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REGISTERED NUMBER: SC618644 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

GRM BODYCRAFT LIMITED

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRM BODYCRAFT LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: G A Richardson
R M Matthews



REGISTERED OFFICE: 1 West Telferton
Edinburgh
EH7 6UL



REGISTERED NUMBER: SC618644 (Scotland)



ACCOUNTANTS: Mitchell Edwards
Chartered Certified Accountants
24A Ainslie Place
Edinburgh
EH3 6AJ



BANKERS: The Royal Bank of Scotland plc
36 St. Andrew Square
Edinburgh
EH2 2YB



SOLICITORS: Gilson Gray
29 Rutland Square
Edinburgh
EH1 2BW

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,797 -
Tangible assets 5 332,572 143,825
334,369 143,825

CURRENT ASSETS
Stocks 119,397 66,855
Debtors 6 681,705 475,034
Cash at bank 550,345 386,397
1,351,447 928,286
CREDITORS
Amounts falling due within one year 7 1,113,756 770,899
NET CURRENT ASSETS 237,691 157,387
TOTAL ASSETS LESS CURRENT
LIABILITIES

572,060

301,212

CREDITORS
Amounts falling due after more than one year 8 (142,236 ) (141,996 )

PROVISIONS FOR LIABILITIES (83,142 ) (35,956 )
NET ASSETS 346,682 123,260

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 346,582 123,160
346,682 123,260

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.

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:




G A Richardson - Director



R M Matthews - Director


GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

GRM Bodycraft Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.

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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Private registration plates are added at cost and subject to an annual impairment review.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off 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 - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stock and work in progress
Stock and work in progress is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all material 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.

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 33 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 1,797
At 31 March 2024 1,797
NET BOOK VALUE
At 31 March 2024 1,797

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 274,879
Additions 232,605
Disposals (700 )
At 31 March 2024 506,784
DEPRECIATION
At 1 April 2023 131,054
Charge for year 43,636
Eliminated on disposal (478 )
At 31 March 2024 174,212
NET BOOK VALUE
At 31 March 2024 332,572
At 31 March 2023 143,825

At 31 March 2024 the net book value of assets held under hire purchase contracts was £Nil (2023: £25,460).

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 438,457 365,136
Other debtors 243,248 109,898
681,705 475,034

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 32,480 32,200
Hire purchase contracts - 9,950
Trade creditors 640,604 423,065
Taxation and social security 140,928 110,658
Other creditors 299,744 195,026
1,113,756 770,899

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 109,237 141,996
Other creditors 32,999 -
142,236 141,996

9. RELATED PARTY DISCLOSURES

Included within other debtors are loans to companies which are under common control amounting to £191,647 (2023: £60,451). These loans are unsecured and are provided interest free and have no agreed terms of repayment.

The company is acting as a guarantor on leases to companies under common control. In the event these companies are unable to meet their obligations under the terms of the leases, this company would be liable for the following commitments under operating leases expiring after more than 5 years of £567,917 (2023: £548,612).

10. LEASING AGREEMENTS

At the year end the company had total commitments under operating leases expiring after more than 5 years of £219,910 (2023: £301,910).

11. GOVERNMENT LOANS

The company borrowed £50,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5%.

The company also borrowed £157,500 under the Governments Recovery Loan Scheme. Under the scheme the Government guarantees 70% of the outstanding debt. Interest is charged at the rate of 9.9%.

These loans are repayable by installments as detailed below

2024 2023
£    £   
< 1 year 32,480 32,200
2-5 years 109,236 141,996
> 5 years - -
141,716 174,196

GRM BODYCRAFT LIMITED (REGISTERED NUMBER: SC618644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


12. OTHER LOAN

The company had borrowed £50,939 from a third party. This loan is unsecured and interest free.