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REGISTERED NUMBER: SC591620 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

GM Engineering Services Limited

GM Engineering Services Limited (Registered number: SC591620)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GM Engineering Services Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: D Miller





REGISTERED OFFICE: 15 St Leonard Street
Lanark
ML11 7AB





REGISTERED NUMBER: SC591620 (Scotland)





ACCOUNTANTS: ICW Accountancy Ltd
15 St Leonard Street
Lanark
Lanarkshire
ML11 7AB

GM Engineering Services Limited (Registered number: SC591620)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,766 74,115

CURRENT ASSETS
Stocks 10,000 8,000
Debtors 5 109,112 115,448
Cash at bank and in hand 88,648 88,053
207,760 211,501
CREDITORS
Amounts falling due within one year 6 65,502 56,783
NET CURRENT ASSETS 142,258 154,718
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,024

228,833

CREDITORS
Amounts falling due after more than one year 7 (21,667 ) (31,667 )

PROVISIONS FOR LIABILITIES (12,116 ) (14,082 )
NET ASSETS 172,241 183,084

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 172,041 182,884
172,241 183,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GM Engineering Services Limited (Registered number: SC591620)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 November 2023 and were signed by:





D Miller - Director


GM Engineering Services Limited (Registered number: SC591620)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

GM Engineering Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & Machinery - 15% Reducing Balance
Computer Equipment - 33% Straight Line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

GM Engineering Services Limited (Registered number: SC591620)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 90,556
Additions 1,061
At 31 March 2023 91,617
DEPRECIATION
At 1 April 2022 16,441
Charge for year 11,410
At 31 March 2023 27,851
NET BOOK VALUE
At 31 March 2023 63,766
At 31 March 2022 74,115

GM Engineering Services Limited (Registered number: SC591620)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 18,134
Transfer to ownership (18,134 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 7,689
Transfer to ownership (7,689 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 10,445

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 89,311 100,475
Other debtors 19,801 14,973
109,112 115,448

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 22,236 32,176
Taxation and social security 27,419 6,682
Other creditors 5,847 7,925
65,502 56,783

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 21,667 31,667

GM Engineering Services Limited (Registered number: SC591620)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
D Miller
Balance outstanding at start of year 8,599 (1,137 )
Amounts advanced 26,153 15,889
Amounts repaid (18,845 ) (6,153 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,907 8,599

Interest has been accrued at 2.5% on the overdrawn balance. There are no set repayment terms in place. The highest value of loan outstanding throughout the year was £21,191 (2022 £13,85).