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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
Page
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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
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GMB GROUP LONDON LTD Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
130,272 
47,094 
Current assets
Debtors
2,420 
25,998 
Cash at bank and in hand
172,643 
181,716 
175,063 
207,714 
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)
Net assets
10,426 
70,500 
Capital and reserves
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
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GMB GROUP LONDON LTD Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
Pension 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
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
Leased assets
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.
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GMB GROUP LONDON LTD Notes to the Accounts for the year ended 29 February 2024
Investment property
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
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 taxation
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
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
Investments in shares are included at fair value.
Going concern
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 
Depreciation
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 
Net book value
At 29 February 2024
6,187 
116,930 
7,155 
130,272 
At 28 February 2023
7,279 
31,397 
8,418 
47,094 
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GMB GROUP LONDON LTD Notes to the Accounts for the year ended 29 February 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
2,420 
25,998 
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 
- 
Trade creditors
464 
657 
Taxes and social security
931 
604 
Loans from directors
182,236 
148,594 
Accruals
1,804 
2,048 
208,388 
169,497 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
5,739 
14,811 
Obligations under finance leases and hire purchase contracts
80,782 
- 
86,521 
14,811 
8
Share capital
2024 
2023 
£ 
£ 
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.
10
Controlling party
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).
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