GMD Eurotool Ltd. 04483337 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is the provision of precision engineering services. Digita Accounts Production Advanced 6.30.9574.0 true false 04483337 2022-11-01 2023-10-31 04483337 2023-10-31 04483337 bus:OrdinaryShareClass1 2023-10-31 04483337 bus:Consolidated 2023-10-31 04483337 core:RetainedEarningsAccumulatedLosses 2023-10-31 04483337 core:ShareCapital 2023-10-31 04483337 core:CurrentFinancialInstruments 2023-10-31 04483337 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 04483337 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 04483337 core:Goodwill 2023-10-31 04483337 core:BetweenTwoFiveYears 2023-10-31 04483337 core:WithinOneYear 2023-10-31 04483337 core:FurnitureFittingsToolsEquipment 2023-10-31 04483337 core:LandBuildings 2023-10-31 04483337 core:MotorVehicles 2023-10-31 04483337 bus:SmallEntities 2022-11-01 2023-10-31 04483337 bus:Audited 2022-11-01 2023-10-31 04483337 bus:FullAccounts 2022-11-01 2023-10-31 04483337 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04483337 bus:RegisteredOffice 2022-11-01 2023-10-31 04483337 bus:Director2 2022-11-01 2023-10-31 04483337 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 04483337 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04483337 core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 04483337 core:ShareCapital 2022-11-01 2023-10-31 04483337 core:ComputerSoftware 2022-11-01 2023-10-31 04483337 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-01 2023-10-31 04483337 core:Goodwill 2022-11-01 2023-10-31 04483337 core:FurnitureFittings 2022-11-01 2023-10-31 04483337 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 04483337 core:LandBuildings 2022-11-01 2023-10-31 04483337 core:MotorVehicles 2022-11-01 2023-10-31 04483337 1 2022-11-01 2023-10-31 04483337 countries:EnglandWales 2022-11-01 2023-10-31 04483337 2022-10-31 04483337 core:RetainedEarningsAccumulatedLosses 2022-10-31 04483337 core:ShareCapital 2022-10-31 04483337 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 04483337 core:Goodwill 2022-10-31 04483337 core:FurnitureFittingsToolsEquipment 2022-10-31 04483337 core:LandBuildings 2022-10-31 04483337 core:MotorVehicles 2022-10-31 04483337 2021-11-01 2022-10-31 04483337 2022-10-31 04483337 bus:OrdinaryShareClass1 2022-10-31 04483337 core:RetainedEarningsAccumulatedLosses 2022-10-31 04483337 core:ShareCapital 2022-10-31 04483337 core:CurrentFinancialInstruments 2022-10-31 04483337 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 04483337 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 04483337 core:Goodwill 2022-10-31 04483337 core:BetweenTwoFiveYears 2022-10-31 04483337 core:WithinOneYear 2022-10-31 04483337 core:FurnitureFittingsToolsEquipment 2022-10-31 04483337 core:LandBuildings 2022-10-31 04483337 core:MotorVehicles 2022-10-31 04483337 core:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 04483337 core:ShareCapital 2021-11-01 2022-10-31 04483337 2021-10-31 04483337 core:RetainedEarningsAccumulatedLosses 2021-10-31 04483337 core:ShareCapital 2021-10-31 iso4217:GBP xbrli:pure xbrli:shares

FINANCIAL PERIOD DATA REFRESH REQUIRED
Select the Refresh button on the Summary or Disclosure tab

GMD Eurotool Ltd.

Annual Report and Financial Statements
Year Ended 31 October 2023

Registration number: 04483337

 

GMD Eurotool Ltd.

Contents

Balance Sheet

1

Statement of Changes in Equity

2

Notes to the Financial Statements

3 to 11

 

GMD Eurotool Ltd.

