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COMPANY REGISTRATION NUMBER: SC194588
GMS Contract Services Limited
Filleted Unaudited Financial Statements
30 June 2023
GMS Contract Services Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
13,001
60,486
Cash at bank and in hand
2,595
4,553
--------
--------
15,596
65,039
Creditors: amounts falling due within one year
5
15,288
64,675
--------
--------
Net current assets
308
364
----
----
Total assets less current liabilities
308
364
----
----
Net assets
308
364
----
----
Capital and reserves
Called up share capital
300
300
Profit and loss account
8
64
----
----
Shareholders funds
308
364
----
----
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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
Mr DT Muir
Director
Company registration number: SC194588
GMS Contract Services Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 15 Littlecauseway, Forfar, Angus, DD8 2AD.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
4. Debtors
2023
2022
£
£
Trade debtors
13,001
Other debtors
60,486
--------
--------
13,001
60,486
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
2,166
Other creditors
13,122
64,675
--------
--------
15,288
64,675
--------
--------
6. Related party transactions
GMS Contract Services Limited is owned by a number of shareholders with no one shareholder having control of the company. Therefore the Director is of the opinion that there is no ultimate controlling party.