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COMPANY REGISTRATION NUMBER: SC186005
G.M.S. Engineering Limited
Filleted Unaudited Financial Statements
31 May 2023
G.M.S. Engineering Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
G.M.S. Engineering Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of G.M.S. Engineering Limited
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.M.S. Engineering Limited for the year ended 31 May 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of G.M.S. Engineering Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of G.M.S. Engineering Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.M.S. Engineering Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that G.M.S. Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G.M.S. Engineering Limited. You consider that G.M.S. Engineering Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of G.M.S. Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
6 February 2024
G.M.S. Engineering Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
16,169
18,549
Current assets
Debtors
6
102,092
178,052
Cash at bank and in hand
35,882
---------
---------
137,974
178,052
Creditors: amounts falling due within one year
7
96,587
137,367
---------
---------
Net current assets
41,387
40,685
--------
--------
Total assets less current liabilities
57,556
59,234
Creditors: amounts falling due after more than one year
8
21,594
31,567
--------
--------
Net assets
35,962
27,667
--------
--------
Capital and reserves
Called up share capital
102
102
Profit and loss account
35,860
27,565
--------
--------
Shareholders funds
35,962
27,667
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G.M.S. Engineering Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 6 February 2024 , and are signed on behalf of the board by:
S W Gall
Director
Company registration number: SC186005
G.M.S. Engineering Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
33% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2022
13,242
23,109
14,983
13,224
19,985
84,543
Additions
982
982
Disposals
( 13,224)
( 13,224)
--------
--------
--------
--------
--------
--------
At 31 May 2023
13,242
23,109
14,983
20,967
72,301
--------
--------
--------
--------
--------
--------
Depreciation
At 1 Jun 2022
21,894
14,410
11,532
18,158
65,994
Charge for the year
304
191
423
1,175
2,093
Disposals
( 11,955)
( 11,955)
--------
--------
--------
--------
--------
--------
At 31 May 2023
22,198
14,601
19,333
56,132
--------
--------
--------
--------
--------
--------
Carrying amount
At 31 May 2023
13,242
911
382
1,634
16,169
--------
--------
--------
--------
--------
--------
At 31 May 2022
13,242
1,215
573
1,692
1,827
18,549
--------
--------
--------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
51,406
37,248
Prepayments and accrued income
3,059
26,310
Directors loan account
24,177
91,044
Other debtors
23,450
23,450
---------
---------
102,092
178,052
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,973
24,353
Accruals and deferred income
5,488
16,270
Corporation tax
25,875
30,882
Social security and other taxes
54,033
65,862
Other creditors
1,218
--------
---------
96,587
137,367
--------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,594
31,567
--------
--------
9. Directors' advances, credits and guarantees
At 31st May 2023 Mr S W Gall owed £ 24,177 to the company (2022: £91,044). This balance was cleared in full after the year-end.
10. Controlling party
The company was under the control of Mr S W Gall throughout the current and previous year. Mr Gall is the managing director and majority shareholder.