Balance Sheet

31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

18,123

27,301

Tangible assets

6

67,209

63,262

 

85,332

90,563

Current assets

 

Stocks

7

371,588

232,084

Debtors

8

2,289,176

2,064,275

Cash at bank and in hand

 

17,149

157,817

 

2,677,913

2,454,176

Creditors: Amounts falling due within one year

9

(237,928)

(201,272)

Net current assets

 

2,439,985

2,252,904

Total assets less current liabilities

 

2,525,317

2,343,467

Provisions for liabilities

(15,312)

(10,484)

Net assets

 

2,510,005

2,332,983

Capital and reserves

 

Called up share capital

10

999

999

Profit and loss account

2,509,006

2,331,984

Shareholders' funds

 

2,510,005

2,332,983

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 Board on 30 August 2024 and signed on its behalf by:
 

.........................................
D S Sneddon
Director

Company Registration Number: 04483337

 

GMD Eurotool Ltd.

Statement of Changes in Equity

Year Ended 31 October 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2022

999

2,331,984

2,332,983

Profit for the year

-

177,022

177,022

At 31 October 2023

999

2,509,006

2,510,005


 

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2021

999

1,897,355

1,898,354

Profit for the year

-

434,629

434,629

At 31 October 2022

999

2,331,984

2,332,983

 

GMD Eurotool Ltd.

Notes to the Financial Statements

Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Speed House
Barbican
London
EC2Y 8AT

These financial statements were authorised for issue by the Board on 30 August 2024.

2

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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).

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 15).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

25,950

10,200


 

 

GMD Eurotool Ltd.

Notes to the Financial Statements

Year Ended 31 October 2023

5

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 November 2022

92,400

27,301

119,701

Disposals

(92,400)

-

(92,400)

At 31 October 2023

-

27,301

27,301

Amortisation

At 1 November 2022

92,400

-

92,400

Amortisation charge

-

9,178

9,178

Amortisation eliminated on disposals

(92,400)

-

(92,400)

At 31 October 2023

-

9,178

9,178

Carrying amount

At 31 October 2023

-

18,123

18,123

At 31 October 2022

-

27,301

27,301

 

GMD Eurotool Ltd.

Notes to the Financial Statements

Year Ended 31 October 2023

6

Tangible assets

Leasehold improvments
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

32,741

373,445

34,930

441,116

Additions

6,990

28,106

-

35,096

At 31 October 2023

39,731

401,551

34,930

476,212

Depreciation

At 1 November 2022

8,122

334,803

34,929

377,854

Charge for the year

18,287

12,861

1

31,149

At 31 October 2023

26,409

347,664

34,930

409,003

Carrying amount

At 31 October 2023

13,322

53,887

-

67,209

At 31 October 2022

24,619

38,642

1

63,262

7

Stocks

2023
£

2022
£

Raw materials and consumables

117,228

-

Work in progress

29,606

232,084

Finished goods and goods for resale

224,754

-

371,588

232,084

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

289,017

368,278

Amounts owed by related parties

12

1,963,228

1,670,994

Prepayments

 

6,030

1,169

Other debtors

 

30,901

23,834

 

2,289,176

2,064,275

 

GMD Eurotool Ltd.

Notes to the Financial Statements

Year Ended 31 October 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

102,983

26,447

Corporation tax

1,089

56,302

Taxation and social security

73,428

81,652

Other creditors

3,917

4,673

Accruals and deferred income

56,511

32,198

237,928

201,272

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

999

999

999

999

         
 

GMD Eurotool Ltd.

Notes to the Financial Statements

Year Ended 31 October 2023

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

42,000

42,000

Later than one year and not later than five years

7,000

49,000

49,000

91,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,000 (2022 - £35,000).

12

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.

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Robert Whitehead FCCA, who signed for and on behalf of PKF Francis Clark on 30 August 2024.

14

Parent and ultimate parent undertaking

The company's immediate parent is Leviathan Newco 1 Limited, incorporated in England and Wales.

 The ultimate controlling party is Leviathan Engineering Limited.