REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
GMC-I PROSYS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Profit for the year | - | 14,155 | 14,155 |
Total comprehensive income | - |
Balance at 31st December 2022 |
Profit for the year | - | 559,376 | 559,376 |
Total comprehensive income | - |
Balance at 31st December 2023 |
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 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Patent |
and |
design | Development |
rights | costs | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Test and |
development | Office |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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. |
for and on behalf of |
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. |