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COMPANY REGISTRATION NUMBER: 14145059
GMD Plating Ltd
Filleted Unaudited Financial Statements
31 May 2024
GMD Plating Ltd
Financial Statements
Year Ended 31st May 2024
Contents
Page
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
GMD Plating Ltd
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of GMD Plating Ltd
Year Ended 31st May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GMD Plating Ltd for the year ended 31st May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of GMD Plating Ltd in accordance with the terms of our engagement letter dated 31st May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of GMD Plating Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GMD Plating Ltd and its director for our work or for this report.
It is your duty to ensure that GMD Plating Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of GMD Plating Ltd. You consider that GMD Plating Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of GMD Plating Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants
Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG
26 February 2025
GMD Plating Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed Assets
Tangible assets
5
111,591
131,418
Current Assets
Debtors
6
22,639
21,496
Cash at bank and in hand
970
4,934
--------
--------
23,609
26,430
Creditors: amounts falling due within one year
7
191,088
182,295
---------
---------
Net Current Liabilities
167,479
155,865
---------
---------
Total Assets Less Current Liabilities
( 55,888)
( 24,447)
--------
--------
Net Liabilities
( 55,888)
( 24,447)
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
( 55,988)
( 24,547)
--------
--------
Shareholders Deficit
( 55,888)
( 24,447)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GMD Plating Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
G Singh
Director
Company registration number: 14145059
GMD Plating Ltd
Notes to the Financial Statements
Year Ended 31st May 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Silver End Business Park, Brettell Lane, Brierley Hill, West Midlands, DY5 3LG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
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.
Going concern
At 31st May 2024 there was a deficiency of assets of £55,888 (2023 - £24,447). The company is dependant of the continued financial support of the director and shareholders, which will continue for the next twelve months. On this basis the director considers it appropriate to prepare financial statements on a going concern basis. These financial statements do not include any adjustments which would arise if the accounts had not been prepared on a going concern basis.
Revenue recognition
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.
Tangible assets
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st June 2023
151,112
106
3,844
155,062
Additions
205
205
---------
----
-------
---------
At 31st May 2024
151,317
106
3,844
155,267
---------
----
-------
---------
Depreciation
At 1st June 2023
22,667
16
961
23,644
Charge for the year
19,297
14
721
20,032
---------
----
-------
---------
At 31st May 2024
41,964
30
1,682
43,676
---------
----
-------
---------
Carrying amount
At 31st May 2024
109,353
76
2,162
111,591
---------
----
-------
---------
At 31st May 2023
128,445
90
2,883
131,418
---------
----
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
22,598
21,496
Other debtors
41
--------
--------
22,639
21,496
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,757
11,921
Social security and other taxes
3,156
1,154
Other creditors
156,175
169,220
---------
---------
191,088
182,295
---------
---------
8. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 1 year and not later than 5 years
13,000
----
--------
9. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
G Singh
( 168,470)
( 15,302)
28,347
( 155,425)
---------
--------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
G Singh
( 183,136)
14,666
( 168,470)
----
---------
--------
---------
The credits to the director were made on an interest free basis and are repayable on demand.