GBS (Freight Services) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01932382 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

GBS (FREIGHT SERVICES) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D Doney

REGISTERED OFFICE:

25 Highfield Road

Dartford

Kent

DA1 2JS

REGISTERED NUMBER:

01932382 (England and Wales)

AUDITORS:

Francis James & Partners LLP

Chartered Accountants and Statutory Auditor

1386 London Road

Leigh on Sea

Essex

SS9 2UJ

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

3,727

4,994

3,727

4,994

CURRENT ASSETS

Debtors

5

652,769

429,301

Cash at bank and in hand

283,600

396,333

936,369

825,634

CREDITORS

Amounts falling due within one year

6

709,999

700,625

NET CURRENT ASSETS

226,370

125,009

TOTAL ASSETS LESS CURRENT LIABILITIES

230,097

130,003

CREDITORS

Amounts falling due after more than one year

7

100,000

-

NET ASSETS

130,097

130,003

CAPITAL AND RESERVES

Called up share capital

9

1

1

Share premium

50,000

50,000

Capital redemption reserve

15,101

15,101

Retained earnings

64,995

64,901

SHAREHOLDERS' FUNDS

130,097

130,003

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 April 2021 and were signed by:

D Doney - Director

1.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of discounts received, rebates allowed by the company, and value added taxes.

Freight forwarding revenue is recognized at the date of arrival of a consignment. Where the service rendered is not specific to a consignment, then the recognition is based upon when the service is rendered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been fully amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Taxation

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

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rental paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 12 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

278,180

AMORTISATION

At 1 November 2019

and 31 October 2020

278,180

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 November 2019

18,247

Disposals

(766

)

At 31 October 2020

17,481

DEPRECIATION

At 1 November 2019

13,253

Charge for year

1,243

Eliminated on disposal

(742

)

At 31 October 2020

13,754

NET BOOK VALUE

At 31 October 2020

3,727

At 31 October 2019

4,994

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

248,530

182,771

Other debtors

1,150

1,100

Amounts owed by group undertakings

368,833

214,223

VAT

8,242

7,005

Prepayments and accrued income

26,014

24,202

652,769

429,301

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

691,845

672,565

Tax

2,929

14,457

Social security and other taxes

4,326

4,449

Other creditors

824

841

Accrued expenses

10,075

8,313

709,999

700,625

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans more 5 yr by instal

100,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

100,000

-

8.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

111,500

105,310

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

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

The Report of the Auditors was unqualified.

Julian Francis (Senior Statutory Auditor)

for and on behalf of Francis James & Partners LLP

11.	CONTINGENT LIABILITIES

Lloyds TSB Bank Plc have given a guarantee to H.M. Customs and Excise in respect of this company and the Subsidiary's duty deferment account up to a maximum of £140,000.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	CONTROLLING PARTY

The controlling party is D Doney.