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Registered Number: SC113287
Scotland

 

 

 

G M FLOORING CONTRACTS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 759,683    703,747 
759,683    703,747 
Current assets      
Stocks 6,925    6,775 
Debtors 19,093    15,771 
Cash at bank and in hand (90,288)   (98,887)
(64,270)   (76,341)
Creditors: amount falling due within one year (123,988)   (110,942)
Net current assets (188,258)   (187,283)
 
Total assets less current liabilities 571,425    516,464 
Creditors: amount falling due after more than one year (184,242)   (112,968)
Net assets 387,183    403,496 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 387,083    403,396 
Shareholders' funds 387,183    403,496 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 26 September 2024 and were signed on its behalf by:


-------------------------------
William Gemmell
Director
1
General Information
G M Flooring Contracts Limited is a private company, limited by shares, registered in Scotland, registration number SC113287, registration address 30 Falkirk Road, Linlithgow, EH49 7PJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 8 (2022 : 8).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 January 2023 646,689    2,685    144,077    793,451 
Additions     93,285    93,285 
Disposals      
At 31 December 2023 646,689    2,685    237,362    886,736 
Depreciation
At 01 January 2023   403    89,301    89,704 
Charge for year   334    37,015    37,349 
On disposals      
At 31 December 2023   737    126,316    127,053 
Net book values
Closing balance as at 31 December 2023 646,689    1,948    111,046    759,683 
Opening balance as at 01 January 2023 646,689    2,282    54,776    703,747 


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