BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the letting of investment properties. 8 August 2024 0 0 NI045294 2023-12-31 NI045294 2022-12-31 NI045294 2021-12-31 NI045294 2023-01-01 2023-12-31 NI045294 2022-01-01 2022-12-31 NI045294 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI045294 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI045294 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI045294 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 NI045294 uk-core:ShareCapital 2023-12-31 NI045294 uk-core:ShareCapital 2022-12-31 NI045294 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI045294 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI045294 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI045294 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI045294 uk-bus:FRS102 2023-01-01 2023-12-31 NI045294 uk-core:LandBuildings 2023-01-01 2023-12-31 NI045294 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI045294 2023-01-01 2023-12-31 NI045294 uk-bus:Director1 2023-01-01 2023-12-31 NI045294 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI045294
 
 
GMC Developments
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 December 2023
GMC Developments
Company Registration Number: NI045294
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 2,214,920 2,231,864
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Current Assets
Debtors 15,616 11,477
Cash and cash equivalents 142,656 129,213
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158,272 140,690
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Creditors: amounts falling due within one year (1,452,769) (1,440,218)
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Net Current Liabilities (1,294,497) (1,299,528)
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Total Assets less Current Liabilities 920,423 932,336
 
Creditors:
amounts falling due after more than one year (704,271) (774,371)
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Net Assets 216,152 157,965
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Capital and Reserves
Called up share capital 4 4
Retained earnings 216,148 157,961
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Equity attributable to owners of the company 216,152 157,965
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 8 August 2024 and signed on its behalf by
           
           
________________________________          
Gerard Hughes          
Director          
           



GMC Developments
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
GMC Developments is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 6 Main Street, Camlough, Newry, Co. Down, BT35 7JG, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 0% Straight line
  Plant and machinery - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the 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.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 0.00|0, (2022 - 0).
         
4. Tangible assets
  Land and Plant and Total
  buildings machinery  
  freehold    
  £ £ £
Cost
At 1 January 2023 2,202,017 86,145 2,288,162
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At 31 December 2023 2,202,017 86,145 2,288,162
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Depreciation
At 1 January 2023 - 56,298 56,298
Charge for the financial year - 16,944 16,944
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At 31 December 2023 - 73,242 73,242
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Net book value
At 31 December 2023 2,202,017 12,903 2,214,920
  ═════════ ═════════ ═════════
At 31 December 2022 2,202,017 29,847 2,231,864
  ═════════ ═════════ ═════════
       
5. Details of creditors
 
Security given in respect of creditors
GMC Developments Limited is indebted to Danske Bank who hold a security for the company's borrowings.  Full details of this security can be obtained by applying in writing to the company secretary at the registered office address, 6 Main Street, Camlough, Newry, Co Down, BT35 7JG
       
6. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2023.
   
7. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.