Company Registration No. 07955614 (England and Wales)
GMB GROUP LONDON LTD
Unaudited accounts
for the year ended 28 February 2023
GMB GROUP LONDON LTD
Unaudited accounts
Contents
GMB GROUP LONDON LTD
Company Information
for the year ended 28 February 2023
Director
Mr. George Beitis
Company Number
07955614 (England and Wales)
Registered Office
143 WEST GROVE
WOODFORD GREEN
IG8 7NW
UNITED KINGDOM
Accountants
Stoke Newington Accountants & Tax Consultants Ltd
12E Manor Road
London
N16 5SA
GMB GROUP LONDON LTD
Statement of financial position
as at 28 February 2023
Tangible assets
47,094
57,713
Cash at bank and in hand
181,716
267,991
Creditors: amounts falling due within one year
(169,498)
(164,117)
Net current assets
38,216
131,046
Total assets less current liabilities
85,310
188,759
Creditors: amounts falling due after more than one year
(14,811)
(35,777)
Called up share capital
1
1
Profit and loss account
70,498
152,981
Shareholders' funds
70,499
152,982
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 July 2023 and were signed on its behalf by
Mr. George Beitis
Director
Company Registration No. 07955614
GMB GROUP LONDON LTD
Notes to the Accounts
for the year ended 28 February 2023
GMB GROUP LONDON LTD is a private company, limited by shares, registered in England and Wales, registration number 07955614. The registered office is 143 WEST GROVE, WOODFORD GREEN, IG8 7NW, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Bal Method
Fixtures & fittings
15% Reducing Bal Method
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
GMB GROUP LONDON LTD
Notes to the Accounts
for the year ended 28 February 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
15,513
41,201
22,090
78,804
At 28 February 2023
15,513
41,201
22,090
78,804
At 1 March 2022
6,949
1,955
12,187
21,091
Charge for the year
1,285
7,849
1,485
10,619
At 28 February 2023
8,234
9,804
13,672
31,710
At 28 February 2023
7,279
31,397
8,418
47,094
At 28 February 2022
8,564
39,246
9,903
57,713
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
17,594
7,112
Taxes and social security
603
3,063
Other creditors
56,119
74,825
Loans from directors
92,475
75,263
7
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
At the balance sheet date, where the director held controlling interest, the company owed the director £92,475.
GMB GROUP LONDON LTD
Notes to the Accounts
for the year ended 28 February 2023
The company's ultimate controlling party is George Beitis by virtue of his ownership of 100% of the issued share capital in the company.
11
Average number of employees
During the year the average number of employees was 2 (2022: 2).