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REGISTERED NUMBER: 07871429 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GMS TRADING LTD

GMS TRADING LTD (REGISTERED NUMBER: 07871429)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GMS TRADING LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: Mrs S Haworth





REGISTERED OFFICE: 32 The Hawthorns
Eccleston
Chorley
Lancashire
PR7 5QW





REGISTERED NUMBER: 07871429 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

GMS TRADING LTD (REGISTERED NUMBER: 07871429)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,055 15,031

CURRENT ASSETS
Cash at bank 25,826 24,934

CREDITORS
Amounts falling due within one year 5 29,774 24,651
NET CURRENT (LIABILITIES)/ASSETS (3,948 ) 283
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,107

15,314

PROVISIONS FOR LIABILITIES 7 3,500 3,500
NET ASSETS 6,607 11,814

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,507 11,714
SHAREHOLDERS' FUNDS 6,607 11,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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

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

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





Mrs S Haworth - Director


GMS TRADING LTD (REGISTERED NUMBER: 07871429)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

GMS Trading Ltd 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.

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
Where turnover relates to hire activities, revenue is recognised on a straight-line basis over the period of hire.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Equipment on rental - over the period of the lease

Tangible fixed assets are stated at cost less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


GMS TRADING LTD (REGISTERED NUMBER: 07871429)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Equipment
on rental
£   
COST
At 1 January 2023 157,975
Additions 18,614
At 31 December 2023 176,589
DEPRECIATION
At 1 January 2023 142,944
Charge for year 19,590
At 31 December 2023 162,534
NET BOOK VALUE
At 31 December 2023 14,055
At 31 December 2022 15,031

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,885 4,318
Taxation and social security 23,097 14,078
Other creditors 4,792 6,255
29,774 24,651

GMS TRADING LTD (REGISTERED NUMBER: 07871429)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase 1,885 4,318

Amounts held under hire purchase contracts are secured on the asset concerned.

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,500 3,500

Deferred
tax
£   
Balance at 1 January 2023 3,500
Balance at 31 December 2023 3,500

8. RELATED PARTY DISCLOSURES

Included in Other creditors is £526 (2022:£883) due to the director.

NORLEC SHEET METAL

A company in which the spouse of the director, is a director and shareholder.

During the year the company charged lease rentals amounting to £70,258 (2022 - £70,658). At the year end £Nil (2022 - £Nil) remained outstanding.


BISON PRODUCTS

A company in which the spouse of the director, is a director and shareholder.

During the year the company charged lease rentals amounting to £3,820 (2022 - £3,820). At the year end £Nil (2022 - £Nil) remained outstanding.