Registered number
04421821
G M Lifting Limited
Unaudited Filleted Accounts
30 April 2023
G M Lifting Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
G M Lifting Limited
Company Information
Director
Mr G McMath
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
22 Denbigh Close
Eastleigh
Hants
SO50 4QN
Registered number
04421821
G M Lifting Limited
Registered number: 04421821
Director's Report
The director presents his report and accounts for the year ended 30 April 2023.
Principal activities
The company's principal activity during the year continued to be the provision of crane operator services.
Directors
The following persons served as directors during the year:
Mr G McMath
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 3 November 2023 and signed on its behalf.
Mr G McMath
Director
G M Lifting Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of G M Lifting Limited for the year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G M Lifting Limited for the year ended 30 April 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
3 November 2023
G M Lifting Limited
Registered number: 04421821
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 747,767 863,998
Current assets
Debtors 4 325,348 338,055
Cash at bank and in hand 8,234 26,315
333,582 364,370
Creditors: amounts falling due within one year 5 (524,049) (547,466)
Net current liabilities (190,467) (183,096)
Total assets less current liabilities 557,300 680,902
Creditors: amounts falling due after more than one year 6 (427,993) (631,648)
Provisions for liabilities (120,521) (58,881)
Net assets/(liabilities) 8,786 (9,627)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 7,786 (10,627)
Shareholder's funds 8,786 (9,627)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G McMath
Director
Approved by the board on 3 November 2023
G M Lifting Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Going concern
The director is aware of the net current liability position. Short term finance has been taken to fund long term assets that will generate profits for future years. As such, the accounts have been prepared on a going concern basis.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 10
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 1,223,458
Additions 23,500
Disposals (19,980)
At 30 April 2023 1,226,978
Depreciation
At 1 May 2022 359,460
Charge for the year 131,959
On disposals (12,208)
At 30 April 2023 479,211
Net book value
At 30 April 2023 747,767
At 30 April 2022 863,998
4 Debtors 2023 2022
£ £
Trade debtors 225,175 313,618
Other debtors 100,173 24,437
325,348 338,055
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 33,000 33,000
Obligations under finance lease and hire purchase contracts 205,579 175,913
Trade creditors 77,866 101,625
Taxation and social security costs 78,802 79,195
Other creditors 128,802 157,733
524,049 547,466
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 71,500 104,500
Obligations under finance lease and hire purchase contracts 356,493 527,148
427,993 631,648
7 Controlling party
The company is controlled by the director.
8 Other information
G M Lifting Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Denbigh Close
Eastleigh
Hants
SO50 4QN
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