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REGISTERED NUMBER: 02713582 (England and Wales)















GFM (UK) Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30th September 2024






GFM (UK) Limited (Registered number: 02713582)

Contents of the Financial Statements
for the Year Ended 30th September 2024











Page


Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


GFM (UK) Limited

Company Information
for the Year Ended 30th September 2024







DIRECTORS: M R Kralowetz
C Callaghan



SECRETARY: C Callaghan



REGISTERED OFFICE: Unit C1, Baird Court
Sinclair Drive
Park Farm Estate North
Wellingborough
Northamptonshire
NN8 6QJ



REGISTERED NUMBER: 02713582 (England and Wales)



SENIOR STATUTORY AUDITOR: I A Tobutt



AUDITORS: Tobutt & Co
132 Northampton Lane North
Moulton
Northampton
NN3 7QW

GFM (UK) Limited (Registered number: 02713582)

Strategic Report
for the Year Ended 30th September 2024


The directors present their strategic report for the year ended 30th September 2024.

REVIEW OF BUSINESS
The financial position of the company is as shown in the annexed financial statements. The company has had a successful year with turnover having increased over its 2023 level. The overall gross profit on sales has increased when compared to the level of previous years and currently stands at 43.6% (2023 - 39.9%) and the net profit for the year is very much in line with expectations.

The entire sales income during the year related to the servicing of sold machines, the sale of spares and general subcontract work undertaken.

It is the company's policy to make suppliers aware of the terms and conditions upon which the company will trade with them and abide by those terms. At the year end there were 21 days (2023 - 51 days) trade creditors outstanding.

It is the company's policy to ensure that trade debtors are collected at the first opportunity so as to maximise cash flow advantages and to minimise the likelihood of bad debts arising. At the year end there were 82 days (2023 - 115 days) trade debtors outstanding.

PRINCIPAL RISKS AND UNCERTAINTIES
We identify the loss of reputation due to product or performance failure as a principal risk. However, we operate through the principle of 'operational excellence' which will facilitate a steady improvement in the company's profitability, enhance shareholder value, protect our employees and the environment, and ultimately ensure long-term success.

We also identify large exchange rate fluctuations as a significant risk due to the overseas locations of several major suppliers. We mitigate against this risk by the use of a foreign currency account when dealing with those suppliers.

SECTION 172(1) STATEMENT
We are committed to energy efficiency, minimum material usage and a long service life of our machines which contributes to the sustainability of the planet. Sustainability is a groundbreaking criterion when optimizing our processes, investment decisions and personnel development.

We treat our colleagues, customers and suppliers as partners and see open and honest interaction with each other as an investment in the future. Together we solve the small and large challenges of our daily work.

STRATEGY AND OBJECTIVES
Our strategy is to increase our profitability in a responsible and sustainable manner, having due regard for the interests of all stakeholders.

The strategic drivers behind this are the differentiation of our business from that of our competitors, based on service excellence and competitive pricing, along with the support of our staff in their work and offering continuous training along with ensuring that there is a balance between work and home life.


GFM (UK) Limited (Registered number: 02713582)

Strategic Report
for the Year Ended 30th September 2024

BUSINESS MODEL
For more than thirty years we have been setting standards in the field of ultrasonic cutting machine construction and are proud to be the world market leader in the niches in which we operate.

As an innovative company, we rely on the expertise of our highly qualified professionals to provide our customers with an individual and customised solution.

We believe that our success is based on the passion and commitment of our employees. Together we work to continuously improve our products and services to ensure our customers have a competitive advantage in the global marketplace.

ON BEHALF OF THE BOARD:





C Callaghan - Director


31st January 2025

GFM (UK) Limited (Registered number: 02713582)

Report of the Directors
for the Year Ended 30th September 2024


The directors present their report with the financial statements of the company for the year ended 30th September 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30th September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report.

