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Company Registration No. 12487138 (England and Wales)
GMR Plastics Ltd Unaudited accounts for the year ended 31 March 2023
GMR Plastics Ltd Unaudited accounts Contents
Page
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GMR Plastics Ltd Company Information for the year ended 31 March 2023
Director
Gavin Rowbottom
Company Number
12487138 (England and Wales)
Registered Office
Unit B8 Newton Business Park Talbot Road Hyde SK14 4UQ
Accountants
Bee Motion Accounting Limited 136 Hall Street Stockport Greater Manchester SK1 4HE
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GMR Plastics Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
7,529 
9,226 
Current assets
Inventories
13,750 
27,500 
Debtors
150,910 
66,765 
Cash at bank and in hand
41 
142 
164,701 
94,407 
Creditors: amounts falling due within one year
(119,606)
(93,336)
Net current assets
45,095 
1,071 
Total assets less current liabilities
52,624 
10,297 
Creditors: amounts falling due after more than one year
(49,533)
(20,360)
Provisions for liabilities
Deferred tax
(1,430)
- 
Net assets/(liabilities)
1,661 
(10,063)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,561 
(10,163)
Shareholders' funds
1,661 
(10,063)
For the year ending 31 March 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 25 October 2023 and were signed on its behalf by
Gavin Rowbottom Director Company Registration No. 12487138
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GMR Plastics Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
GMR Plastics Ltd is a private company, limited by shares, registered in England and Wales, registration number 12487138. The registered office is Unit B8 Newton Business Park, Talbot Road, Hyde, SK14 4UQ.
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.
3
Accounting policies
Presentation currency
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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/or services. a) Sale of goods Turnover from the sale of goods are recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company. b) Rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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
25% Straight Line
Motor vehicles
20% Reducing Balance
Fixtures & fittings
25% Straight Line
Computer equipment
25% Straight Line
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GMR Plastics Ltd Notes to the Accounts for the year ended 31 March 2023
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Employee Benefits
The company offers a range of benefits to employees, including bonus arrangements, paid holiday arrangements and defined contribution pension plans. Short-term employee benefits are those expected to be settled wholly before twelve months after the end of the annual reporting period during which employee services are rendered, but do not include termination benefits.
Pension Scheme
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown within 'taxes and social security' on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Government grants
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.
Going concern
The company has considerable financial resources together with contracts with a number of clients. The director believes that the company is well placed to manage its business risks successfully. After making enquiries, the director has reasonable expectations that the company has adequate resources to continue in operational existence for a period of at least twelve months and for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report.
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GMR Plastics Ltd Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2022
8,515 
4,500 
1,000 
626 
14,641 
Additions
640 
- 
- 
540 
1,180 
At 31 March 2023
9,155 
4,500 
1,000 
1,166 
15,821 
Depreciation
At 1 April 2022
3,444 
1,560 
250 
161 
5,415 
Charge for the year
1,887 
588 
250 
152 
2,877 
At 31 March 2023
5,331 
2,148 
500 
313 
8,292 
Net book value
At 31 March 2023
3,824 
2,352 
500 
853 
7,529 
At 31 March 2022
5,071 
2,940 
750 
465 
9,226 
5
Inventories
2023 
2022 
£ 
£ 
Finished goods
13,750 
27,500 
13,750 
27,500 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
17,922 
12,378 
Accrued income and prepayments
14,671 
20,731 
Other debtors
88,461 
33,656 
121,054 
66,765 
Amounts falling due after more than one year
Other debtors
29,856 
- 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
5,778 
5,761 
VAT
49,848 
16,231 
Trade creditors
27,658 
43,906 
Taxes and social security
11,658 
2,830 
Other creditors
22,200 
22,200 
Accruals
2,464 
2,408 
119,606 
93,336 
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GMR Plastics Ltd Notes to the Accounts for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
19,677 
20,360 
Taxes and social security
29,856 
- 
49,533 
20,360 
9
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
1,430 
- 
2023 
2022 
£ 
£ 
Charged to the profit and loss account
1,430 
- 
Provision at end of year
1,430 
- 
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
11
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Directors Loan Account
33,094 
80,367 
25,000 
88,461 
33,094 
80,367 
25,000 
88,461 
12
Average number of employees
During the year the average number of employees was 4 (2022: 5).
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