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COMPANY REGISTRATION NUMBER: 13378904
GM PROPERTY & MAINTENANCE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
GM PROPERTY & MAINTENANCE LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
24,361
32,267
Current assets
Debtors
5
3,041
2,206
Cash at bank and in hand
520
2,341
-------
-------
3,561
4,547
Creditors: amounts falling due within one year
6
66,971
63,195
---------
---------
Net current liabilities
63,410
58,648
---------
---------
Total assets less current liabilities
( 39,049)
( 26,381)
---------
---------
Net liabilities
( 39,049)
( 26,381)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 39,050)
( 26,382)
---------
---------
Shareholders deficit
( 39,049)
( 26,381)
---------
---------
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 31 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 .
GM PROPERTY & MAINTENANCE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
G Taylor
Director
Company registration number: 13378904
GM PROPERTY & MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 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 19 Alexandra Road, Lancing, BN15 8EJ.
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.
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.
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 and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
569
54,235
2,544
57,348
Additions
215
215
----
---------
-------
---------
At 31 May 2024
569
54,235
2,759
57,563
----
---------
-------
---------
Depreciation
At 1 June 2023
249
23,728
1,104
25,081
Charge for the year
80
7,627
414
8,121
----
---------
-------
---------
At 31 May 2024
329
31,355
1,518
33,202
----
---------
-------
---------
Carrying amount
At 31 May 2024
240
22,880
1,241
24,361
----
---------
-------
---------
At 31 May 2023
320
30,507
1,440
32,267
----
---------
-------
---------
5. Debtors
2024
2023
£
£
Trade debtors
3,041
2,206
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
66,971
63,195
---------
---------
7. Director's advances, credits and guarantees
Included within creditors falling due in less than one year are directors' loans totalling £64,151 (2023: £62,235). These loans are interest free and repayable on demand.