Registered number
13354534
GME Electrical Services Ltd
(formerly known as GME (SW) Ltd)
Unaudited Filleted Accounts
30 April 2024
GME Electrical Services Ltd
Registered number: 13354534
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 4,920 7,380
Tangible assets 4 4,767 7,229
9,687 14,609
Current assets
Stocks 150 100
Debtors 5 9,611 21,475
Cash at bank and in hand 18,573 32,907
28,334 54,482
Creditors: amounts falling due within one year 6 (14,679) (21,944)
Net current assets 13,655 32,538
Total assets less current liabilities 23,342 47,147
Provisions for liabilities (403) (374)
Net assets 22,939 46,773
Capital and reserves
Called up share capital 2 2
Profit and loss account 22,937 46,771
Shareholders' funds 22,939 46,773
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.
Mr G Mimms
Director
Approved by the board on 29 October 2024
GME Electrical Services Ltd
Notes to the Accounts
for the year ended 30 April 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). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
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:
Plant and machinery over 4 years
Motor Vehicles over 4 years
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 and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at the transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 12,300
At 30 April 2024 12,300
Amortisation
At 1 May 2023 4,920
Provided during the year 2,460
At 30 April 2024 7,380
Net book value
At 30 April 2024 4,920
At 30 April 2023 7,380
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 5,583 13,500 19,083
Additions 1,188 - 1,188
At 30 April 2024 6,771 13,500 20,271
Depreciation
At 1 May 2023 3,276 8,578 11,854
Charge for the year 1,189 2,461 3,650
At 30 April 2024 4,465 11,039 15,504
Net book value
At 30 April 2024 2,306 2,461 4,767
At 30 April 2023 2,307 4,922 7,229
5 Debtors 2024 2023
£ £
Trade debtors 5,359 8,533
Other debtors 4,252 12,942
9,611 21,475
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,227 846
Taxation and social security costs 8,982 19,095
Other creditors 3,470 2,003
14,679 21,944
7 Other information
GME Electrical Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
43 Newhayes Close
Exeter
Devon
EX2 9JL
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