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Registered number: 03109004
Surveyexpert Limited
Financial Statements
For The Year Ended 31 July 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03109004
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 82,879 93,132
Tangible Assets 5 7,213 11,870
90,092 105,002
CURRENT ASSETS
Debtors 6 395,918 398,107
Cash at bank and in hand 3,811 -
399,729 398,107
Creditors: Amounts Falling Due Within One Year 7 (262,547 ) (309,463 )
NET CURRENT ASSETS (LIABILITIES) 137,182 88,644
TOTAL ASSETS LESS CURRENT LIABILITIES 227,274 193,646
Creditors: Amounts Falling Due After More Than One Year 8 - (19,815 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,370 ) (4,657 )
NET ASSETS 225,904 169,174
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 225,804 169,074
SHAREHOLDERS' FUNDS 225,904 169,174
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Page 2
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.
On behalf of the board
Mr Benjamin Quaintrell
Director
14th January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Surveyexpert Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03109004 . The registered office is Alton House, 27-31 Grange Road, Darlington, County Durham, DL1 5NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% reducing balance method
Plant & Machinery 25% straight line method
Motor Vehicles 25% straight line method
Fixtures & Fittings 20% straight line method
Computer Equipment 25% straight line method
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
All staff are employed by an associated company. However, for comparative purposes, the average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 102,531
As at 31 July 2024 102,531
Amortisation
As at 1 August 2023 9,399
Provided during the period 10,253
As at 31 July 2024 19,652
Net Book Value
As at 31 July 2024 82,879
As at 1 August 2023 93,132
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 56,848 87,638 7,153 608 152,247
Disposals - (9,250 ) - - (9,250 )
As at 31 July 2024 56,848 78,388 7,153 608 142,997
Depreciation
As at 1 August 2023 54,418 84,928 715 316 140,377
Provided during the period 364 2,710 1,431 152 4,657
Disposals - (9,250 ) - - (9,250 )
As at 31 July 2024 54,782 78,388 2,146 468 135,784
Net Book Value
As at 31 July 2024 2,066 - 5,007 140 7,213
As at 1 August 2023 2,430 2,710 6,438 292 11,870
6. Debtors
31 July 2024 31 July 2023
£ £
Due within one year
Prepayments and accrued income 637 -
VAT 1,080 -
Amounts owed by associates 394,201 398,107
395,918 398,107
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7. Creditors: Amounts Falling Due Within One Year
31 July 2024 31 July 2023
£ £
Bank loans and overdrafts - 32,433
Corporation tax 18,244 43,375
VAT - 7,369
Credit Card - 5
Pension Payable 999 1,145
Accruals and deferred income 10,411 2,896
Amounts owed to group undertakings 232,893 222,240
262,547 309,463
8. Creditors: Amounts Falling Due After More Than One Year
31 July 2024 31 July 2023
£ £
Bank loans - 19,815
- 19,815
9. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 100 100
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11. Audit Information
The auditor's report on the accounts of Surveyexpert Limited for the year ended 31 July 2024 was unqualified.
The auditor's report was signed by Ian James Nicholl (Senior Statutory Auditor) for and on behalf of GMS FC Ltd , Statutory Auditor.
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