Registered number
06260034
GLM Unifit Limited
Unaudited Filleted Accounts
31 May 2024
GLM Unifit Limited
Registered number: 06260034
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 205 6,545
Current assets
Stocks 325,343 268,000
Debtors 4 48,610 62,159
Cash at bank and in hand 60,684 15,261
434,637 345,420
Creditors: amounts falling due within one year 5 (287,275) (200,498)
Net current assets 147,362 144,922
Total assets less current liabilities 147,567 151,467
Creditors: amounts falling due after more than one year 6 (15,833) (25,833)
Provisions for liabilities - (1,000)
Net assets 131,734 124,634
Capital and reserves
Called up share capital 102 102
Profit and loss account 131,632 124,532
Shareholders' funds 131,734 124,634
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
G L Morris
Director
Approved by the board on 19 September 2024
GLM Unifit Limited
Notes to the Accounts
for the year ended 31 May 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Motor vehicles 25% on a reducing balance basis
Computer equipment 33% on a straight line basis
Fixtures, fittings, tools and equipment 10% on a straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 11 11
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 5,680 20,689 26,369
Disposals (5,680) - (5,680)
At 31 May 2024 - 20,689 20,689
Depreciation
At 1 June 2023 - 19,824 19,824
Charge for the year - 660 660
At 31 May 2024 - 20,484 20,484
Net book value
At 31 May 2024 - 205 205
At 31 May 2023 5,680 865 6,545
4 Debtors 2024 2023
£ £
Trade debtors 44,470 57,907
Other debtors 4,140 4,252
48,610 62,159
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 179,658 152,123
Taxation and social security costs 33,890 21,531
Other creditors 63,727 16,844
287,275 200,498
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,833 25,833
7 Other information
GLM Unifit Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit P
Key Industrial Estate
Fernside Road
Wolverhampton
WV13 3YA
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