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Company registration number: 03168546
Ge-Mac Systems Limited
Unaudited filleted financial statements
30 April 2024
Ge-Mac Systems Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ge-Mac Systems Limited
Directors and other information
Directors S Crolla
B S R McCrae
D Grover
Company number 03168546
Registered office 8 Hammond Road
Elm Farm Industrial Estate
Bedford
MK41 0RJ
Accountants Simpson Accountants Limited
5 Border Lane
Buckingham
MK18 7SE
Ge-Mac Systems Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Ge-Mac Systems Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ge-Mac Systems Limited for the year ended 30 April 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Ge-Mac Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ge-Mac Systems Limited and state those matters that we have agreed to state to the board of directors of Ge-Mac Systems Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ge-Mac Systems Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ge-Mac Systems 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 Ge-Mac Systems Limited. You consider that Ge-Mac Systems 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 Ge-Mac Systems 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.
Simpson Accountants Limited
Chartered Accountants
5 Border Lane
Buckingham
MK18 7SE
22 July 2024
Ge-Mac Systems Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,171 6,013
_______ _______
2,171 6,013
Current assets
Debtors 6 367,508 242,993
Cash at bank and in hand 65,044 59,030
_______ _______
432,552 302,023
Creditors: amounts falling due
within one year 7 ( 209,519) ( 127,109)
_______ _______
Net current assets 223,033 174,914
_______ _______
Total assets less current liabilities 225,204 180,927
Provisions for liabilities ( 543) ( 1,693)
_______ _______
Net assets 224,661 179,234
_______ _______
Capital and reserves
Called up share capital 90 90
Profit and loss account 224,571 179,144
_______ _______
Shareholders funds 224,661 179,234
_______ _______
For the year ending 30 April 2024 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
S Crolla
Director
Company registration number: 03168546
Ge-Mac Systems Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 8 Hammond Road, Elm Farm Industrial Estate, Bedford, MK41 0RJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment loss.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.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
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 and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
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 the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 20,483 15,621 20,949 57,053
Additions - 1,055 - 1,055
Disposals - - ( 13,399) ( 13,399)
_______ _______ _______ _______
At 30 April 2024 20,483 16,676 7,550 44,709
_______ _______ _______ _______
Depreciation
At 1 May 2023 18,349 11,742 20,949 51,040
Charge for the year 1,823 3,074 - 4,897
Disposals - - ( 13,399) ( 13,399)
_______ _______ _______ _______
At 30 April 2024 20,172 14,816 7,550 42,538
_______ _______ _______ _______
Carrying amount
At 30 April 2024 311 1,860 - 2,171
_______ _______ _______ _______
At 30 April 2023 2,134 3,879 - 6,013
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 339,118 119,834
Other debtors 28,390 123,159
_______ _______
367,508 242,993
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 65,685 55,629
Social security and other taxes 27,708 8,331
Other creditors 116,126 63,149
_______ _______
209,519 127,109
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 218,250 102,500
_______ _______
9. Controlling party
The ultimate control of the company, rests with the directors who jointly hold the entire shareholding of the company equally between themselves.