M R Kralowetz
C Callaghan

Other changes in directors holding office are as follows:

R S Parry - resigned 30th September 2024
J A Pipes - resigned 30th September 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

GFM (UK) Limited (Registered number: 02713582)

Report of the Directors
for the Year Ended 30th September 2024


AUDITORS
The auditors, Tobutt & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Callaghan - Director


31st January 2025

Report of the Independent Auditors to the Members of
GFM (UK) Limited


Opinion
We have audited the financial statements of GFM (UK) Limited (the 'company') for the year ended 30th September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
GFM (UK) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
GFM (UK) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud,

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the company's environment; the legal and regulatory framework that the company operates in and how it is complying with that framework; enquired of management about their own identification and assessment of the risks of irregularities; discussed matters about non-compliance with laws and regulations and how fraud might occur, including an assessment of how and where the financial statements may be susceptible to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance, The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
GFM (UK) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




I A Tobutt (Senior Statutory Auditor)
for and on behalf of Tobutt & Co
132 Northampton Lane North
Moulton
Northampton
NN3 7QW

6th February 2025

GFM (UK) Limited (Registered number: 02713582)

Income Statement
for the Year Ended 30th September 2024

2024 2023
Notes £    £   

TURNOVER 4 1,511,415 1,483,159

Cost of sales 852,317 892,081
GROSS PROFIT 659,098 591,078

Administrative expenses 506,644 602,749
152,454 (11,671 )

Other operating income 12,200 12,825
OPERATING PROFIT 6 164,654 1,154

Interest receivable and similar income 73,282 32,020
PROFIT BEFORE TAXATION 237,936 33,174

Tax on profit 7 59,848 6,865
PROFIT FOR THE FINANCIAL YEAR 178,088 26,309

GFM (UK) Limited (Registered number: 02713582)

Other Comprehensive Income
for the Year Ended 30th September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 178,088 26,309


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

178,088

26,309

GFM (UK) Limited (Registered number: 02713582)

Balance Sheet
30th September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 210,182 211,637

CURRENT ASSETS
Stocks 9 5,000 42,125
Debtors 10 369,744 484,103
Cash at bank and in hand 5,332,706 5,127,874
5,707,450 5,654,102
CREDITORS
Amounts falling due within one year 11 191,832 318,231
NET CURRENT ASSETS 5,515,618 5,335,871
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,725,800

5,547,508

PROVISIONS FOR LIABILITIES 13 51,982 51,778
NET ASSETS 5,673,818 5,495,730

CAPITAL AND RESERVES
Called up share capital 14 253,550 253,550
Retained earnings 15 5,420,268 5,242,180
SHAREHOLDERS' FUNDS 5,673,818 5,495,730

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2025 and were signed on its behalf by:





C Callaghan - Director


GFM (UK) Limited (Registered number: 02713582)

Statement of Changes in Equity
for the Year Ended 30th September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st October 2022 253,550 5,215,871 5,469,421

Changes in equity
Total comprehensive income - 26,309 26,309
Balance at 30th September 2023 253,550 5,242,180 5,495,730

Changes in equity
Total comprehensive income - 178,088 178,088
Balance at 30th September 2024 253,550 5,420,268 5,673,818

GFM (UK) Limited (Registered number: 02713582)

Cash Flow Statement
for the Year Ended 30th September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 140,841 (12,470 )
Tax paid (9,291 ) (45,944 )
Net cash from operating activities 131,550 (58,414 )

Cash flows from investing activities
Purchase of tangible fixed assets - (7,276 )
Interest received 73,282 32,020
Net cash from investing activities 73,282 24,744

Increase/(decrease) in cash and cash equivalents 204,832 (33,670 )
Cash and cash equivalents at
beginning of year

2

5,127,874

5,161,544

Cash and cash equivalents at end of
year

2

5,332,706

5,127,874

GFM (UK) Limited (Registered number: 02713582)

Notes to the Cash Flow Statement
for the Year Ended 30th September 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 237,936 33,174
Depreciation charges 1,455 17,979
Finance income (73,282 ) (32,020 )
166,109 19,133
Decrease/(increase) in stocks 37,125 (37,125 )
Decrease/(increase) in trade and other debtors 114,359 (159,715 )
(Decrease)/increase in trade and other creditors (176,752 ) 165,237
Cash generated from operations 140,841 (12,470 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 5,332,706 5,127,874
Year ended 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 5,127,874 5,161,544


