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REGISTERED NUMBER: 01164524 (England and Wales)















GELMIC MACHINE TOOLS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






GELMIC MACHINE TOOLS LTD (REGISTERED NUMBER: 01164524)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GELMIC MACHINE TOOLS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: N Munn
M Munn





SECRETARY: N Munn





REGISTERED OFFICE: 28 Old Bedford Road
Luton
Bedfordshire
LU2 7NZ





REGISTERED NUMBER: 01164524 (England and Wales)





ACCOUNTANTS: Higginson & Co (UK) Ltd
3 Kensworth Gate
200 - 204 High Street South
Dunstable
Bedfordshire
LU6 3HS

GELMIC MACHINE TOOLS LTD (REGISTERED NUMBER: 01164524)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £   
CURRENT ASSETS
Debtors 4 23,798 27,235
Cash at bank and in hand 31,173 28,352
54,971 55,587
CREDITORS
Amounts falling due within one year 5 14,601 22,980
NET CURRENT ASSETS 40,370 32,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,370

32,607

CAPITAL AND RESERVES
Called up share capital 6 200 200
Retained earnings 40,170 32,407
SHAREHOLDERS' FUNDS 40,370 32,607

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





N Munn - Director


GELMIC MACHINE TOOLS LTD (REGISTERED NUMBER: 01164524)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Gelmic Machine Tools Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

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 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

GELMIC MACHINE TOOLS LTD (REGISTERED NUMBER: 01164524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 20,118 23,555
Provision for doubtful debt (242 ) (242 )
Other debtors 3,922 3,922
23,798 27,235

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Factoring account (26,223 ) (15,827 )
Trade creditors 22,207 15,712
Corporation tax 2,290 2,187
Social security and other taxes 484 519
VAT 2,793 2,986
Directors' current accounts 10,734 15,198
Accruals and deferred income 2,316 2,205
14,601 22,980

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
200 Ordinary £1 200 200