Company Registration No. 07955614 (England and Wales)
GMB GROUP LONDON LTD
Unaudited accounts
for the year ended 29 February 2024
GMB GROUP LONDON LTD
Unaudited accounts
Contents
GMB GROUP LONDON LTD
Company Information
for the year ended 29 February 2024
Director
Mr. George Beitis
Company Number
07955614 (England and Wales)
Registered Office
Roding House
London Road
Stanford Rivers
Ongar
Essex
CM5 9PP
England
Accountants
Stoke Newington Accountants & Tax Consultants Ltd
4 Baird Road
Enfield
Middlesex
EN1 1SJ
GMB GROUP LONDON LTD
Statement of financial position
as at 29 February 2024
Tangible assets
130,272
47,094
Cash at bank and in hand
172,643
181,716
Creditors: amounts falling due within one year
(208,388)
(169,497)
Net current (liabilities)/assets
(33,325)
38,217
Total assets less current liabilities
96,947
85,311
Creditors: amounts falling due after more than one year
(86,521)
(14,811)
Called up share capital
1
1
Profit and loss account
10,425
70,499
Shareholders' funds
10,426
70,500
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 November 2024 and were signed on its behalf by
Mr. George Beitis
Director
Company Registration No. 07955614
GMB GROUP LONDON LTD
Notes to the Accounts
for the year ended 29 February 2024
GMB GROUP LONDON LTD is a private company, limited by shares, registered in England and Wales, registration number 07955614. The registered office is Roding House, London Road, Stanford Rivers, Ongar, Essex, CM5 9PP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Bal Method
Motor vehicles
25% Reducing Bal Method
Fixtures & fittings
15% Reducing Bal Method
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
GMB GROUP LONDON LTD
Notes to the Accounts
for the year ended 29 February 2024
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Investments in shares are included at fair value.
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2023
15,513
41,201
22,090
78,804
Additions
-
124,510
-
124,510
At 29 February 2024
15,513
165,711
22,090
203,314
At 1 March 2023
8,234
9,804
13,672
31,710
Charge for the year
1,092
38,977
1,263
41,332
At 29 February 2024
9,326
48,781
14,935
73,042
At 29 February 2024
6,187
116,930
7,155
130,272
At 28 February 2023
7,279
31,397
8,418
47,094
GMB GROUP LONDON LTD
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
17,594
17,594
Obligations under finance leases and hire purchase contracts
5,359
-
Taxes and social security
931
604
Loans from directors
182,236
148,594
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
80,782
-
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
At the balance sheet date, where the director held controlling interest, the company owed the director £182,236.
The company's ultimate controlling party is George Beitis by virtue of his ownership of 100% of the issued share capital in the company.
11
Average number of employees
During the year the average number of employees was 2 (2023: 2).