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REGISTERED NUMBER: SC511919 (Scotland)















Financial Statements For The Year Ended 31 July 2024

for

GM Projects Scotland Ltd

GM Projects Scotland Ltd (Registered number: SC511919)






Contents of the Financial Statements
For The Year Ended 31 July 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


GM Projects Scotland Ltd

Company Information
For The Year Ended 31 July 2024







DIRECTORS: A D Gilliland
R Gunnion
D S Mclaren





REGISTERED OFFICE: 1 Mollins Court
Cumbernauld
Glasgow
G68 9HP





REGISTERED NUMBER: SC511919 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

GM Projects Scotland Ltd (Registered number: SC511919)

Abridged Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 239,219 293,866

CURRENT ASSETS
Stocks 1,330,996 778,666
Debtors 665,476 1,235,125
Cash at bank 1,159,084 338,047
3,155,556 2,351,838
CREDITORS
Amounts falling due within one year 2,670,786 1,888,890
NET CURRENT ASSETS 484,770 462,948
TOTAL ASSETS LESS CURRENT
LIABILITIES

723,989

756,814

CREDITORS
Amounts falling due after more than one
year

(82,042

)

(119,533

)

PROVISIONS FOR LIABILITIES (52,423 ) (59,937 )
NET ASSETS 589,524 577,344

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 4 4
Retained earnings 589,420 577,240
589,524 577,344

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Projects Scotland Ltd (Registered number: SC511919)

Abridged Statement of Financial Position - continued
31 July 2024


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:





D S Mclaren - Director


GM Projects Scotland Ltd (Registered number: SC511919)

Notes to the Financial Statements
For The Year Ended 31 July 2024

1. STATUTORY INFORMATION

GM Projects Scotland Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


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" including the provisions of Section 1A "Small Entities" 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.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% 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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

GM Projects Scotland Ltd (Registered number: SC511919)

Notes to the Financial Statements - continued
For The Year Ended 31 July 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023 386,240
Additions 9,152
At 31 July 2024 395,392
DEPRECIATION
At 1 August 2023 92,374
Charge for year 63,799
At 31 July 2024 156,173
NET BOOK VALUE
At 31 July 2024 239,219
At 31 July 2023 293,866

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
A D Gilliland
Balance outstanding at start of year 9,000 (175 )
Amounts advanced 85,370 85,175
Amounts repaid (64,370 ) (76,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,000 9,000

D S Mclaren
Balance outstanding at start of year (6,500 ) -
Amounts advanced 84,589 44,500
Amounts repaid (31,610 ) (51,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 46,479 (6,500 )

GM Projects Scotland Ltd (Registered number: SC511919)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2024

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

R Gunnion
Balance outstanding at start of year 16,500 -
Amounts advanced 77,370 65,500
Amounts repaid (69,870 ) (49,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,000 16,500