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REGISTERED NUMBER: 07670636 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

G.M.S. ADAPTATIONS LTD

G.M.S. ADAPTATIONS LTD (REGISTERED NUMBER: 07670636)






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


G.M.S. ADAPTATIONS LTD

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G M Stacey
Mrs M Stacey
A Thomas





REGISTERED OFFICE: Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH





REGISTERED NUMBER: 07670636 (England and Wales)





ACCOUNTANTS: MDJ Services Limited
Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH

G.M.S. ADAPTATIONS LTD (REGISTERED NUMBER: 07670636)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 193,701 172,679

CURRENT ASSETS
Stocks 33,735 33,735
Debtors 5 484,250 556,395
Cash at bank 225,413 5,000
743,398 595,130
CREDITORS
Amounts falling due within one year 6 280,005 243,719
NET CURRENT ASSETS 463,393 351,411
TOTAL ASSETS LESS CURRENT
LIABILITIES

657,094

524,090

CREDITORS
Amounts falling due after more than one year 7 (170,794 ) (153,475 )

PROVISIONS FOR LIABILITIES (26,612 ) (32,809 )
NET ASSETS 459,688 337,806

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 459,686 337,804
SHAREHOLDERS' FUNDS 459,688 337,806

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.

G.M.S. ADAPTATIONS LTD (REGISTERED NUMBER: 07670636)

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 9 November 2023 and were signed on its behalf by:





G M Stacey - Director


G.M.S. ADAPTATIONS LTD (REGISTERED NUMBER: 07670636)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

G.M.S. Adaptations Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

G.M.S. ADAPTATIONS LTD (REGISTERED NUMBER: 07670636)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 2,092 4,396 318,207 3,079 327,774
Additions 1,673 - 71,057 - 72,730
Disposals - - (7,565 ) - (7,565 )
At 31 March 2023 3,765 4,396 381,699 3,079 392,939
DEPRECIATION
At 1 April 2022 875 1,976 149,991 2,253 155,095
Charge for year 396 350 47,986 250 48,982
Eliminated on disposal - - (4,839 ) - (4,839 )
At 31 March 2023 1,271 2,326 193,138 2,503 199,238
NET BOOK VALUE
At 31 March 2023 2,494 2,070 188,561 576 193,701
At 31 March 2022 1,217 2,420 168,216 826 172,679

G.M.S. ADAPTATIONS LTD (REGISTERED NUMBER: 07670636)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 257,674
Additions 71,057
Disposals (7,565 )
Transfer to ownership (26,785 )
At 31 March 2023 294,381
DEPRECIATION
At 1 April 2022 100,370
Charge for year 44,193
Eliminated on disposal (4,839 )
Transfer to ownership (20,681 )
At 31 March 2023 119,043
NET BOOK VALUE
At 31 March 2023 175,338
At 31 March 2022 157,304

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 256,118 374,663
Other debtors 157,299 160,899
Related Company loan 70,833 20,833
484,250 556,395

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 26,617
Hire purchase contracts 54,891 48,041
Trade creditors 87,064 122,942
Tax 41,619 -
Social security and other taxes 13,954 2,448
VAT 24,319 27,406
Other creditors 54,813 12,535
Directors' current accounts 795 1,180
Accrued expenses 2,550 2,550
280,005 243,719

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 170,794 153,475

G.M.S. ADAPTATIONS LTD (REGISTERED NUMBER: 07670636)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 225,685 201,516

The above liability is secured against the asset to which it relates.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2 Ordinary £1 2 2