Bright AccountsProduction v1.0.0 v1.0.0 2022-03-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of a holding company of a trading group. 4 August 2023 2 2 NI627730 2023-02-28 NI627730 2022-02-28 NI627730 2021-02-28 NI627730 2022-03-01 2023-02-28 NI627730 2021-03-01 2022-02-28 NI627730 uk-bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI627730 uk-curr:PoundSterling 2022-03-01 2023-02-28 NI627730 uk-bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI627730 uk-bus:FullAccounts 2022-03-01 2023-02-28 NI627730 uk-core:ShareCapital 2023-02-28 NI627730 uk-core:ShareCapital 2022-02-28 NI627730 uk-core:SharePremium 2023-02-28 NI627730 uk-core:SharePremium 2022-02-28 NI627730 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI627730 uk-core:RetainedEarningsAccumulatedLosses 2022-02-28 NI627730 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI627730 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-02-28 NI627730 uk-bus:FRS102 2022-03-01 2023-02-28 NI627730 uk-core:PlantMachinery 2022-03-01 2023-02-28 NI627730 uk-core:CostValuation 2023-02-28 NI627730 uk-core:CurrentFinancialInstruments 2023-02-28 NI627730 uk-core:CurrentFinancialInstruments 2022-02-28 NI627730 uk-core:CurrentFinancialInstruments 2023-02-28 NI627730 uk-core:CurrentFinancialInstruments 2022-02-28 NI627730 uk-core:WithinOneYear 2023-02-28 NI627730 uk-core:WithinOneYear 2022-02-28 NI627730 uk-core:AfterOneYear 2023-02-28 NI627730 uk-core:AfterOneYear 2022-02-28 NI627730 uk-core:BetweenOneTwoYears 2023-02-28 NI627730 uk-core:BetweenOneTwoYears 2022-02-28 NI627730 uk-core:OtherMiscellaneousReserve 2022-02-28 NI627730 uk-core:OtherMiscellaneousReserve 2022-03-01 2023-02-28 NI627730 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 NI627730 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-02-28 NI627730 uk-core:OtherDeferredTax 2023-02-28 NI627730 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-02-28 NI627730 uk-core:OtherMiscellaneousReserve 2023-02-28 NI627730 2022-03-01 2023-02-28 NI627730 uk-bus:Director1 2022-03-01 2023-02-28 NI627730 uk-bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI627730
 
 
GM Lining Ltd
 
Unaudited Financial Statements
 
for the financial year ended 28 February 2023
GM Lining Ltd
Company Registration Number: NI627730
BALANCE SHEET
as at 28 February 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 4,981 6,226
Investments 5 243,000 243,000
───────── ─────────
247,981 249,226
───────── ─────────
 
Current Assets
Debtors 6 4,600 18,883
Cash and cash equivalents 1 116
───────── ─────────
4,601 18,999
───────── ─────────
Creditors: amounts falling due within one year 7 (6,944) (6,965)
───────── ─────────
Net Current (Liabilities)/Assets (2,343) 12,034
───────── ─────────
Total Assets less Current Liabilities 245,638 261,260
 
Creditors:
amounts falling due after more than one year 8 (17,289) (5,776)
 
Provisions for liabilities 10 7,600 5,290
───────── ─────────
Net Assets 235,949 260,774
═════════ ═════════
 
Capital and Reserves
Called up share capital 4 4
Share premium account 11 242,998 242,998
Retained earnings (7,053) 17,772
───────── ─────────
Equity attributable to owners of the company 235,949 260,774
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 4 August 2023
           
           
________________________________          
Mrs. Gwawr McGirr          
Director          
           



GM Lining Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 28 February 2023

   
1. General Information
 
GM Lining Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 73 Dooish Road, Dromore, Co Tyrone  BT78 3BA which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 28 February 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was:
 
  2023 2022
  Number Number
 
Employees 2 2
  ═════════ ═════════
       
4. Tangible assets
  Plant and Total
  machinery  
     
  £ £
Cost or Valuation
At 1 March 2022 19,000 19,000
  ───────── ─────────
 
At 28 February 2023 19,000 19,000
  ───────── ─────────
Depreciation
At 1 March 2022 12,774 12,774
Charge for the financial year 1,245 1,245
  ───────── ─────────
At 28 February 2023 14,019 14,019
  ───────── ─────────
Net book value
At 28 February 2023 4,981 4,981
  ═════════ ═════════
At 28 February 2022 6,226 6,226
  ═════════ ═════════
       
5. Investments
  Group and Total
  participating  
  interests/  
  joint ventures  
Investments £ £
Cost or Valuation
 
At 28 February 2023 243,000 243,000
  ───────── ─────────
Net book value
At 28 February 2023 243,000 243,000
  ═════════ ═════════
At 28 February 2022 243,000 243,000
  ═════════ ═════════
       
6. Debtors 2023 2022
  £ £
 
Amounts owed by group undertakings 3,258 18,883
Taxation  (Note 9) 1,342 -
  ───────── ─────────
  4,600 18,883
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Trade creditors 2,857 1,353
Taxation  (Note 9) 730 2,255
Accruals 3,357 3,357
  ───────── ─────────
  6,944 6,965
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Other loans 3,506 2,794
Director's loan accounts 13,783 2,982
  ───────── ─────────
  17,289 5,776
  ═════════ ═════════
 
Loans
Repayable between one and two years 3,506 2,794
  ═════════ ═════════
 
       
9. Taxation 2023 2022
  £ £
 
Debtors:
PAYE / NI 1,342 -
  ═════════ ═════════
Creditors:
VAT 730 1,713
PAYE / NI - 542
  ───────── ─────────
  730 2,255
  ═════════ ═════════
           
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2023 2022
  £ £ £ £
 
At financial year start (151) (5,139) (5,290) (4,073)
Charged to profit and loss - (2,310) (2,310) (1,217)
  ───────── ───────── ───────── ─────────
At financial year end (151) (7,449) (7,600) (5,290)
  ═════════ ═════════ ═════════ ═════════
   
11. Reserves
 
Share Premium Reserve
 
The amount carried forward is the premium that arose from the issue of shares in 2015.
 
           
12. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
The director of GM Lining Ltd and her husband had an opening loan balance of £2,982. During the year a further £15,080 was borrowed and £4,279 repaid. At the year end, the director and her husband are owed £13,783 (2022:£2,982) from GM Lining Ltd and this is included in the creditors section of the balance sheet.
   
13. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.