Company registration number SC563530 (Scotland)
GOW TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
GOW TRANSPORT LIMITED
COMPANY INFORMATION
Directors
S MacLeod
A J Gow
Company number
SC563530
Registered office
The Yard
Sordale
Halkirk
Caithness
KW12 6XB
Accountants
Azets
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
GOW TRANSPORT LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
GOW TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2025
31 May 2025
- 1 -
31 May 2025
30 April 2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
541,461
641,851
Current assets
Stocks
1,000
-
Debtors
5
116,318
173,318
Cash at bank and in hand
-
0
100
117,318
173,418
Creditors: amounts falling due within one year
6
(293,028)
(452,109)
Net current liabilities
(175,710)
(278,691)
Total assets less current liabilities
365,751
363,160
Creditors: amounts falling due after more than one year
7
(232,933)
(247,473)
Provisions for liabilities
(16,287)
(11,862)
Net assets
116,531
103,825
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
116,431
103,725
Total equity
116,531
103,825

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

GOW TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MAY 2025
31 May 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2025 and are signed on its behalf by:
A J Gow
Director
Company Registration No. SC563530
GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Gow Transport Limited is a private company limited by shares incorporated in Scotland. The registered office is The Yard, Sordale, Halkirk, Caithness, KW12 6XB.

1.1
Reporting period

The year end date has been lengthend from 30 April 2025 to 31 May 2025.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the period ended 31 May 2025 are the first financial statements of Gow Transport Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2023. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.

1.3
Going concern

The directors are aware of the net current liability position of the company. The company is reliant on the continued support of its directors and suppliers, the directors have confirmed that they will not recall their loan to the detriment of any other creditor. On this basis it is considered appropriate to prepare the financial statements on a going concern basis.true

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 20% reducing balance
Computers
- 15% on cost
Motor vehicles
- 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2024
Number
Number
Total
9
7
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(23,674)
Deferred tax
Origination and reversal of timing differences
4,425
(4,798)
Total tax charge/(credit)
4,425
(28,472)

Factors that may affect future tax charges

There are trading losses of £258,098 (2024 - £323,801) to be carried forward at the year end to use against future taxable profits.

4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2024
783,975
1,124
297,067
1,082,166
Additions
40,000
-
0
-
0
40,000
At 31 May 2025
823,975
1,124
297,067
1,122,166
Depreciation and impairment
At 1 May 2024
342,125
169
98,021
440,315
Depreciation charged in the period
97,068
195
43,127
140,390
At 31 May 2025
439,193
364
141,148
580,705
Carrying amount
At 31 May 2025
384,782
760
155,919
541,461
At 30 April 2024
441,850
955
199,046
641,851
GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
4
Tangible fixed assets
(Continued)
- 8 -
2025
2024
£
£
Plant and equipment
225,177
287,460
Motor vehicles
143,408
183,074
368,585
470,534
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
111,818
155,636
Corporation tax recoverable
-
0
5,022
Amounts owed by group undertakings
4,500
9,000
Other debtors
-
0
3,660
116,318
173,318
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
34,798
41,658
Obligations under finance leases
-
0
203,238
Trade creditors
59,945
39,162
Amounts owed to group undertakings
63,640
-
0
Taxation and social security
34,421
44,305
Other creditors
95,638
122,446
Accruals and deferred income
4,586
1,300
293,028
452,109
7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
484
-
0
Obligations under finance leases
232,449
247,473
232,933
247,473
GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
7
Creditors: amounts falling due after more than one year
(Continued)
- 9 -

Bank overdrafts, from HSBC, are secured over the land and property and floating charge over the assets of the company.

Bank loans are unsecured and represent Bounce Back Funding received during the coronavirus pandemic.

Finance lease creditor is secured over the assets to which they relate.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
80,740
92,812
Tax losses
(64,524)
(80,950)
Retirement benefit obligations
71
-
16,287
11,862
2025
Movements in the period:
£
Liability at 1 May 2024
11,862
Charge to profit or loss
4,425
Liability at 31 May 2025
16,287
9
Directors' transactions

During the year the director introduced funds to the company totalling £62,500 (2024 - £8,800) and withdrew funds of £7,762 (2024 - £nil).

At the year end the director was due a balance from the company of £95,638 (2024 - £40,900) which is included in other creditors. Loans with the director are repayable on demand and no interest is charged.

10
Parent company

The Director considers Gow Group Limited to be the ultimate controlling party.

The address of the company's registered office is:

The Yard

Sordale

Halkirk

Scotland

KW12 6XB

GOW TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
- 10 -
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 May
30 April
2023
2024
Notes
£
£
Equity as reported under previous UK GAAP
111,254
115,687
Adjustments arising from transition to FRS 102:
Deferred tax liability
(16,660)
(11,862)
Equity reported under FRS 102
94,594
103,825
Reconciliation of profit for the financial period
2024
Notes
£
Profit as reported under previous UK GAAP
4,433
Adjustments arising from transition to FRS 102:
Deferred tax liability
4,798
Profit reported under FRS 102
9,231
Notes to reconciliations on adoption of FRS 102

In accordance with the requirements in transistioning to FRS102 the deferred tax liability has now been recognised.

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