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REGISTERED NUMBER: 05298577 (England and Wales)












Financial Statements

for the Year Ended 30 November 2023

for

GMS Steel Fabrications Limited

GMS Steel Fabrications Limited (Registered number: 05298577)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GMS Steel Fabrications Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: M T Burrows
S J Burrows





REGISTERED OFFICE: Plot 9 Pye Bridge Industrial Estate
Alfreton
Derbyshire
DE55 4NX





REGISTERED NUMBER: 05298577 (England and Wales)





ACCOUNTANTS: Bourne & Co.
Chartered Accountants
47a Queen Street
Derby
Derbyshire
DE1 3DE

GMS Steel Fabrications Limited (Registered number: 05298577)

Abridged Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,063,390 1,060,625

CURRENT ASSETS
Stocks 69,205 104,231
Debtors 140,824 96,413
Cash at bank and in hand 197,762 50,373
407,791 251,017
CREDITORS
Amounts falling due within one year 904,898 822,813
NET CURRENT LIABILITIES (497,107 ) (571,796 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

566,283

488,829

CREDITORS
Amounts falling due after more than one
year

(102,250

)

(114,197

)

PROVISIONS FOR LIABILITIES (31,469 ) (29,220 )
NET ASSETS 432,564 345,412

CAPITAL AND RESERVES
Called up share capital 6 3 3
Capital redemption reserve 1 1
Retained earnings 432,560 345,408
SHAREHOLDERS' FUNDS 432,564 345,412

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GMS Steel Fabrications Limited (Registered number: 05298577)

Abridged Balance Sheet - continued
30 November 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by:





M T Burrows - Director


GMS Steel Fabrications Limited (Registered number: 05298577)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

GMS Steel Fabrications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales of goods and services excluding value added tax and is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary course of business. Turnover is recognised at the date of despatch where the company is contracted to undertake the transportation of goods to the customer's place of business. The fair value of consideration takes into account returns, discounts and rebates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on reducing balance
Office and computer equipment - 25% on cost

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial assets
Short term debtors are measured at transaction price less impairment.

GMS Steel Fabrications Limited (Registered number: 05298577)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial liabilities
Short term creditors are measured at transaction price less impairment. Other financial liabilities are measured at fair value, net or transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 1,372,001
Additions 42,331
At 30 November 2023 1,414,332
DEPRECIATION
At 1 December 2022 311,376
Charge for year 39,566
At 30 November 2023 350,942
NET BOOK VALUE
At 30 November 2023 1,063,390
At 30 November 2022 1,060,625

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 21,659 9,100
Between one and five years 50,298 22,064
71,957 31,164

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8 ordinary £0.33 3 3