,187,827 (2024: £6,782,536) due to excellent services provided. The company has generated £982,366 (2024: £159,030) of profits before tax to give satisfactory results.

At the period end the company had shareholders funds of £7,976,416 (2024: £7,364,320) including distributable profits of £7,908,416 (2024: £7,296,320). The directors therefore believe the company's position to be satisfactory, especially as the company's current assets exceed it current liabilities by £4,259,418 (2024: £2,683,250).

The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES
With trading conditions tough across the wider economy, non payment of customers remains a pertinent risk for the company. The directors have implemented rigorous assessments of new customers and strict credit control procedures to mitigate this risk as far as reasonably possible.

The profitability of the company is at risk from the potentially fluctuating nature of fuel prices, a risk common to the whole of the transport industry and outwith the control of the company.

The directors strive to minimise the risks within their control and to ensure that the company maintains a sold base from which to respond to fluctuating market conditions and to develop profitably in the future.

ON BEHALF OF THE BOARD:





Catherine Galt - Director


25 June 2025

Galt Transport Limited (Registered number: SC109864)

Report of the Directors
for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of haulage services.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2025 will be £120,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Catherine Galt
Andrew Douglas Galt
Linda Jane Rennie

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Catherine Galt - Director


25 June 2025

Report of the Independent Auditors to the Members of
Galt Transport Limited

Opinion
We have audited the financial statements of Galt Transport Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Galt Transport Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Galt Transport Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

25 June 2025

Galt Transport Limited (Registered number: SC109864)

Statement of Comprehensive Income
for the Year Ended 31 March 2025

31.3.25 31.3.24
Notes £    £   

TURNOVER 8,187,827 6,782,536

Cost of sales (5,897,983 ) (5,441,459 )
GROSS PROFIT 2,289,844 1,341,077

Administrative expenses (1,346,695 ) (1,215,176 )
OPERATING PROFIT 4 943,149 125,901

Interest receivable and similar income 40,124 37,431
983,273 163,332

Interest payable and similar expenses 5 (907 ) (4,302 )
PROFIT BEFORE TAXATION 982,366 159,030

Tax on profit 6 (250,270 ) (47,180 )
PROFIT FOR THE FINANCIAL YEAR 732,096 111,850

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

732,096

111,850

Galt Transport Limited (Registered number: SC109864)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £   
FIXED ASSETS
Tangible assets 8 4,578,694 5,308,567

CURRENT ASSETS
Stocks 9 21,394 20,290
Debtors 10 1,115,103 1,203,420
Cash at bank and in hand 3,846,955 2,259,053
4,983,452 3,482,763
CREDITORS
Amounts falling due within one year 11 (724,034 ) (799,513 )
NET CURRENT ASSETS 4,259,418 2,683,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,838,112

7,991,817

CREDITORS
Amounts falling due after more than one
year

12

(6,293

)

(15,424

)

PROVISIONS FOR LIABILITIES 15 (855,403 ) (612,073 )
NET ASSETS 7,976,416 7,364,320

CAPITAL AND RESERVES
Called up share capital 16 68,000 68,000
Retained earnings 17 7,908,416 7,296,320
SHAREHOLDERS' FUNDS 7,976,416 7,364,320

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Catherine Galt - Director


Galt Transport Limited (Registered number: SC109864)

Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2023 68,000 7,184,470 7,252,470

Changes in equity
Total comprehensive income - 111,850 111,850
Balance at 31 March 2024 68,000 7,296,320 7,364,320

Changes in equity
Dividends - (120,000 ) (120,000 )
Total comprehensive income - 732,096 732,096
Balance at 31 March 2025 68,000 7,908,416 7,976,416

Galt Transport Limited (Registered number: SC109864)

Cash Flow Statement
for the Year Ended 31 March 2025

31.3.25 31.3.24
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,765,970 766,584
Interest element of hire purchase payments
paid

(907

)

