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Registered number: 09610967
GMB Gwent Drylining Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
AP Accounting Solutions Limited
The Mill House
Erw Hir
Llantrisant
Pontyclun
CF72 8BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09610967
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 70,912 78,786
70,912 78,786
CURRENT ASSETS
Stocks 5 1,066 922
Debtors 6 26,816 94,317
Cash at bank and in hand 18,453 12,359
46,335 107,598
Creditors: Amounts Falling Due Within One Year 7 (29,587 ) (54,802 )
NET CURRENT ASSETS (LIABILITIES) 16,748 52,796
TOTAL ASSETS LESS CURRENT LIABILITIES 87,660 131,582
Creditors: Amounts Falling Due After More Than One Year 8 - (9,782 )
NET ASSETS 87,660 121,800
CAPITAL AND RESERVES
Called up share capital 10 200 200
Profit and Loss Account 87,460 121,600
SHAREHOLDERS' FUNDS 87,660 121,800
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For the year ending 31 August 2024 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 Profit and Loss Account.
On behalf of the board
Mr Grzegorz Brozek
Director
28/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
GMB Gwent Drylining Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09610967 . The registered office is 30 Stelvio Park Drive, Newport, Gwent, NP20 3EJ.
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:
Plant & Machinery 15% Reduced balance
Motor Vehicles 10% Reduced balance
Computer Equipment 20% Reduced balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. 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.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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:
2024 2023
Office and administration 1 1
Sales, marketing and distribution 2 1
3 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 17,432 84,676 16,838 118,946
Additions 5,519 - 1,840 7,359
Disposals (5,926 ) - (2,668 ) (8,594 )
As at 31 August 2024 17,025 84,676 16,010 117,711
Depreciation
As at 1 September 2023 5,083 25,703 9,374 40,160
Provided during the period 2,009 5,898 1,575 9,482
Disposals (1,450 ) - (1,393 ) (2,843 )
As at 31 August 2024 5,642 31,601 9,556 46,799
Net Book Value
As at 31 August 2024 11,383 53,075 6,454 70,912
As at 1 September 2023 12,349 58,973 7,464 78,786
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 53,075 58,974
5. Stocks
2024 2023
£ £
Stock 1,066 922
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,643 48,615
Prepayments and accrued income 4,988 5,349
Other debtors 4,447 30,910
VAT 4,738 9,443
26,816 94,317
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,803 14,808
Trade creditors 7,675 18,559
Bank loans and overdrafts - 6,576
Corporation tax 8,671 148
Other taxes and social security 455 12,597
Net wages 2,983 2,095
Directors' loan accounts - 19
29,587 54,802
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 9,782
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,803 14,808
Later than one year and not later than five years - 9,782
9,803 24,590
9,803 24,590
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
11. Directors Advances, Credits and Guarantees
Included within creditors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Grzegorz Brozek (19 ) 85,487 (85,468 ) - -
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mrs Marta Brozek 18,848 18,456
Mr Grzegorz Brozek 43,980 43,064
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