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REGISTERED NUMBER: 06217325 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

GM Hydraulic Services Limited

GM Hydraulic Services Limited (Registered number: 06217325)

Contents of the Financial Statements
for the Year Ended 30 November 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


GM Hydraulic Services Limited (Registered number: 06217325)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 243,928 249,031
243,928 249,031

Current assets
Stocks 110,000 130,000
Debtors 7 358,629 281,254
Cash at bank and in hand 70,599 104,555
539,228 515,809
Creditors
Amounts falling due within one year 8 (422,883 ) (340,223 )
Net current assets 116,345 175,586
Total assets less current liabilities 360,273 424,617

Creditors
Amounts falling due after more than one
year

9

(73,587

)

(135,515

)

Provisions for liabilities (57,183 ) (58,208 )
Net assets 229,503 230,894

Capital and reserves
Called up share capital 100 100
Retained earnings 229,403 230,794
Shareholders' funds 229,503 230,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GM Hydraulic Services Limited (Registered number: 06217325)

Balance Sheet - continued
30 November 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





Mr G J Makins - Director


GM Hydraulic Services Limited (Registered number: 06217325)

Notes to the Financial Statements
for the Year Ended 30 November 2024


1. Statutory information

GM Hydraulic Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06217325

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

GM Hydraulic Services Limited (Registered number: 06217325)

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


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - straight line basis over term of lease
Plant and machinery - 15% p.a. reducing balance
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Office equipmt - 15% p.a. reducing balance

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 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

GM Hydraulic Services Limited (Registered number: 06217325)

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


3. Accounting policies - continued

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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


GM Hydraulic Services Limited (Registered number: 06217325)

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


3. Accounting policies - continued
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.

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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

4. Employees and directors

The average number of employees during the year was 9 (2023 - 9 ) .

5. Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023
and 30 November 2024 130,400
Amortisation
At 1 December 2023
and 30 November 2024 130,400
Net book value
At 30 November 2024 -
At 30 November 2023 -

GM Hydraulic Services Limited (Registered number: 06217325)

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


6. Tangible fixed assets
Fixtures
Long Plant and and
leasehold machinery fittings
£ £ £
Cost
At 1 December 2023 2,841 565,069 172
Additions - 3,371 400
Disposals - - -
At 30 November 2024 2,841 568,440 572
Depreciation
At 1 December 2023 1,482 352,142 90
Charge for year 114 31,981 45
Eliminated on disposal - - -
At 30 November 2024 1,596 384,123 135
Net book value
At 30 November 2024 1,245 184,317 437
At 30 November 2023 1,359 212,927 82

Motor Office
vehicles equipmt Totals
£ £ £
Cost
At 1 December 2023 141,731 6,844 716,657
Additions 36,990 1,278 42,039
Disposals (12,395 ) (570 ) (12,965 )
At 30 November 2024 166,326 7,552 745,731
Depreciation
At 1 December 2023 110,687 3,225 467,626
Charge for year 13,726 666 46,532
Eliminated on disposal (11,923 ) (432 ) (12,355 )
At 30 November 2024 112,490 3,459 501,803
Net book value
At 30 November 2024 53,836 4,093 243,928
At 30 November 2023 31,044 3,619 249,031

GM Hydraulic Services Limited (Registered number: 06217325)

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


7. Debtors: amounts falling due within one year
30.11.24 30.11.23
£ £
Trade debtors 357,415 279,067
Other debtors 1,214 2,187
358,629 281,254

8. Creditors: amounts falling due within one year
30.11.24 30.11.23
£ £
Bank loans and overdrafts 37,500 41,762
Hire purchase contracts 53,066 45,017
Trade creditors 213,865 179,574
Taxation and social security 97,680 63,544
Other creditors 20,772 10,326
422,883 340,223

9. Creditors: amounts falling due after more than one year
30.11.24 30.11.23
£ £
Bank loans 12,500 50,000
Hire purchase contracts 61,087 85,515
73,587 135,515

10. Secured debts

The following secured debts are included within creditors:

30.11.24 30.11.23
£ £
Bank loans 50,000 91,762
Hire purchase contracts 114,153 130,532
164,153 222,294

Creditors relating to hire purchase assets are secured on the assets to which they relate.

11. Related party disclosures

During the year there were net transactions with the director of £57 (2023: £693). As at the balance sheet date the company owed the director £936 (2023: £993).

No further transactions are required to be disclosed under FRS 102 Section 1A.