Acorah Software Products - Accounts Production 16.1.200 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 05800773 Mr G. E. Bell Mrs B. Bell Mr G. R. Pearce iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05800773 2023-07-31 05800773 2024-07-31 05800773 2023-08-01 2024-07-31 05800773 frs-core:ComputerEquipment 2023-08-01 2024-07-31 05800773 frs-core:FurnitureFittings 2023-08-01 2024-07-31 05800773 frs-core:ShareCapital 2024-07-31 05800773 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 05800773 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05800773 frs-bus:AbridgedAccounts 2023-08-01 2024-07-31 05800773 frs-bus:SmallEntities 2023-08-01 2024-07-31 05800773 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 05800773 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05800773 frs-bus:Director1 2023-08-01 2024-07-31 05800773 frs-bus:Director2 2023-08-01 2024-07-31 05800773 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 05800773 frs-countries:EnglandWales 2023-08-01 2024-07-31 05800773 2022-07-31 05800773 2023-07-31 05800773 2022-08-01 2023-07-31 05800773 frs-core:ShareCapital 2023-07-31 05800773 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 05800773
GBM Asset Finance Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 July 2024
Newtons Accountants Limited
Chartered Certified Accountants
470 Hucknall Road
Nottingham
Nottinghamshire
NG5 1FX
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 05800773
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 243 345
243 345
CURRENT ASSETS
Debtors 2,032 1,572
Cash at bank and in hand 12,958 21,622
14,990 23,194
Creditors: Amounts Falling Due Within One Year (10,742 ) (2,089 )
NET CURRENT ASSETS (LIABILITIES) 4,248 21,105
TOTAL ASSETS LESS CURRENT LIABILITIES 4,491 21,450
NET ASSETS 4,491 21,450
CAPITAL AND RESERVES
Called up share capital 5 2 2
Profit and Loss Account 4,489 21,448
SHAREHOLDERS' FUNDS 4,491 21,450
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For the year ending 31 July 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 July 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr G. E. Bell
Director
Mrs B. Bell
Director
21/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
GBM Asset Finance Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05800773 . The registered office is 31 Meadowsweet Hill, Bingham, Nottingham, Nottinghamshire, NG13 8TS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings 15% reducing balance basis
Computer Equipment 33% straight line basis
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2.4. Taxation
The company's tax charge represents the sum of the corporation tax currently payable and deferred tax.
The corporation 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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Total
£
Cost
As at 1 August 2023 2,908
As at 31 July 2024 2,908
Depreciation
As at 1 August 2023 2,563
Provided during the period 102
As at 31 July 2024 2,665
Net Book Value
As at 31 July 2024 243
As at 1 August 2023 345
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
6. Related Party Transactions
During the year the directors had a loan account with the company. The opening balance was £656 and during the year the directors introduced net monies of £10,086 to the company. The closing balance was £10,742 and is included in other creditors payable within one year.
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