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REGISTERED NUMBER: 05116760 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

GMC-I PROSYS LIMITED

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023










Page

Company Information 1

Statement of Financial Position 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


GMC-I PROSYS LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2023







DIRECTORS: Mr P R Bale
Mr J S Mahon





SECRETARY: Mr P R Bale





REGISTERED OFFICE: 1 Potter Place
West Pimbo
Skelmersdale
WN8 9PH





REGISTERED NUMBER: 05116760 (England and Wales)





AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

STATEMENT OF FINANCIAL POSITION
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,998,285 2,045,117
Tangible assets 5 282,752 203,022
2,281,037 2,248,139

CURRENT ASSETS
Stocks 574,777 668,436
Debtors 6 918,863 713,574
Cash at bank and in hand 895,408 396,066
2,389,048 1,778,076
CREDITORS
Amounts falling due within one year 7 (1,763,558 ) (1,837,162 )
NET CURRENT ASSETS/(LIABILITIES) 625,490 (59,086 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,906,527

2,189,053

PROVISIONS FOR LIABILITIES (579,523 ) (421,425 )
NET ASSETS 2,327,004 1,767,628

CAPITAL AND RESERVES
Called up share capital 9 1,300,000 1,300,000
Retained earnings 1,027,004 467,628
SHAREHOLDERS' FUNDS 2,327,004 1,767,628

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th February 2024 and were signed on its behalf by:





Mr P R Bale - Director


GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 1,300,000 453,473 1,753,473
Profit for the year - 14,155 14,155
Total comprehensive income - 14,155 14,155
Balance at 31st December 2022 1,300,000 467,628 1,767,628
Profit for the year - 559,376 559,376
Total comprehensive income - 559,376 559,376
Balance at 31st December 2023 1,300,000 1,027,004 2,327,004

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023


1. STATUTORY INFORMATION

GMC-I Prosys Limited is a private company limited by share capital, incorporated in England and Wales, registration number 05116760. The address of the registered office and principal place of business is 1 Potter Place, West Pimbo, Skelmersdale, WN8 9PH

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts recognised by the company in respect of goods supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of handheld instruments, which are recognised at the point of which the goods are provide.

Intangible fixed assets
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful economic life ot the asset.

Amortisation is provided at the following rates:

Patents & design rights- 10% to 20% straight line
Deferred development expenditure- 20% straight line

Deferred development expenditure is capitalised where there is a clearly defined project, related expenditure is separately identifiable and it has been assessed for technical feasibility and commercial viability. It is amortised from the date that sales of the related product commence.

At each balance sheet date, the company reviews the carrying amounts of its intangible fixed assets by reference to the future associated anticipated cash flows to determine whether there is any indication of impairment loss.
If any such condition exists, an impairment loss is recognised as an expense immediately.

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Plant and machinery- 20% on cost
Fixtures and fittings- 10% on cost
Improvement to property- 20% on cost
Test and development- 20% on cost
Office equipment- 20% on cost

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Research and development
Product development expenditure is deferred insofar as it complies with the requirements of SSAP 13, and is then amortised at a rate of 20% per annum once the product has been developed to such a stage that it is capable of contributing to turnover. Other research and development expenditure is written off in the year in which it is incurred.

Provisions
Provisions are made for warranties based on the previous 2 years actual costs plus 30% for overhead allocation.

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.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Patent
and
design Development
rights costs Totals
£    £    £   
COST
At 1st January 2023 121,204 5,163,321 5,284,525
Additions 8,579 419,464 428,043
Disposals - (435,866 ) (435,866 )
At 31st December 2023 129,783 5,146,919 5,276,702
AMORTISATION
At 1st January 2023 63,178 3,176,230 3,239,408
Amortisation for year 10,250 383,137 393,387
Eliminated on disposal - (354,378 ) (354,378 )
At 31st December 2023 73,428 3,204,989 3,278,417
NET BOOK VALUE
At 31st December 2023 56,355 1,941,930 1,998,285
At 31st December 2022 58,026 1,987,091 2,045,117

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023 75,920 889,103 56,808
Additions - 147,055 2,419
Disposals (7,135 ) (73,951 ) -
At 31st December 2023 68,785 962,207 59,227
DEPRECIATION
At 1st January 2023 71,196 747,294 44,960
Charge for year 3,442 43,642 2,841
Eliminated on disposal (7,135 ) (73,951 ) -
At 31st December 2023 67,503 716,985 47,801
NET BOOK VALUE
At 31st December 2023 1,282 245,222 11,426
At 31st December 2022 4,724 141,809 11,848

Test and
development Office
equipment equipment Totals
£    £    £   
COST
At 1st January 2023 513,448 136,958 1,672,237
Additions - 4,356 153,830
Disposals (35,473 ) (56,522 ) (173,081 )
At 31st December 2023 477,975 84,792 1,652,986
DEPRECIATION
At 1st January 2023 490,041 115,724 1,469,215
Charge for year 13,322 10,853 74,100
Eliminated on disposal (35,473 ) (56,522 ) (173,081 )
At 31st December 2023 467,890 70,055 1,370,234
NET BOOK VALUE
At 31st December 2023 10,085 14,737 282,752
At 31st December 2022 23,407 21,234 203,022

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 744,601 511,664
Amounts owed by group undertakings 55,391 65,159
Other debtors 118,871 136,751
918,863 713,574

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 370,884 441,731
Amounts owed to group undertakings 1,150,148 1,148,974
Taxation and social security 61,835 52,859
Other creditors 180,691 193,598
1,763,558 1,837,162

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 137,777 70,174
Between one and five years 478,547 23,106
616,324 93,280

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,300,000 Ordinary £1 1,300,000 1,300,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Garrett (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

11. CONTINGENT LIABILITIES

In the prior year the company participated in a consortium loan agreement with Deutsche Bank AG and others. As part of the agreement the company acted as a joint guarantor with other members of the group for funds drawn under this facility. The debenture was satisfied in full on 6th April 2023.

GMC-I PROSYS LIMITED (REGISTERED NUMBER: 05116760)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


12. ULTIMATE CONTROLLING PARTY

The immediate parent company change in the year to GMC-Instruments GmbH (previously Metrawatt International GmbH), a company registered in Germany.

The parent company of the largest and smallest group that includes the Company and for which group financial statements are prepared is Klar Holding Sweden AB, a company registered at Regeringsgatan 29, 111 53 Stockholm in Sweden. The company acquired control on 1st August 2023 from Apricum Capital GmbH, registered at Nelkenweg 5 Ratingen, 40882 Germany.

The ultimate controlling party is Mr C J G Falkenberg by virtue of his majority shareholding in the ultimate parent company, Klar Holding Sweden AB.