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REGISTERED NUMBER: 13536536 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

GM CNC Servicing Limited

GM CNC Servicing Limited (Registered number: 13536536)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


GM CNC Servicing Limited (Registered number: 13536536)

Balance Sheet
31 March 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 25,432 11,446

Current assets
Debtors 5 52,797 55,767
Cash at bank 23,887 28,212
76,684 83,979
Creditors
Amounts falling due within one year 6 (40,792 ) (27,172 )
Net current assets 35,892 56,807
Total assets less current liabilities 61,324 68,253

Creditors
Amounts falling due after more than one
year

7

(18,258

)

(3,994

)

Provisions for liabilities (6,358 ) (2,175 )
Net assets 36,708 62,084

Capital and reserves
Called up share capital 10 1
Retained earnings 36,698 62,083
36,708 62,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GM CNC Servicing Limited (Registered number: 13536536)

Balance Sheet - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





Mr G D U Milson - Director


GM CNC Servicing Limited (Registered number: 13536536)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% p.a. reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

GM CNC Servicing Limited (Registered number: 13536536)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


GM CNC Servicing Limited (Registered number: 13536536)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

GM CNC Servicing Limited (Registered number: 13536536)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1 April 2023 2,949 10,750 569 14,268
Additions - 22,850 1,025 23,875
Disposals - (10,750 ) - (10,750 )
At 31 March 2024 2,949 22,850 1,594 27,393
Depreciation
At 1 April 2023 591 2,016 215 2,822
Charge for year 354 2,477 325 3,156
Eliminated on disposal - (4,017 ) - (4,017 )
At 31 March 2024 945 476 540 1,961
Net book value
At 31 March 2024 2,004 22,374 1,054 25,432
At 31 March 2023 2,358 8,734 354 11,446

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 April 2023 10,750
Additions 22,850
Disposals (10,750 )
At 31 March 2024 22,850
Depreciation
At 1 April 2023 2,016
Charge for year 2,477
Eliminated on disposal (4,017 )
At 31 March 2024 476
Net book value
At 31 March 2024 22,374
At 31 March 2023 8,734

GM CNC Servicing Limited (Registered number: 13536536)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 22,128 26,277
Other debtors 30,669 29,490
52,797 55,767

6. Creditors: amounts falling due within one year
2024 2023
£ £
Hire purchase contracts 4,592 2,837
Trade creditors 7,923 -
Taxation and social security 27,387 23,735
Other creditors 890 600
40,792 27,172

7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts 18,258 3,994

8. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£ £
Mr G D U Milson
Balance outstanding at start of year 29,490 -
Amounts advanced 124,410 32,644
Amounts repaid (123,231 ) (3,154 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,669 29,490