Registration number: 04225038

KRG Transport Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 12

KRG Transport Ltd

(Registration number: 04225038)
Balance Sheet as at 31 May 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	44,764	29,260
Tangible assets	5	4,372,607	3,830,990
Investment property	6	318,848	238,848
Investments	7	1	1
		4,736,220	4,099,099
Current assets
Stocks	8	20,000	127,500
Debtors	9	1,566,179	863,030
Cash at bank and in hand		287,609	652,160
		1,873,788	1,642,690
Creditors: Amounts falling due within one year	10	(1,542,652)	(1,233,158)
Net current assets		331,136	409,532
Total assets less current liabilities		5,067,356	4,508,631
Creditors: Amounts falling due after more than one year	10	(738,110)	(758,470)
Provisions for liabilities		(867,029)	(695,141)
Net assets		3,462,217	3,055,020
Capital and reserves
Called up share capital		1	1
Capital redemption reserve		1	1
Retained earnings		3,462,215	3,055,018
Shareholders' funds		3,462,217	3,055,020

KRG Transport Ltd

(Registration number: 04225038)
Balance Sheet as at 31 May 2025

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

Director's 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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 October 2025
 

K R Gooding Director

KRG Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

1	General information

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

The address of its registered office is:
Hillside Farm
Woolavington Road
Puriton
Bridgwater
Somerset
TA7 8AA

These financial statements were authorised for issue by the director on 3 October 2025.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

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.

Going concern

The director has prepared the accounts on the going concern basis.

Revenue recognition

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

The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the entity;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.

KRG Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Rental income
Rental income from operating leases is recognised on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern in which benefit derived from the leased asset is diminished.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line
Computer software	25% straight line

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.

KRG Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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
Freehold land and buildings	Nil
Plant and machinery	25% reducing balance
Office equipment	25% reducing balance
Motor vehicles	20% reducing balance

Freehold property is not subject to periodic changes for depreciation. The Companies Act 2006 would normally require such assets to be depreciated over their useful economic life. However, in the opinion of the directors this would not show a true and fair view of the value of the assets at the balance sheet date.

If this departure from the Act had not been made, the proft for the financial year would have been reduced by the depreciation on the property. However, the directors believe that the residual value of the property is greater than historical cost and therefore the depreciation charge for the year would have been nil.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

KRG Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

KRG Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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 the director) during the year was 1 (2024 - 47).

4	Intangible assets

	Goodwill  £	Computer software  £	Total £
Cost or valuation
At 1 June 2024	30,000	2,152	32,152
Additions acquired separately	20,000	-	20,000
At 31 May 2025	50,000	2,152	52,152
Amortisation
At 1 June 2024	2,083	809	2,892
Amortisation charge	3,958	538	4,496
At 31 May 2025	6,041	1,347	7,388
Carrying amount
At 31 May 2025	43,959	805	44,764
At 31 May 2024	27,917	1,343	29,260

KRG Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

5	Tangible assets

	Freehold land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 June 2024	249,606	91,911	69,266	8,146,327	8,557,110
Additions	-	54,250	10,358	1,481,804	1,546,412
Disposals	-	(57,667)	(1,975)	(168,867)	(228,509)
At 31 May 2025	249,606	88,494	77,649	9,459,264	9,875,013
Depreciation
At 1 June 2024	-	42,613	52,705	4,630,802	4,726,120
Charge for the year	-	12,746	5,422	868,289	886,457
Eliminated on disposal	-	(32,895)	(592)	(76,684)	(110,171)
At 31 May 2025	-	22,464	57,535	5,422,407	5,502,406
Carrying amount
At 31 May 2025	249,606	66,030	20,114	4,036,857	4,372,607
At 31 May 2024	249,606	49,298	16,562	3,515,524	3,830,990

6	Investment properties

	2025 £
At 1 June	238,848
Additions	80,000
At 31 May	318,848

There has been no valuation of investment property by an independent valuer.

KRG Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

7	Investments

	2025 £	2024 £
Investments in associates	1	1