Company Registration No. 00873751 (England and Wales)
GMB ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GMB ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GMB ENTERPRISES LIMITED (REGISTERED NUMBER: 00873751)
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
697
624
Investment property
5
3,246,410
3,014,435
3,247,107
3,015,059
Current assets
Debtors
6
5,914
6,311
Cash at bank and in hand
8,260
9,128
14,174
15,439
Creditors: amounts falling due within one year
7
(277,171)
(268,082)
Net current liabilities
(262,997)
(252,643)
Total assets less current liabilities
2,984,110
2,762,416
Creditors: amounts falling due after more than one year
8
(68,417)
(80,021)
Provisions for liabilities
(414,454)
(356,441)
Net assets
2,501,239
2,325,954
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
2,083,535
1,909,554
Distributable profit and loss reserves
417,604
416,300
Total equity
2,501,239
2,325,954

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GMB ENTERPRISES LIMITED (REGISTERED NUMBER: 00873751)
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
G Blyth
Director
GMB ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

GMB Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ivy Manor, Ivy Lane, Knockholt, Sevenoaks, Kent, TN14 7LE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the rent and rent to rent services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before turnover is recognised.

 

Rendering of services:

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

    

- The amount of turnover can be measured reliably                    

- It is probable that the company will receive the consideration due under the contract        

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and    

- the costs incurred and the costs to complete the contract can be measured reliably        

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
GMB ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment property is not subject to depreciation.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GMB ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 May 2023
3,974
1,742
5,716
Additions
-
0
306
306
At 30 April 2024
3,974
2,048
6,022
Depreciation and impairment
At 1 May 2023
3,879
1,213
5,092
Depreciation charged in the year
24
209
233
At 30 April 2024
3,903
1,422
5,325
Carrying amount
At 30 April 2024
71
626
697
At 30 April 2023
95
529
624
5
Investment property
2024
£
Fair value
At 1 May 2023
3,014,435
Revaluations
231,975
At 30 April 2024
3,246,410

Investment property comprises properties at fair value of £3,246,410. The fair value of the investment property has been arrived at by the directors of the company.

GMB ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
287
4,980
Other debtors
5,627
1,331
5,914
6,311
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
12,877
14,151
Trade creditors
8,347
6,270
Taxation and social security
35,043
26,252
Other creditors
220,904
221,409
277,171
268,082
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
68,417
80,021

The bank loan is secured by way of a fixed charge over the properties and land owed by the company and also contains a negative pledge.

9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
1,909,554
1,794,441
Non distributable profits in the year
173,981
115,113
At the end of the year
2,083,535
1,909,554
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