Registered number
09710919
GFM23 Limited
Report and Accounts
31 May 2024
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
GFM23 Limited
Registered number: 09710919
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 870
Current assets
Debtors 4 38,736 72,830
Cash at bank and in hand 12,499 12,754
51,235 85,584
Creditors: amounts falling due within one year 5 - (34,068)
Net current assets 51,235 51,516
Total assets less current liabilities 51,235 52,386
Provisions for liabilities - (165)
Net assets 51,235 52,221
Capital and reserves
Called up share capital 100 100
Profit and loss account 51,135 52,121
Shareholders' funds 51,235 52,221
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G McAuley
Director
Approved by the board on 13 January 2025
GFM23 Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and computer equipment 20% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 2,188
Disposals (2,188)
At 31 May 2024 -
Depreciation
At 1 June 2023 1,318
Charge for the year 174
On disposals (1,492)
At 31 May 2024 -
Net book value
At 31 May 2024 -
At 31 May 2023 870
4 Debtors 2024 2023
£ £
Other debtors 38,736 72,830
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors - 34,068
6 Related party transactions
There are no related party transactions.
7 Controlling party
The company is controlled by its director who is the shareholder.
GFM23 Limited 09710919 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 G McAuley No description of principal activity 09710919 2022-08-01 2023-05-31 09710919 core:WithinOneYear 2023-05-31 09710919 core:ShareCapital 2023-05-31 09710919 core:RetainedEarningsAccumulatedLosses 2023-05-31 09710919 2023-06-01 2024-05-31 09710919 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09710919 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09710919 bus:Director40 2023-06-01 2024-05-31 09710919 core:PlantMachinery 2023-06-01 2024-05-31 09710919 bus:FRS102 2023-06-01 2024-05-31 09710919 bus:FilletedAccounts 2023-06-01 2024-05-31 09710919 2024-05-31 09710919 core:WithinOneYear 2024-05-31 09710919 core:ShareCapital 2024-05-31 09710919 core:RetainedEarningsAccumulatedLosses 2024-05-31 09710919 core:PlantMachinery 2024-05-31 09710919 2023-05-31 09710919 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure