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REGISTERED NUMBER: 05176047 (England and Wales)
















GMRC Limited

Unaudited Financial Statements

for the Year Ended 31st December 2023






GMRC Limited (Registered number: 05176047)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GMRC Limited

Company Information
for the Year Ended 31st December 2023







Directors: Mr M R Foxwell
Mr G W Willis





Registered office: 4th Floor
100 Fenchurch Street
London
EC3M 5JD





Registered number: 05176047 (England and Wales)





Accountants: Wilson Stevens
Accountants
4th Floor
100 Fenchurch Street
London
EC3M 5JD

GMRC Limited (Registered number: 05176047)

Statement of Financial Position
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 60,830 45,999
Investments 5 100 100
60,930 46,099

Current assets
Debtors 6 504,879 589,631
Cash at bank 45,611 24,693
550,490 614,324
Creditors
Amounts falling due within one year 7 519,698 494,208
Net current assets 30,792 120,116
Total assets less current liabilities 91,722 166,215

Creditors
Amounts falling due after more than one
year

8

129,219

154,667
Net (liabilities)/assets (37,497 ) 11,548

Capital and reserves
Called up share capital 30,000 30,000
Retained earnings (67,497 ) (18,452 )
(37,497 ) 11,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

GMRC Limited (Registered number: 05176047)

Statement of Financial Position - continued
31st December 2023


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 21st October 2024 and were signed on its behalf by:





Mr M R Foxwell - Director


GMRC Limited (Registered number: 05176047)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. Statutory information

GMRC Limited 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.

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors, that they will continue to give financial support to the company for twelve months from the date of signing of these financial statements.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The financial statements do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Preparation of consolidated financial statements
The financial statements contain information about GMRC Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.
Improvements to property - 10% straight line
Plant and machinery - 33% straight line
Fixtures and fittings - 33% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 33% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 statement of financial position date.


GMRC Limited (Registered number: 05176047)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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 60 (2022 - 76 ) .

4. Tangible fixed assets
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1st January 2023 48,092 4,320 1,250
Additions - 14,843 -
At 31st December 2023 48,092 19,163 1,250
Depreciation
At 1st January 2023 45,001 3,262 1,250
Charge for year 583 4,250 -
At 31st December 2023 45,584 7,512 1,250
Net book value
At 31st December 2023 2,508 11,651 -
At 31st December 2022 3,091 1,058 -

GMRC Limited (Registered number: 05176047)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

4. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1st January 2023 51,647 17,761 123,070
Additions 14,750 5,377 34,970
At 31st December 2023 66,397 23,138 158,040
Depreciation
At 1st January 2023 12,912 14,646 77,071
Charge for year 13,372 1,934 20,139
At 31st December 2023 26,284 16,580 97,210
Net book value
At 31st December 2023 40,113 6,558 60,830
At 31st December 2022 38,735 3,115 45,999

5. Fixed asset investments
Shares in
group
undertakin
£   
Cost
At 1st January 2023
and 31st December 2023 100
Net book value
At 31st December 2023 100
At 31st December 2022 100

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 249,975 369,958
Other debtors 254,904 219,673
504,879 589,631

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 84,201 60,383
Hire purchase contracts (see note 9) 16,931 12,589
Trade creditors 11,136 7,497
Taxation and social security 129,123 126,544
Other creditors 278,307 287,195
519,698 494,208

GMRC Limited (Registered number: 05176047)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 103,761 125,616
Hire purchase contracts (see note 9) 25,458 29,051
129,219 154,667

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 16,931 12,589
Between one and five years 25,458 29,051
42,389 41,640

Non-cancellable operating leases
2023 2022
£    £   
Within one year 24,089 24,906
Between one and five years 60,000 84,089
84,089 108,995

10. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
Mr M R Foxwell
Balance outstanding at start of year 35,920 27,420
Amounts advanced - 8,500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,920 35,920

Mr G W Willis
Balance outstanding at start of year 39,136 24,936
Amounts advanced - 14,200
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,136 39,136