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Registered number: 07085029
GM Pharmasolutions Ltd.
Unaudited Financial Statements
For The Year Ended 30 November 2023
TaxAssist Accountants
Chartered Accountants
714 London Road
Larkfield
KENT
ME20 6BL
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07085029
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,518 1,915
1,518 1,915
CURRENT ASSETS
Debtors 5 69,073 23,088
Cash at bank and in hand 6,105 19,042
75,178 42,130
Creditors: Amounts Falling Due Within One Year 6 (75,784 ) (43,440 )
NET CURRENT ASSETS (LIABILITIES) (606 ) (1,310 )
TOTAL ASSETS LESS CURRENT LIABILITIES 912 605
PROVISIONS FOR LIABILITIES
Deferred Taxation (651 ) (364 )
NET ASSETS 261 241
CAPITAL AND RESERVES
Called up share capital 7 2 2
Income Statement 259 239
SHAREHOLDERS' FUNDS 261 241
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mark Pickering
Director
12/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
GM Pharmasolutions Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 07085029 . The registered office is 714 London Road, Larkfield, KENT, ME20 6BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 3,835
Additions 749
As at 30 November 2023 4,584
Depreciation
As at 1 December 2022 1,920
Provided during the period 1,146
As at 30 November 2023 3,066
Net Book Value
As at 30 November 2023 1,518
As at 1 December 2022 1,915
5. Debtors
2023 2022
£ £
Due within one year
Corporation tax recoverable assets 18,451 -
Directors' loan accounts 50,622 18,275
69,073 18,275
Due after more than one year
Corporation tax recoverable assets - 4,813
- 4,813
69,073 23,088
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 65,061 26,031
VAT 8,754 14,235
Accruals 1,969 3,174
75,784 43,440
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr. Mark Pickering - 15,747 - - 15,747
Mrs Georgina Pickering - 36,383 - - 36,383
The above loan is unsecured, interest free and repayable on demand.
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