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REGISTERED NUMBER: 03099018 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

GRM DEVELOPMENT SOLUTIONS LIMITED

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRM DEVELOPMENT SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







Directors: Dr W S Peacock
R Upton
G W Beckett





Secretary: Mrs A Bryant





Registered office: Laurus House First Avenue
Centrum 100
Burton Upon Trent
Staffordshire
DE14 2WH





Registered number: 03099018 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 1,799,370 1,758,642

Current assets
Stocks 90,776 63,962
Debtors 5 866,973 744,347
Cash at bank and in hand 592,468 1,054,408
1,550,217 1,862,717
Creditors
Amounts falling due within one year 6 (575,068 ) (811,011 )
Net current assets 975,149 1,051,706
Total assets less current liabilities 2,774,519 2,810,348

Creditors
Amounts falling due after more than one
year

7

(3,646

)

(144,234

)

Provisions for liabilities (180,532 ) (157,268 )
Net assets 2,590,341 2,508,846

Capital and reserves
Called up share capital 7,810 8,018
Share premium 13,188 13,188
Revaluation reserve 9 482,500 482,500
Capital redemption reserve 7,720 7,512
Retained earnings 2,079,123 1,997,628
Shareholders' funds 2,590,341 2,508,846

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:




Dr W S Peacock - Director


GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

GRM Development Solutions 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.

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 as modified by the revaluation of certain assets.

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, excluding discounts, rebates, value added tax and other sales taxes.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 33% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued at sales value less any provisions for the foreseeable losses where appropriate.

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.

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.

Lease income is recognised in profit or loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 49 ) .

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Freehold Leasehold Plant and
property property machinery
£ £ £
Cost or valuation
At 1 May 2023 1,750,000 - 40,106
Additions - - 1,717
Disposals - - (9,980 )
Revaluations - 60,000 -
Reclassification/transfer (1,750,000 ) 1,540,000 -
At 30 April 2024 - 1,600,000 31,843
Depreciation
At 1 May 2023 175,000 - 23,253
Charge for year 35,000 - 4,516
Eliminated on disposal - - (9,945 )
Reclassification/transfer (210,000 ) - -
At 30 April 2024 - - 17,824
Net book value
At 30 April 2024 - 1,600,000 14,019
At 30 April 2023 1,575,000 - 16,853

Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost or valuation
At 1 May 2023 454,734 267,655 2,512,495
Additions 27,256 50,748 79,721
Disposals (23,437 ) (24,151 ) (57,568 )
Revaluations - - 60,000
Reclassification/transfer - - (210,000 )
At 30 April 2024 458,553 294,252 2,384,648
Depreciation
At 1 May 2023 340,315 215,285 753,853
Charge for year 26,050 29,725 95,291
Eliminated on disposal (21,440 ) (22,481 ) (53,866 )
Reclassification/transfer - - (210,000 )
At 30 April 2024 344,925 222,529 585,278
Net book value
At 30 April 2024 113,628 71,723 1,799,370
At 30 April 2023 114,419 52,370 1,758,642

Leasehold property was revalued in July 2024 at an open market value by Salloway Property Consultants. The historical cost of freehold property is £1,200,000 (2023: £1,200,000).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 812,200 701,616
Other debtors 54,773 42,731
866,973 744,347

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 43,750 81,750
Trade creditors 239,956 323,844
Taxation and social security 178,260 227,581
Other creditors 113,102 177,836
575,068 811,011

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 3,646 144,234

Amounts owed under bank loans are secured by a fixed and floating charge over the property of the company.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 17,040 21,397
Between one and five years 24,436 38,864
41,476 60,261

9. RESERVES
Revaluation
reserve
£
At 1 May 2023
and 30 April 2024 482,500

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£ £
Dr W S Peacock
Balance outstanding at start of year (69,808 ) 17,575
Amounts advanced 151,731 72,327
Amounts repaid (116,628 ) (159,710 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (34,705 ) (69,808 )

GRM DEVELOPMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 03099018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number

Class
Nominal
Value

30/04/2024

30/04/2023
2,000 C ordinary £1 2,000 2,000
1,000 D ordinary £1 1,000 1,000

Allotted and issued:


Number

Class
Nominal
Value

30/04/2024

30/04/2023
2,081 E ordinary 10p - 208
37,878 W ordinary 10p 3,788 3,788
4,912 X ordinary 10p 491 491
4,912 Y ordinary 10p 491 491
400 Z ordinary 10p 40 40

During the year, 2,081 tranche E ordinary 10p shares were purchased by the company.