G.B. Terminals (Southern) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04129894 (England and Wales)

G.B. Terminals (Southern) Limited

Financial Statements for the Year Ended 31st March 2025

Page

Company information

G.B. Terminals (Southern) Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Meridian House, Alexandra Dock North, Grimsby, North East Lincolnshire, DN31 3UA.

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 amounts 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.

The financial statements of the company are consolidated in the financial statements of Ensco 1330 Limited. These consolidated financial statements are available from its registered office, Meridian House, Alexandra Dock North, Grimsby, North East Lincolnshire, DN31 3UA.

Going concern

The directors have prepared the 31 March 2025 financial statements on a going concern basis. In recent years, the company's activities have increased on the backdrop of further recovery and stabilisation of vehicle supply. In light of relatively volatile inflationary and regulatory costs, the company has been increasingly selective in respect to those services and contracts with which it engages, ensuring long term economic sustainability.

The directors are of the opinion that the company has sufficient resources to continue as a going concern after considering the above issues. The directors have taken appropriate steps to mitigate the impacts of changing macro-economic conditions on the company's trading activity and cash flow. They therefore believe that the company has adequate resources available to meet its liabilities as they fall due allowing the company to continue in operational existence for a period of at least twelve months from the date of the approval of these financial statements.

Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue is recognised at the point of the delivery of goods or over the holding period of delivered goods.

Tangible fixed assets

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

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

Plant & Machinery

20% reducing balance

Computer Equipment

20% on cost

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.

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.

Financial instruments

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

Financial instruments are recognised 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 trade and other debtors, amounts owed by group undertakings 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 trade and other creditors, and amounts owed to group undertakings, 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 payments discounted at a market rate of interest.

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

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or loss.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

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.

Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2024 - 51 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2024

59,039

Additions

6,478

At 31st March 2025

65,517

DEPRECIATION

At 1st April 2024

36,702

Charge for year

5,430

At 31st March 2025

42,132

NET BOOK VALUE

At 31st March 2025

23,385

At 31st March 2024

22,337

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

6,023

23,300

Amounts owed by group undertakings

2,430,232

2,439,215

Other debtors

214,608

20,225

2,650,863

2,482,740

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

143,324

509,491

Amounts owed to group undertakings

23,416

243,607

Taxation and social security

215,748

78,339

Other creditors

81,144

30,956

463,632

862,393

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

1,655

2,160

Between one and five years

4,360

7,006

6,015

9,166

At the reporting date a fellow group undertaking had outstanding lease commitments of future minimum lease payments under non-cancellable operating leases that will be recharged to the company as follows: £196,967 (2024: £202,184) due within one year, £213,457 (2024: £608,302) due between one and five years and £nil (2024: £nil) due after five years.

7.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

5,846

5,584

Deferred

tax

£

Balance at 1st April 2024

5,584

Provided during year

262

Balance at 31st March 2025

5,846

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

200

Ordinary share capital

1

200

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

10.	FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company is party to a cross guarantee with other group companies on loans taken out by Ensco 1331 Limited. The total amount guaranteed is £4,003,750.

11.	PARENT COMPANY

The Directors consider the controlling party to be C Judah, a director of the company.

The directors regard Ensco 1331 Limited, a company incorporated in England and Wales, as the company's immediate parent undertaking.

The directors consider the ultimate parent undertaking to be Enstco 22 Limited, a company incorporated in England and Wales.

The smallest group in which the company's results are consolidated is that of Ensco 1330 Limited. Ensco 1330 Limited financial statements are available from it's registered office, Meridian House, Alexandra Dock North, Grimsby, North East Lincolnshire, DN31 3UA.