Caseware UK (AP4) 2022.0.179 2022.0.179 192022-04-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseconvenience store.19true 04853003 2022-04-01 2023-03-31 04853003 2023-03-31 04853003 2021-04-01 2022-03-31 04853003 2022-03-31 04853003 c:Director1 2022-04-01 2023-03-31 04853003 d:FurnitureFittings 2022-04-01 2023-03-31 04853003 d:FurnitureFittings 2023-03-31 04853003 d:FurnitureFittings 2022-03-31 04853003 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04853003 d:Goodwill 2022-04-01 2023-03-31 04853003 d:Goodwill 2023-03-31 04853003 d:Goodwill 2022-03-31 04853003 d:CurrentFinancialInstruments 2023-03-31 04853003 d:CurrentFinancialInstruments 2022-03-31 04853003 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04853003 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04853003 d:ShareCapital 2023-03-31 04853003 d:ShareCapital 2022-03-31 04853003 d:RetainedEarningsAccumulatedLosses 2023-03-31 04853003 d:RetainedEarningsAccumulatedLosses 2022-03-31 04853003 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04853003 c:OrdinaryShareClass1 2023-03-31 04853003 c:OrdinaryShareClass1 2022-03-31 04853003 c:EntityNoLongerTradingButTradedInPast 2022-04-01 2023-03-31 04853003 c:FRS102 2022-04-01 2023-03-31 04853003 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04853003 c:FullAccounts 2022-04-01 2023-03-31 04853003 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 04853003













GM Convenience Stores Limited

Financial statements
Information for filing with the registrar

31 March 2023




 
GM Convenience Stores Limited


Balance sheet
At 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
18,654

  
-
18,654

Current assets
  

Stocks
  
-
24,354

Debtors
 6 
1,006
4,444

Cash at bank and in hand
  
18,512
500

  
19,518
29,298

Creditors: amounts falling due within one year
 7 
(2,471)
(123,050)

Net current assets/(liabilities)
  
 
 
17,047
 
 
(93,752)

Total assets less current liabilities
  
17,047
(75,098)

  

Net assets/(liabilities)
  
17,047
(75,098)


Capital and reserves
  

Called up share capital 
 8 
10,000
10,000

Profit and loss account
  
7,047
(85,098)

Shareholders' funds
  
17,047
(75,098)


1

 
GM Convenience Stores Limited

    
Balance sheet (continued)
At 31 March 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 November 2023.




John Gary Maddison
Director

Company registered number: 04853003
The notes on pages 3 to 7 form part of these financial statements. 

2

 
GM Convenience Stores Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

1.


General information

The address of the company's registered office is Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE. The principal place of operations is 1 Mendip Avenue, Chester le Street, County Durham, DH2 3AS

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

On 15th January 2023, the company ceased to trade following the disposal of its trade and assets. As a result, the accounts have been prepared on the cessation basis. 

 
2.3

Revenue

The turnover shown in the profit & loss account represents shop takings during the year exclusive of VAT.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

3

 
GM Convenience Stores Limited
 

 
Notes to the financial statements
Year ended 31 March 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as stated below:.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a item by item basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

  
2.8

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 19).

4

 
GM Convenience Stores Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

4.


Intangible assets




Goodwill

£





At 1 April 2022
358,000


Disposals
(358,000)



At 31 March 2023

-





At 1 April 2022
358,000


On disposals
(358,000)



At 31 March 2023

-



Net book value



At 31 March 2023
-



At 31 March 2022
-



5

 
GM Convenience Stores Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

5.


Tangible fixed assets





Fixtures and fittings

£





At 1 April 2022
53,187


Disposals
(53,187)



At 31 March 2023

-





At 1 April 2022
34,533


Charge for the year
2,333


Disposals
(36,866)



At 31 March 2023

-



Net book value



At 31 March 2023
-



At 31 March 2022
18,654


6.


Debtors

2023
2022
£
£


Other debtors
1,006
-

Prepayments and accrued income
-
4,444

1,006
4,444


6

 
GM Convenience Stores Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
32,980

Bank loans
-
26,000

Trade creditors
394
1,507

Corporation tax
2,077
-

Other taxation and social security
-
2,692

Other creditors
-
51,811

Accruals and deferred income
-
8,060

2,471
123,050



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares shares of £1.00 each
10,000
10,000



9.


Director's advances, credits and guarantees

During the year the director operated a loan account to record amounts due to the company. At the year end the balance was £nil owed to the director (2022 - £51,458). The loan is unsecured, interest free and repayable on demand.

 
7