Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-312022-07-11falseNo description of principal activity50falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14226292 2022-07-10 14226292 2022-07-11 2023-12-31 14226292 2022-01-01 2022-07-10 14226292 2023-12-31 14226292 c:Director1 2022-07-11 2023-12-31 14226292 d:Buildings d:ShortLeaseholdAssets 2022-07-11 2023-12-31 14226292 d:Buildings d:ShortLeaseholdAssets 2023-12-31 14226292 d:MotorVehicles 2022-07-11 2023-12-31 14226292 d:MotorVehicles 2023-12-31 14226292 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-11 2023-12-31 14226292 d:OfficeEquipment 2022-07-11 2023-12-31 14226292 d:OfficeEquipment 2023-12-31 14226292 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-11 2023-12-31 14226292 d:ComputerEquipment 2022-07-11 2023-12-31 14226292 d:ComputerEquipment 2023-12-31 14226292 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-11 2023-12-31 14226292 d:OtherPropertyPlantEquipment 2022-07-11 2023-12-31 14226292 d:OtherPropertyPlantEquipment 2023-12-31 14226292 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-07-11 2023-12-31 14226292 d:OwnedOrFreeholdAssets 2022-07-11 2023-12-31 14226292 d:CurrentFinancialInstruments 2023-12-31 14226292 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14226292 d:ShareCapital 2023-12-31 14226292 d:RetainedEarningsAccumulatedLosses 2023-12-31 14226292 d:OtherDeferredTax 2023-12-31 14226292 c:FRS102 2022-07-11 2023-12-31 14226292 c:AuditExempt-NoAccountantsReport 2022-07-11 2023-12-31 14226292 c:FullAccounts 2022-07-11 2023-12-31 14226292 c:PrivateLimitedCompanyLtd 2022-07-11 2023-12-31 14226292 d:WithinOneYear 2023-12-31 14226292 d:BetweenOneFiveYears 2023-12-31 14226292 d:MoreThanFiveYears 2023-12-31 14226292 2 2022-07-11 2023-12-31 14226292 e:PoundSterling 2022-07-11 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 14226292










GMC FO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
GMC FO LIMITED
REGISTERED NUMBER: 14226292

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
149,490

Current assets
  

Debtors: amounts falling due within one year
 5 
93,045

Cash at bank and in hand
 6 
167,759

  
260,804

Creditors: amounts falling due within one year
 7 
(354,844)

Net current assets
  
 
 
(94,040)

Provisions for liabilities
  

Deferred tax
  
(16,534)

  
 
 
(16,534)

Net assets
  
38,916


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
38,915

  
38,916


Page 1

 
GMC FO LIMITED
REGISTERED NUMBER: 14226292
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2024.




Y Shareef
Directors

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GMC FO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

GMC FO Limtied is a private company limited by shares and registered in England and Wales. The registered office is GMC FO Ltd, Lower Ground Floor, 15 Sackville Street, London, United Kingdom, W1S 3DN and its company registration number is 14226292. The Company incorporated on 11 July 2022 and started trading from the same day.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
GMC FO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GMC FO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
66%
Motor vehicles
-
20%
Office equipment
-
33%
Computer equipment
-
33%
Other fixed assets
-
50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
GMC FO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 6

 
GMC FO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 5.


4.


Tangible fixed assets





Leasehold improvement
Motor vehicles
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost


Additions
78,041
76,370
21,799
32,194
6,839
215,243



At 31 December 2023

78,041
76,370
21,799
32,194
6,839
215,243



Depreciation


Charge for the period on owned assets
46,677
2,546
4,339
9,158
3,033
65,753



At 31 December 2023

46,677
2,546
4,339
9,158
3,033
65,753



Net book value



At 31 December 2023
31,364
73,824
17,460
23,036
3,806
149,490

Page 7

 
GMC FO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

2023
£


Trade debtors
10,000

Other debtors
57,466

Called up share capital not paid
1

Prepayments and accrued income
25,578

93,045



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
167,759



7.


Creditors: amounts falling due within one year

2023
£

Trade creditors
20,689

Corporation tax
12,209

Other taxation and social security
22,100

Other creditors
6,950

Accruals and deferred income
292,896

354,844


Page 8

 
GMC FO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Deferred taxation



2023


£






Charged to profit or loss
(16,534)



At end of year
(16,534)

The deferred taxation balance is made up as follows:

2023
£


Fixed asset timing differences
(16,534)


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £56,040. Contributions totalling £6,950 were payable to the fund at 31 December 2023 and are included in other creditors.


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
£


Not later than 1 year
63,920

Later than 1 year and not later than 5 years
357,946

Later than 5 years
27,451

449,317


11.


Related party transactions

During the period ended 31 December 2023 an affiliate company, Sackville Capital Limited, paid expenses on behalf of GMC FO Limited totalling £169,100 and was fully repaid within the period.

 
Page 9