Registered number: 04853003
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GM Convenience Stores Limited
Financial statements
Information for filing with the registrar
31 March 2023
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GM Convenience Stores Limited
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Balance sheet
At 31 March 2023
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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1
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GM Convenience Stores Limited
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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.
Company registered number: 04853003
The notes on pages 3 to 7 form part of these financial statements.
2
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GM Convenience Stores Limited
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Notes to the financial statements
Year ended 31 March 2023
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
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Basis of preparation of financial statements
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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:
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.
The turnover shown in the profit & loss account represents shop takings during the year exclusive of VAT.
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.
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
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GM Convenience Stores Limited
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Notes to the financial statements
Year ended 31 March 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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.
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.
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Defined contribution plans
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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.
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The average monthly number of employees, including directors, during the year was 19 (2022 - 19).
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4
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GM Convenience Stores Limited
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Notes to the financial statements
Year ended 31 March 2023
5
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GM Convenience Stores Limited
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Notes to the financial statements
Year ended 31 March 2023
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Prepayments and accrued income
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6
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GM Convenience Stores Limited
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Notes to the financial statements
Year ended 31 March 2023
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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10,000 (2022 - 10,000) Ordinary shares shares of £1.00 each
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Director's advances, credits and guarantees
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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
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