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Registered number: 11134305
GKM (Cumbria) Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
MoynanSmith
Chartered Accountants & Tax Advisers
Unit 4 Clifford Court
Cooper Way
Carlisle
Cumbria
CA3 0JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11134305
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 11,000 13,200
Tangible Assets 5 31,053 23,130
42,053 36,330
CURRENT ASSETS
Debtors 6 353,907 307,406
Cash at bank and in hand 223,838 202,502
577,745 509,908
Creditors: Amounts Falling Due Within One Year 7 (231,191 ) (195,125 )
NET CURRENT ASSETS (LIABILITIES) 346,554 314,783
TOTAL ASSETS LESS CURRENT LIABILITIES 388,607 351,113
Creditors: Amounts Falling Due After More Than One Year 8 (14,806 ) (36,407 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,711 ) (2,658 )
NET ASSETS 368,090 312,048
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 368,088 312,046
SHAREHOLDERS' FUNDS 368,090 312,048
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Graham
Director
Mr Kevin Lowther
Director
28 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GKM (Cumbria) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11134305 . The registered office is 2 Mason Court Gillan Way, Penrith 40 Business Park, Penrith, Cumbria, CA11 9GR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 years straight line
Fixtures & Fittings 15% reducing balance
Computer Equipment 3 years straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2022: 21)
22 21
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 22,000
As at 31 December 2023 22,000
Amortisation
As at 1 January 2023 8,800
Provided during the period 2,200
As at 31 December 2023 11,000
Net Book Value
As at 31 December 2023 11,000
As at 1 January 2023 13,200
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 1,553 15,103 19,714 36,370
Additions 8,454 6,347 1,796 16,597
As at 31 December 2023 10,007 21,450 21,510 52,967
Depreciation
As at 1 January 2023 620 7,219 5,401 13,240
Provided during the period 394 1,182 7,098 8,674
As at 31 December 2023 1,014 8,401 12,499 21,914
Net Book Value
As at 31 December 2023 8,993 13,049 9,011 31,053
As at 1 January 2023 933 7,884 14,313 23,130
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 102,235 97,801
Amounts recoverable on contracts 222,548 197,815
Prepayments and accrued income 8,582 8,477
Other debtors 20,542 3,313
353,907 307,406
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 10,140 9,890
Taxation and social security 96,410 85,816
Other creditors 58,220 31,637
Accruals and deferred income 32,600 27,782
Directors' loan accounts 33,821 40,000
231,191 195,125
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 14,806 24,947
Other creditors - 11,460
14,806 36,407
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Mark Graham - 12,863 - - 12,863
The above loan is unsecured and repayable on demand. Interest has been charged at the official rate on overdrawn balances over £10,000.
11. Off-Balance Sheet Arrangements
Financial commitments, guarantees and contingencies
The total amount of financial commitments not included in the balance sheet is £37,358 (2022: £19,934). Financial commitments are in respect of obligations under property leases.
12. Client Funds held on deposit
The company holds funds of £8,077,998 (2022: £8,196,394) on trust for clients. This amount is not recognised on the balance sheet.
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