(4,302

)
Net cash from operating activities 1,765,063 762,282

Cash flows from investing activities
Purchase of tangible fixed assets (343,202 ) (2,414,911 )
Sale of tangible fixed assets 277,000 254,801
Interest received 40,124 37,431
Net cash from investing activities (26,078 ) (2,122,679 )

Cash flows from financing activities
Capital repayments in year (31,003 ) (163,762 )
Amount withdrawn by directors (80 ) (11,292 )
Equity dividends paid (120,000 ) -
Net cash from financing activities (151,083 ) (175,054 )

Increase/(decrease) in cash and cash equivalents 1,587,902 (1,535,451 )
Cash and cash equivalents at beginning of
year

2

2,259,053

3,794,504

Cash and cash equivalents at end of year 2 3,846,955 2,259,053

Galt Transport Limited (Registered number: SC109864)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2025

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.25 31.3.24
£    £   
Profit before taxation 982,366 159,030
Depreciation charges 990,702 763,856
Profit on disposal of fixed assets (194,627 ) (96,857 )
Finance costs 907 4,302
Finance income (40,124 ) (37,431 )
1,739,224 792,900
Increase in stocks (1,104 ) (2,929 )
Decrease/(increase) in trade and other debtors 88,317 (144,090 )
(Decrease)/increase in trade and other creditors (60,467 ) 120,703
Cash generated from operations 1,765,970 766,584

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 3,846,955 2,259,053
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,259,053 3,794,504


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£    £    £   
Net cash
Cash at bank and in hand 2,259,053 1,587,902 3,846,955
2,259,053 1,587,902 3,846,955
Debt
Finance leases (46,428 ) 31,003 (15,425 )
(46,428 ) 31,003 (15,425 )
Total 2,212,625 1,618,905 3,831,530

Galt Transport Limited (Registered number: SC109864)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

Galt Transport Limited is a private company, limited by shares, domiciled in Scotland, registration number SC109864. The registered office is Bankend Road, Broadmeadow Industrial Estate, Dumbarton, G82 2RB.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales in respect of haulage services, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Office buildings - 10% on cost and 5% on cost
Tenants improvements - 15% on reducing balance
Plant & equipment - 20% on cost, 10% on cost and 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Galt Transport Limited (Registered number: SC109864)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

3. EMPLOYEES AND DIRECTORS
31.3.25 31.3.24
£    £   
Wages and salaries 2,453,842 2,243,252
Social security costs 271,505 243,006
Other pension costs 56,247 51,807
2,781,594 2,538,065

The average number of employees during the year was as follows:
31.3.25 31.3.24

Employees 54 53

31.3.25 31.3.24
£    £   
Directors' remuneration 108,200 91,732
Directors' pension contributions to money purchase schemes 2,526 2,122

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Galt Transport Limited (Registered number: SC109864)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25 31.3.24
£    £   
Depreciation - owned assets 976,860 681,491
Depreciation - assets on hire purchase contracts 13,842 82,366
Profit on disposal of fixed assets (194,627 ) (96,857 )
Auditors' remuneration 8,600 8,080

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.25 31.3.24
£    £   
Hire purchase 907 4,302

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.25 31.3.24
£    £   
Current tax:
UK corporation tax 6,940 -

Deferred tax 243,330 47,180
Tax on profit 250,270 47,180

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25 31.3.24
£    £   
Profit before tax 982,366 159,030
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2024 - 19%)

186,650

30,216

Effects of:
Expenses not deductible for tax purposes 302 705
Income not taxable for tax purposes (36,979 ) (18,403 )
Capital allowances in excess of depreciation - (328,866 )
Depreciation in excess of capital allowances 120,063 -
Utilisation of tax losses (263,096 ) -
Deferred tax 243,330 47,180
Tax losses not utilised - 316,348
Total tax charge 250,270 47,180

Galt Transport Limited (Registered number: SC109864)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

7. DIVIDENDS
31.3.25 31.3.24
£    £   
B Ordinary shares of £1 each
Final 30,000 -
C Ordinary shares of £1 each
Final 30,000 -
D Ordinary shares of £1 each
Final 30,000 -
E Ordinary shares of £1 each
Final 30,000 -
120,000 -