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 5,127,874 204,832 5,332,706
5,127,874 204,832 5,332,706
Total 5,127,874 204,832 5,332,706

GFM (UK) Limited (Registered number: 02713582)

Notes to the Financial Statements
for the Year Ended 30th September 2024


1. STATUTORY INFORMATION

GFM (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

GFM (UK) Limited (Registered number: 02713582)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication.that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of the asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are recognised if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount which would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will by definition, seldom equal the related actual results.

The company assesses the carrying values of the fixed assets based on the market value for second hand assets. This assumption is valid but any deterioration would impact the fixed asset values. No such situation arises at present.

GFM (UK) Limited (Registered number: 02713582)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 1,487,311 1,459,113
Europe 24,104 22,227
Rest of the world - 1,819
1,511,415 1,483,159

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 488,878 658,231
Social security costs 55,468 76,037
Other pension costs 41,779 42,136
586,125 776,404

The average number of employees during the year was as follows:
2024 2023

Direct 8 9
Administration 6 6
14 15

2024 2023
£    £   
Directors' remuneration 113,362 182,673

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 19,790 14,284
Depreciation - owned assets 1,455 17,979
Auditors' remuneration 7,250 7,150

GFM (UK) Limited (Registered number: 02713582)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 59,644 9,292

Deferred tax 204 (2,427 )
Tax on profit 59,848 6,865

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1st October 2023
and 30th September 2024 10,056 519,868 36,166 566,090
DEPRECIATION
At 1st October 2023 10,056 315,156 29,241 354,453
Charge for year - - 1,455 1,455
At 30th September 2024 10,056 315,156 30,696 355,908
NET BOOK VALUE
At 30th September 2024 - 204,712 5,470 210,182
At 30th September 2023 - 204,712 6,925 211,637

9. STOCKS
2024 2023
£    £   
Stocks 5,000 5,000
Work-in-progress - 37,125
5,000 42,125

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 341,346 469,125
Other debtors 17 -
Prepayments and accrued income 28,381 14,978
369,744 484,103

GFM (UK) Limited (Registered number: 02713582)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 14,915 41,622
Tax 59,644 9,291
Social security and other taxes 57,912 93,868
Other creditors 40,545 130,246
Amounts owed to group
undertakings 18,816 43,204
191,832 318,231

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 528
Between one and five years 17,883 9,896
In more than five years 47,750 47,750
65,633 58,174

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 51,982 51,778

Deferred
tax
£   
Balance at 1st October 2023 51,778
Charge to Income Statement during year 204
Balance at 30th September 2024 51,982

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,200 Ordinary A (voting) £1 2,200 2,200
251,350 Ordinary B (non-voting) £1 251,350 251,350
253,550 253,550

GFM (UK) Limited (Registered number: 02713582)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


15. RESERVES
Retained
earnings
£   

At 1st October 2023 5,242,180
Profit for the year 178,088
At 30th September 2024 5,420,268

16. ULTIMATE PARENT COMPANY

GFM GmbH (incorporated in Austria ) is regarded by the directors as being the company's ultimate parent company.

17. RELATED PARTY DISCLOSURES

During the year the company traded with GFM GmbH and AGFM Holding Corporation, the parent company based in Austria and a fellow subsidiary based in the USA respectively.

The following transactions were made:

2024 2023
£ £
GFM GmbH - Sales to Nil Nil
GFM GmbH - Purchases from 84,646 70,851
AGFM Holding Corporation - Sales to Nil 1,819
AGFM Holding Corporation - Purchases from 131,013 119,586

The following balances were due to (from) GFM (UK) Limited at the balance sheet date:

2024 2023
£ £
GFM GmbH Nil/Nil Nil/(30,654)
AGFM Holding Corporation Nil/(34,916) Nil/(12,550)

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M R Kralowetz.