FINANCIAL PERIOD DATA REFRESH REQUIRED
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Year Ended
Registration number:
GMD Eurotool Ltd.
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
GMD Eurotool Ltd.
Balance Sheet
31 October 2023
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2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04483337
GMD Eurotool Ltd.
Statement of Changes in Equity
Year Ended 31 October 2023
Share capital |
Profit and loss account |
Total |
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At 1 November 2022 |
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Profit for the year |
- |
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At 31 October 2023 |
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Share capital |
Profit and loss account |
Total |
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At 1 November 2021 |
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Profit for the year |
- |
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At 31 October 2022 |
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GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.The disclosure requirements of Section 1A have been applied other than where additional disclosure is required to show a true and fair view.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of the goods and from rendering of services.
Turnover from the sale of the goods is recognised when the significant risks and rewards of ownership of goods have transferred to the buyer.
Turnover from the rendering of services is recognised by the reference to the stage of completion of the contract. The stage of the contract is measured by comparing the costs incurred for work performed to date to the estimated contract costs.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, was amortised evenly over its estimated useful life of five years.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Internally generated software development costs |
4 years straight line |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
33% straight line |
Motor vehicles |
20% straight line |
Leasehold improvments |
Written off over period of leasehold |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
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.
Defined contribution pension obligation
The company operates a statutory pension scheme and makes contributions to directors' personal schemes. Employer contributions payable to the employee schemes are charged to profit and loss in the period to which they relate.
Debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event. It is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
Key judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate where the revision affects only that period, or in the period of the revision and future periods where the revision reflects both current and future periods.
The key judgement that has a significant effect on the financial statements in respect of going concern. The disclosure within the accounting policies describes the processes undertaken around the judgement in more detail.
Determining whether there are indicators of impairment of the company's tangible assets. Tangible fixed assets are depreciated over their useful life taking into account residual values, where appropriate. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. The carrying amount is £67,209 (2022 - £63,262).
Determining whether stock is held at the correct value by ensuring it is stated at the lower of cost or net realisable value, the estimate being the selling price less costs to complete and sell. Stock is assessed for impairment and potential provision is estimated. Management undertake regular stocktakes and review the ageing and selling profile of the stock. The carrying value is £371,588 (2022 - £232,084).
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2023 |
2022 |
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Audit of the financial statements |
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GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
Intangible assets |
Goodwill |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Disposals |
( |
- |
( |
At 31 October 2023 |
- |
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Amortisation |
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At 1 November 2022 |
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- |
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Amortisation charge |
- |
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Amortisation eliminated on disposals |
( |
- |
( |
At 31 October 2023 |
- |
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Carrying amount |
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At 31 October 2023 |
- |
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At 31 October 2022 |
- |
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GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
Tangible assets |
Leasehold improvments |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
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- |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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- |
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At 31 October 2022 |
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Stocks |
2023 |
2022 |
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Raw materials and consumables |
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- |
Work in progress |
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Finished goods and goods for resale |
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- |
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Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Corporation tax |
1,089 |
56,302 |
Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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999 |
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999 |
GMD Eurotool Ltd.
Notes to the Financial Statements
Year Ended 31 October 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
The Company has taken advantage of the exemption available in Section 33.1A of FRS 102 not to disclose transactions with the ultimate controlling party or any wholly owned subsidiary undertakings of the group.
At the balance sheet date, the company owed £8,940 (2022 - £nil) to related parties.
Audit report |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is