8. TANGIBLE FIXED ASSETS
Freehold Office Tenants
property buildings improvements
£    £    £   
COST
At 1 April 2024 516,389 427,754 36,413
Additions - - -
Disposals - - -
At 31 March 2025 516,389 427,754 36,413
DEPRECIATION
At 1 April 2024 84,932 112,689 35,880
Charge for year 8,727 21,546 79
Eliminated on disposal - - -
At 31 March 2025 93,659 134,235 35,959
NET BOOK VALUE
At 31 March 2025 422,730 293,519 454
At 31 March 2024 431,457 315,065 533

Galt Transport Limited (Registered number: SC109864)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

8. TANGIBLE FIXED ASSETS - continued

Plant & Motor
equipment vehicles Totals
£    £    £   
COST
At 1 April 2024 3,128,015 7,655,897 11,764,468
Additions 48,642 294,560 343,202
Disposals (22,907 ) (1,445,807 ) (1,468,714 )
At 31 March 2025 3,153,750 6,504,650 10,638,956
DEPRECIATION
At 1 April 2024 1,707,355 4,515,045 6,455,901
Charge for year 150,547 809,803 990,702
Eliminated on disposal (19,548 ) (1,366,793 ) (1,386,341 )
At 31 March 2025 1,838,354 3,958,055 6,060,262
NET BOOK VALUE
At 31 March 2025 1,315,396 2,546,595 4,578,694
At 31 March 2024 1,420,660 3,140,852 5,308,567

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2024 749,962
Transfer to ownership (675,212 )
At 31 March 2025 74,750
DEPRECIATION
At 1 April 2024 544,637
Charge for year 13,842
Transfer to ownership (513,949 )
At 31 March 2025 44,530
NET BOOK VALUE
At 31 March 2025 30,220
At 31 March 2024 205,325

9. STOCKS
31.3.25 31.3.24
£    £   
Raw materials 21,394 20,290

Galt Transport Limited (Registered number: SC109864)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade debtors 872,498 982,688
Prepayments and accrued income 242,605 220,732
1,115,103 1,203,420

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Hire purchase contracts (see note 13) 9,132 31,004
Trade creditors 214,775 240,671
Tax 6,940 -
Social security and other taxes 56,705 56,034
VAT 211,729 90,510
Directors' current accounts 14,089 14,169
Accruals and deferred income 210,664 367,125
724,034 799,513

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.25 31.3.24
£    £   
Hire purchase contracts (see note 13) 6,293 15,424

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.25 31.3.24
£    £   
Net obligations repayable:
Within one year 9,132 31,004
Between one and five years 6,293 15,424
15,425 46,428

14. SECURED DEBTS

The following secured debts are included within creditors:

31.3.25 31.3.24
£    £   
Hire purchase contracts 15,425 46,428

Hire purchase contracts are secured on the assets to which they relate.

15. PROVISIONS FOR LIABILITIES
31.3.25 31.3.24
£    £   
Deferred tax 855,403 612,073

Galt Transport Limited (Registered number: SC109864)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2024 612,073
Provided during year 243,330
Balance at 31 March 2025 855,403

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.25 31.3.24
value: £    £   
NIL Ordinary £1 - 68,000
35,360 A Ordinary £1 35,360 -
8,160 B Ordinary £1 8,160 -
8,160 C Ordinary £1 8,160 -
8,160 D Ordinary £1 8,160 -
8,160 E Ordinary £1 8,160 -
68,000 68,000

17. RESERVES
Retained
earnings
£   

At 1 April 2024 7,296,320
Profit for the year 732,096
Dividends (120,000 )
At 31 March 2025 7,908,416

18. CAPITAL COMMITMENTS
31.3.25 31.3.24
£    £   
Contracted but not provided for in the
financial statements 857,018 -

19. ULTIMATE CONTROLLING PARTY

The company is under the control of Mrs C Galt.