Registered number
SC183188
GMG DEVELOPMENTS LIMITED
Filleted Unaudited Accounts
31 March 2024
GMG DEVELOPMENTS LIMITED
Registered number: SC183188
Balance Sheet
As at 31 March 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 184,201 200,072
Current assets
Debtors 4 1,059 -
Cash at bank and in hand 61,885 56,573
62,944 56,573
Creditors: amounts falling due within one year 5 (2,765) (2,184)
Net current assets 60,179 54,389
Net assets 244,380 254,461
Capital and reserves
Called up share capital 441,000 441,000
Fair value reserve 6 56,989 66,989
Profit and loss account (253,609) (253,528)
Shareholder's funds 244,380 254,461
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G M Geddes
Director
Approved by the board on 6 October 2024
GMG DEVELOPMENTS LIMITED
Notes to the Accounts
For the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Structures 10% straight line
Plant and machinery 20% straight line
Motor vehicles 20% reducing balance
Investment Properties
Investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment property Plant and machinery Motor vehicles Total
£ £ £ £
Cost/valuation
At 1 April 2023 170,000 6,230 40,586 216,816
Deficit on revaluation (10,000) - - (10,000)
At 31 March 2024 160,000 6,230 40,586 206,816
Depreciation
At 1 April 2023 - 2,133 14,611 16,744
Charge for the year - 676 5,195 5,871
At 31 March 2024 - 2,809 19,806 22,615
Net book value
At 31 March 2024 160,000 3,421 20,780 184,201
At 31 March 2023 170,000 4,097 25,975 200,072
Freehold land and buildings: 2024 2023
£ £
Historical cost 103,011 103,011
The company's investment property has been valued by the directors on an open market basis based on the selling price of comparable properties in their area.
4 Debtors 2024 2023
£ £
Trade debtors 164 -
Other debtors 895 -
1,059 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 108 114
Other creditors 2,657 2,070
2,765 2,184
6 Fair value reserve 2024 2023
£ £
At 1 April 2023 66,989 49,989
(Loss)/gain on revaluation of land and buildings (10,000) 17,000
Deferred taxation arising on the revaluation of land and buildings - -
At 31 March 2024 56,989 66,989
7 Loans (from)/to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr G M Geddes
Unsecured interest free loan from director with no set repayment date (1,290) 1,872 (1,504) (922)
(1,290) 1,872 (1,504) (922)
8 Other information
GMG DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
Old Police House
39 Oldmeldrum
Newmachar
Aberdeen
AB21 0PJ
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