2022-12-012023-11-302023-11-30false08786994GMIA 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GMIA LTD

Registered Number
08786994
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

GMIA LTD
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

I Anderson

Company Secretary

AURIA ACCOUNTANCY LIMITED

Registered Address

C/O Auria
48 Warwick Street
London
W1B 5AW

Registered Number

08786994 (England and Wales)
GMIA LTD
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets410,39810,392
10,39810,392
Current assets
Debtors551,9171,970
Cash at bank and on hand38,35255,877
90,26957,847
Creditors amounts falling due within one year6(44,832)(55,146)
Net current assets (liabilities)45,4372,701
Total assets less current liabilities55,83513,093
Creditors amounts falling due after one year7(3,520)(7,729)
Provisions for liabilities8(2,599)-
Net assets49,7165,364
Capital and reserves
Called up share capital11
Profit and loss account49,7155,363
Shareholders' funds49,7165,364
The financial statements were approved and authorised for issue by the Director on 9 August 2024, and are signed on its behalf by:
I Anderson
Director
Registered Company No. 08786994
GMIA LTD
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Office Equipment4
2.Average number of employees

20232022
Average number of employees during the year11
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 December 2210,00010,000
At 30 November 2310,00010,000
Amortisation and impairment
At 01 December 2210,00010,000
At 30 November 2310,00010,000
Net book value
At 30 November 23--
At 30 November 22--
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 December 2230,209-30,209
Additions3,6601,1964,856
At 30 November 2333,8691,19635,065
Depreciation and impairment
At 01 December 2219,817-19,817
Charge for year4,5522984,850
At 30 November 2324,36929824,667
Net book value
At 30 November 239,50089810,398
At 30 November 2210,392-10,392
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables29,8741,970
Prepayments and accrued income22,043-
Total51,9171,970
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables2632,441
Bank borrowings and overdrafts1,9452,650
Taxation and social security30,28616,659
Other creditors7,53931,601
Accrued liabilities and deferred income4,7991,795
Total44,83255,146
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts3,5207,729
Total3,5207,729
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)2,599-
Total2,599-