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REGISTERED NUMBER: SC618644 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

GRM BODYCRAFT LIMITED

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRM BODYCRAFT LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: G A Richardson
R M Matthews



REGISTERED OFFICE: 1 West Telferton
Edinburgh
EH7 6UL



REGISTERED NUMBER: SC618644 (Scotland)



ACCOUNTANTS: Mitchell Edwards
Chartered Certified Accountants
24A Ainslie Place
Edinburgh
EH3 6AJ



BANKERS: The Royal Bank of Scotland plc
36 St. Andrew Square
Edinburgh
EH2 2YB



SOLICITORS: Gilson Gray
29 Rutland Square
Edinburgh
EH1 2BW

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 143,825 99,401

CURRENT ASSETS
Stocks 66,855 90,349
Debtors 5 475,034 499,727
Cash at bank 386,397 248,920
928,286 838,996
CREDITORS
Amounts falling due within one year 6 770,899 701,991
NET CURRENT ASSETS 157,387 137,005
TOTAL ASSETS LESS CURRENT
LIABILITIES

301,212

236,406

CREDITORS
Amounts falling due after more than one year 7 (141,996 ) (183,203 )

PROVISIONS FOR LIABILITIES (35,956 ) (18,886 )
NET ASSETS 123,260 34,317

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 123,160 34,217
123,260 34,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

BALANCE SHEET - continued
31 March 2023


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 Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:




G A Richardson - Director



R M Matthews - Director


GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

GRM Bodycraft Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.

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" 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 fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets
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.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stock and work in progress
Stock and work in progress is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method

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 material 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.

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.

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 29 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 202,589
Additions 72,290
At 31 March 2023 274,879
DEPRECIATION
At 1 April 2022 103,188
Charge for year 27,866
At 31 March 2023 131,054
NET BOOK VALUE
At 31 March 2023 143,825
At 31 March 2022 99,401

At 31 March 2023 the net book value of assets held under hire purchase contracts was £25,460 (2022: £42,416).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 365,136 321,686
Other debtors 109,898 178,041
475,034 499,727

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,200 30,563
Hire purchase contracts 9,950 22,915
Trade creditors 423,065 349,279
Taxation and social security 110,658 82,007
Other creditors 195,026 217,227
770,899 701,991

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 141,996 173,703
Hire purchase contracts - 9,500
141,996 183,203

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 27,820

8. RELATED PARTY DISCLOSURES

Included within other debtors are loans to companies which are under common control amounting to £60,451 (2022: £136,775). These loans are unsecured and are provided interest free and have no agreed terms of repayment.

The company is acting as a guarantor on leases to companies under common control. In the event these companies are unable to meet their obligations under the terms of the leases, this company would be liable for the following commitments under operating leases expiring after more than 5 years of £548,612 (2022: £526,945).

9. LEASING AGREEMENTS

At the year end the company had total commitments under operating leases expiring after more than 5 years of £301,910 (2022: £399,518).

10. GOVERNMENT LOANS

The company has borrowed £50,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5%.

The company has also borrowed £157,500 under the Governments Recovery Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 9.9%.

These loans are repayable by installments as detailed below

2023 2022
£    £   
< 1 year 32,200 30,563
2-5 years 141,996 145,883
> 5 years - 27,820
174,196 204,266

11. OTHER LOAN

The company borrowed £70,000 from a third party. This loan was unsecured and interest was charged at 4.2% p.a. The loan was repaid in June 2023.