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Registration number: 11555156

GMP Manufacturing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

GMP Manufacturing Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

GMP Manufacturing Ltd

Company Information

Director

Mr G George

Registered office

Marfleet House
Valletta Street
Hull
HU9 5NP

Accountants

DAH Accountancy Services Limited
Chartered Management Accountants
Cedar Lodge
York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PH

 

GMP Manufacturing Ltd

(Registration number: 11555156)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,800,000

955,833

Current assets

 

Stocks

5

422,347

134,665

Debtors

6

1,987,987

921,989

Cash at bank and in hand

 

149,567

2,143

 

2,559,901

1,058,797

Creditors: Amounts falling due within one year

7

(3,204,519)

(1,880,993)

Net current liabilities

 

(644,618)

(822,196)

Total assets less current liabilities

 

8,155,382

133,637

Creditors: Amounts falling due after more than one year

7

(70,149)

(35,064)

Provisions for liabilities

(1,953,069)

-

Net assets

 

6,132,164

98,573

Capital and reserves

 

Called up share capital

8

1

1

Revaluation reserve

5,859,206

-

Retained earnings

272,957

98,572

Shareholders' funds

 

6,132,164

98,573

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

GMP Manufacturing Ltd

(Registration number: 11555156)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 21 November 2023
 

.........................................
Mr G George
Director

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Marfleet House
Valletta Street
Hull
HU9 5NP
United Kingdom

These financial statements were authorised for issue by the director on 21 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Changes in accounting estimate

Depreciation Rates

Following the revaluation of the furniture, fittings and equipment fixed assets, the Director asses the useful economic life of the assets to be ten years. The depreciation policy has therefore been revised to reflect this.

The effect of the change on assets, liabilities, income and expense in the current year is as follows:

 

£

Depreciation of fixtures and fittings

5,990

Depreciation of plant and equipment

16,864

  

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on cost

Fixtures and fittings

10% on cost

Computer equipment

33% on cost

Leasehold improvements

10% on cost

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 32 (2022 - 19).

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

722,982

268,674

991,656

Revaluations

1,311,300

6,360,229

7,671,529

Additions

4,718

132,097

136,815

At 31 October 2023

2,039,000

6,761,000

8,800,000

Depreciation

At 1 November 2022

8,488

27,335

35,823

Charge for the year

72,768

32,154

104,922

Impairment

(81,256)

(59,489)

(140,745)

At 31 October 2023

-

-

-

Carrying amount

At 31 October 2023

2,039,000

6,761,000

8,800,000

At 31 October 2022

714,494

241,339

955,833

Revaluation

The fair value of the company's Leasehold Improvements was revalued on 31 July 2023 by an independent valuer.
The basis of the valuation is fair value. The name and qualification of the independent valuer are Andrew Gray ASA for and behalf of Capital Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £646,443 (2022 - £714,494).

The fair value of the company's Furniture, fittings and equipment was revalued on 31 July 2023 by an independent valuer.
The basis of the valuation is fair value. The name and qualification of the independent valuer are Andrew Gray ASA for and behalf of Capital Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £318,428 (2022 - £241,339).

5

Stocks

2023
£

2022
£

Other inventories

422,347

134,665

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,631,827

820,966

Amounts owed by related parties

11

192,620

25,919

Prepayments

 

1,043

1,043

Other debtors

 

162,497

74,061

   

1,987,987

921,989

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

1,238,889

1,085,732

Trade creditors

 

1,118,981

688,130

Taxation and social security

 

372,621

44,748

Accruals and deferred income

 

7,995

7,495

Other creditors

 

466,033

54,888

 

3,204,519

1,880,993

Creditors include loans and net obligations under hire purchase contracts which are secured of £33,121 (2022 - £0).

Creditors include unsecured loans of £1,205,768 (2022 - £1,085,732) falling due within one year.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

70,149

35,064

Creditors include net obligations under hire purchase contracts which are secured of £41,384 (2022 - £0) falling due after more than one year.

Creditors include unsecured bank loans repayable by instalments of £0 (2022 - £7,896) due after more than five years.

Creditors include unsecured bank loans of £28,765 (2022 - £27,168) falling due after more than one year and less than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

5,859,206

5,859,206

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,765

35,064

Hire purchase contracts

41,384

-

70,149

35,064

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,205,768

1,085,732

Hire purchase contracts

33,121

-

1,238,889

1,085,732

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Related party transactions

Summary of transactions with parent

The company is a wholly owned subsidiary of GMP Group Ltd, a company registered in England number 15181148.
 

Summary of transactions with associates

GMP Healthcare Ltd is a company registered in England, number 11215549.
GDP Compliance Ltd is a company registered in England number 11082753.

 Mr G George, the director, is the director of GMP Healthcare Ltd and GDP Compliance Ltd.
GMP Healthcare Ltd is a wholly owned subsidiary of GMP Group Ltd.
GDP Compliance Ltd is a wholly owned subsidiary of GMP Group Ltd.

 During the year a loan was received from GMP Healthcare Ltd. The loan is repayable on demand. Interest has not been charged on the loan.
GDP Compliance Ltd repaid a loan and made a loan to to the company during the year. The loan is repayable on demand. Interest has not been charged on the loan.

 

Summary of transactions with other related parties

Green Palm Marine Consultancy Ltd is a company registered in England number 08194452.
 Mr G George, the director, is the director of Green Palm Marine Consultancy Ltd.
 The company made a loan to Green Palm Marine Consultancy Ltd during the year. The loan is repayable on demand. Interest has not been charged on the loan
 

Loans to related parties

2023

Associates
£

Other related parties
£

Total
£

At start of period

25,919

-

25,919

Advanced

-

192,620

192,620

Repaid

(25,919)

-

(25,919)

At end of period

-

192,620

192,620

2022

Associates
£

Total
£

At start of period

252,014

252,014

Repaid

(226,095)

(226,095)

At end of period

25,919

25,919

 

GMP Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Loans from related parties

2023

Associates
£

Total
£

At start of period

10,207

10,207

Advanced

177,363

177,363

At end of period

187,570

187,570

2022

Associates
£

Total
£

Advanced

10,207

10,207

At end of period

10,207

10,207