BrightAccountsProduction v1.0.0 v1.0.0 2023-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Sale of second hand cars. 2 May 2025 0 0 NI688406 2024-12-31 NI688406 2023-10-31 NI688406 2022-10-31 NI688406 2023-11-01 2024-12-31 NI688406 2022-11-01 2023-10-31 NI688406 uk-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-12-31 NI688406 uk-curr:PoundSterling 2023-11-01 2024-12-31 NI688406 uk-bus:AbridgedAccounts 2023-11-01 2024-12-31 NI688406 uk-core:ShareCapital 2024-12-31 NI688406 uk-core:ShareCapital 2023-10-31 NI688406 uk-core:SharePremium 2024-12-31 NI688406 uk-core:SharePremium 2023-10-31 NI688406 uk-core:RetainedEarningsAccumulatedLosses 2024-12-31 NI688406 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI688406 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-12-31 NI688406 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI688406 uk-bus:FRS102 2023-11-01 2024-12-31 NI688406 2023-11-01 2024-12-31 NI688406 uk-bus:Director1 2023-11-01 2024-12-31 NI688406 uk-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
GMG Assets Limited
 
Abridged Unaudited Financial Statements
 
for the financial period ended 31 December 2024



GMG Assets Limited
ABRIDGED PROFIT AND LOSS ACCOUNT
for the financial period ended 31 December 2024
Dec 24 Oct 23
Notes £ £

Gross profit 302,791 280,588
 
Administrative expenses (78,054) (72,419)
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Operating profit 224,737 208,169
 
Interest payable and similar expenses (1,069) (57)
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Profit before taxation 223,668 208,112
 
Tax on profit (54,895) (44,378)
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Profit for the financial period 168,773 163,734
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Total comprehensive income 168,773 163,734
    ═════════   ═════════



GMG Assets Limited
Company Registration Number: NI688406
ABRIDGED BALANCE SHEET
as at 31 December 2024

Dec 24 Oct 23
Notes £ £
 
Current Assets
Stocks 228,500 123,500
Debtors 58,784 -
Cash and cash equivalents 150,334 107,500
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437,618 231,000
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Creditors: amounts falling due within one year (89,181) (51,336)
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Net Current Assets 348,437 179,664
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Total Assets less Current Liabilities 348,437 179,664
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Capital and Reserves
Called up share capital 100 100
Share premium account 6 24,900 24,900
Retained earnings 323,437 154,664
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Equity attributable to owners of the company 348,437 179,664
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Directors' Report.
For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period 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.
           
Approved by the Board and authorised for issue on 2 May 2025 and signed on its behalf by
           
           
________________________________          
Anthony Brian Goodman          
Director          
           



GMG Assets Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial period ended 31 December 2024

   
1. General Information
 
GMG Assets Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI688406. The registered office of the company is Unit B Mill Road, Bessbrook, Newry, Co. Down, BT35 7DT, Northern Ireland which is also the principal place of business of the company. Sale of second hand cars. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Adoption of FRS 102 Section 1A
 
This is the first set of financial statements prepared by GMG Assets Limited in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 January 2016.
   
4. Period of financial statements
 
The financial statements are for the 14 month period ended 31 December 2024.
       
5. Employees
 
The average monthly number of employees, including directors, during the financial period was 0, (Oct 23 - 0).
   
6. Reserves
 
Share Premium Reserve
 
The amount carried forward is the premium that arose from the issue of shares in 2022.
 
       
7. Capital commitments
 
The company had no material capital commitments at the financial period-ended 31 December 2024.
   
8. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial period-end.