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Registration number: 11215549

GMP Healthcare Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

GMP Healthcare Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

GMP Healthcare Ltd

Company Information

Directors

Mr G George

Mr Bart Derde

Company secretary

Mr Bart Derde

Registered office

Park Royal House
Valletta Street
Hull
HU9 5NP

Accountants

DAH Accountancy Services Limited
Chartered Management Accountants
Cedar Lodge
York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PH

 

GMP Healthcare Ltd

(Registration number: 11215549)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,596

177,830

Tangible assets

5

27,234

153,376

 

32,830

331,206

Current assets

 

Stocks

6

15,000

15,000

Debtors

7

4,008,404

2,751,809

Cash at bank and in hand

 

11,339

76,747

 

4,034,743

2,843,556

Creditors: Amounts falling due within one year

8

(2,956,766)

(2,404,676)

Net current assets

 

1,077,977

438,880

Total assets less current liabilities

 

1,110,807

770,086

Creditors: Amounts falling due after more than one year

8

(31,737)

(34,722)

Net assets

 

1,079,070

735,364

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,078,970

735,264

Shareholders' funds

 

1,079,070

735,364

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

GMP Healthcare Ltd

(Registration number: 11215549)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr G George
Director

 

GMP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Park Royal House
Valletta Street
Hull
HU9 5NP
England

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

GMP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on cost

Computer equipment

33% on cost

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Research and development costs

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

GMP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 35).

 

GMP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

14,000

225,909

239,909

Disposals

-

(225,909)

(225,909)

At 29 February 2024

14,000

-

14,000

Amortisation

At 1 March 2023

7,004

55,075

62,079

Amortisation charge

1,400

-

1,400

Amortisation eliminated on disposals

-

(55,075)

(55,075)

At 29 February 2024

8,404

-

8,404

Carrying amount

At 29 February 2024

5,596

-

5,596

At 28 February 2023

6,996

170,834

177,830

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

316,680

316,680

Additions

21,072

21,072

Disposals

(264,800)

(264,800)

At 29 February 2024

72,952

72,952

Depreciation

At 1 March 2023

163,304

163,304

Charge for the year

14,818

14,818

Eliminated on disposal

(132,404)

(132,404)

At 29 February 2024

45,718

45,718

Carrying amount

At 29 February 2024

27,234

27,234

At 28 February 2023

153,376

153,376

 

GMP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Work in progress

15,000

15,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

447,138

1,202,137

Amounts owed by related parties

11

3,394,759

1,423,161

Prepayments

 

21,912

28,576

Other debtors

 

144,595

97,935

   

4,008,404

2,751,809

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,556

18,488

Trade creditors

 

1,298,266

1,132,194

Taxation and social security

 

1,521,958

1,164,736

Accruals and deferred income

 

8,871

2,000

Other creditors

 

122,115

87,258

 

2,956,766

2,404,676


Creditors include unsecured loans and overdrafts of £5,556 (2023 - £18,488) falling due within one year.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

31,737

34,722


Creditors include unsecured loans of £9,515 (2023 - £12,500) falling due after more than five years.

Creditors include unsecured loans of £22,222 (2023 - £22,222) falling due after more than one year and less than five years.

 

GMP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

31,737

34,722

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,556

5,555

Bank overdrafts

-

12,933

5,556

18,488

11

Related party transactions

Mr G George, the director, had a loan with the company that became overdrawn during the year. Interest has not been charged on the loan.

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr G George

Director loan

-

8,051

8,051

 

GMP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

72,000

72,000

Summary of transactions with other related parties


Green Palm Marine Consultancy Ltd is a company registered in England number 08194452.
Mr G George, the director, is a director and shareholder of Green Palm Marine Consultancy Ltd
GDP Compliance Ltd is a company registered in England number 11082753.
Mr G George, the director, is a director of GDP Compliance Ltd.
GMP Manufacturing Ltd is a company registered in England number 11555156.
Mr G George, the director, is a director of GMP Manufacturing Ltd.

 
Green Palm Marine Consultancy Ltd repaid a loan during the year. Interest has not been charged on the loan.
The Company made a loan to GDP Compliance Ltd. Interest has not been charged on the loan.
The Company made a loan to GDP Manufacturing Ltd. Interest has not been charged on the loan.

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,423,161

1,423,161

Advanced

2,472,987

2,472,987

Repaid

(501,389)

(501,389)

At end of period

3,394,759

3,394,759

2023

Other related parties
£

Total
£

At start of period

741,462

741,462

Advanced

681,699

681,699

At end of period

1,423,161

1,423,161

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

316,902

316,902

Repaid

(316,902)

(316,902)

At end of period

-

-