Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3111truefalsetrue2023-01-01falseNo description of principal activity14The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC135969 2022-12-31 SC135969 2023-01-01 2023-12-31 SC135969 2023-12-31 SC135969 2021-07-01 2022-06-30 SC135969 2022-06-30 SC135969 2021-07-01 SC135969 c:CompanySecretary1 2023-01-01 2023-12-31 SC135969 c:Director1 2023-01-01 2023-12-31 SC135969 c:RegisteredOffice 2023-01-01 2023-12-31 SC135969 d:FurnitureFittings 2023-01-01 2023-12-31 SC135969 d:FurnitureFittings 2023-12-31 SC135969 d:FurnitureFittings 2022-06-30 SC135969 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC135969 d:OfficeEquipment 2023-01-01 2023-12-31 SC135969 d:OfficeEquipment 2023-12-31 SC135969 d:OfficeEquipment 2022-06-30 SC135969 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC135969 d:ComputerEquipment 2023-01-01 2023-12-31 SC135969 d:ComputerEquipment 2023-12-31 SC135969 d:ComputerEquipment 2022-06-30 SC135969 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC135969 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC135969 d:OtherPropertyPlantEquipment 2023-12-31 SC135969 d:OtherPropertyPlantEquipment 2022-06-30 SC135969 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC135969 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC135969 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 SC135969 d:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 SC135969 d:CurrentFinancialInstruments 2023-12-31 SC135969 d:CurrentFinancialInstruments 2022-06-30 SC135969 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC135969 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 SC135969 d:ShareCapital 2023-01-01 2023-12-31 SC135969 d:ShareCapital 2023-12-31 SC135969 d:ShareCapital 2021-07-01 2022-06-30 SC135969 d:ShareCapital 2022-06-30 SC135969 d:ShareCapital 2021-07-01 SC135969 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC135969 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC135969 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 SC135969 d:RetainedEarningsAccumulatedLosses 2022-06-30 SC135969 d:RetainedEarningsAccumulatedLosses 2021-07-01 SC135969 c:FRS102 2023-01-01 2023-12-31 SC135969 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC135969 c:FullAccounts 2023-01-01 2023-12-31 SC135969 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC135969 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC135969 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: SC135969







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


GM INSTRUMENTS LIMITED






































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GM INSTRUMENTS LIMITED
 


 
COMPANY INFORMATION


Director
R S Singh 




Company secretary
M J Miles



Registered number
SC135969



Registered office
Greig House
Block 1 Annick Road

Annickbank Innovation Campus

Irvine

Scotland

KA11 4LF




Accountants
Menzies LLP
Chartered Accountants

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


GM INSTRUMENTS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 9


 


GM INSTRUMENTS LIMITED
REGISTERED NUMBER:SC135969



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,122
2,244

Tangible assets
 5 
37,764
47,441

  
38,886
49,685

Current assets
  

Stocks
  
181,924
77,250

Debtors: amounts falling due within one year
 6 
304,695
302,040

Cash at bank and in hand
  
292,497
149,188

  
779,116
528,478

Creditors: amounts falling due within one year
 7 
(388,042)
(117,165)

Net current assets
  
 
 
391,074
 
 
411,313

Total assets less current liabilities
  
429,960
460,998

  

Net assets
  
429,960
460,998


Capital and reserves
  

Called up share capital 
  
23,000
10,000

Profit and loss account
  
406,960
450,998

  
429,960
460,998


Page 1

 


GM INSTRUMENTS LIMITED
REGISTERED NUMBER:SC135969


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R S Singh
Director

Date: 23 August 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2


 
GM INSTRUMENTS LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 July 2021
10,000
353,187
363,187



Comprehensive income for the year


Profit for the year
-
97,811
97,811

Total comprehensive income for the year
-
97,811
97,811





At 1 January 2023
10,000
450,998
460,998



Comprehensive income for the year


Profit for the year
-
168,962
168,962

Total comprehensive income for the year
-
168,962
168,962


Dividends: Equity capital
-
(200,000)
(200,000)


Capitalisation/bonus issue
-
(13,000)
(13,000)


Shares issued during the year
13,000
-
13,000



Total transactions with owners
13,000
(213,000)
(200,000)



At 31 December 2023
23,000
406,960
429,960

Page 3

 


GM INSTRUMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GM Instruments Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.
The Company extended its year end from 30 June 2023 to 31 December 2023 as part of the company restructuring plans. These financial statements present the activity of the company for the 18 month period ended 31 December 2023 which are not entirely comparable to the previous 12 months ended 30 June 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 


GM INSTRUMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 


GM INSTRUMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
18%
Office equipment
-
18%
Plant and machinery
-
18%
Software
-
25%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 14).

Page 6

 


GM INSTRUMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Licences

£



Cost


At 1 January 2023
3,740



At 31 December 2023

3,740



Amortisation


At 1 January 2023
1,496


Charge for the year on owned assets
1,122



At 31 December 2023

2,618



Net book value



At 31 December 2023
1,122



At 31 December 2022
2,244



Page 7

 


GM INSTRUMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Software
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
37,207
46,031
22,454
20,090
125,782


Additions
-
-
-
4,458
4,458



At 31 December 2023

37,207
46,031
22,454
24,548
130,240



Depreciation


At 1 January 2023
20,143
40,881
7,354
9,963
78,341


Charge for the year on owned assets
3,071
927
4,077
6,060
14,135



At 31 December 2023

23,214
41,808
11,431
16,023
92,476



Net book value



At 31 December 2023
13,993
4,223
11,023
8,525
37,764



At 31 December 2022
17,064
5,150
15,100
10,127
47,441

Page 8

 


GM INSTRUMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
115,590
115,108

Amounts owed by group undertakings
-
169,251

Other debtors
182,071
16,854

Prepayments and accrued income
7,034
827

304,695
302,040



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
45,329
51,936

Amounts owed to group undertakings
-
25,990

Corporation tax
29,368
16,901

Other taxation and social security
6,143
6,382

Other creditors
302,802
12,856

Accruals and deferred income
4,400
3,100

388,042
117,165


 
Page 9