REGISTERED NUMBER: SC618644 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

GRM BODYCRAFT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G A Richardson

R M Matthews

REGISTERED OFFICE:

1 West Telferton

Edinburgh

EH7 6UL

REGISTERED NUMBER:

SC618644 (Scotland)

ACCOUNTANTS:

Mitchell Edwards

Chartered Certified Accountants

24A Ainslie Place

Edinburgh

EH3 6AJ

BANKERS:

The Royal Bank of Scotland plc

36 St. Andrew Square

Edinburgh

EH2 2YB

SOLICITORS:

Gilson Gray

29 Rutland Square

Edinburgh

EH1 2BW

FIXED ASSETS

Intangible assets

4

1,797

1,797

Tangible assets

5

354,347

332,572

356,144

334,369

CURRENT ASSETS

Stocks

66,168

119,397

Debtors

6

578,397

681,705

Cash at bank

452,334

550,345

1,096,899

1,351,447

CREDITORS

Amounts falling due within one year

7

950,044

1,113,756

NET CURRENT ASSETS

146,855

237,691

TOTAL ASSETS LESS CURRENT LIABILITIES

502,999

572,060

CREDITORS

Amounts falling due after more than one year

8

(98,192

)

(142,236

)

PROVISIONS FOR LIABILITIES

(86,315

)

(83,142

)

NET ASSETS

318,492

346,682

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

318,392

346,582

318,492

346,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:

G A Richardson - Director

R M Matthews - Director

1.	STATUTORY INFORMATION

GRM Bodycraft Limited 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 financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.

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 fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

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.

Private registration plates are added at cost and subject to an annual impairment review.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stock and work in progress

Stock and work in progress is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all material 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2024 - 36 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

1,797

NET BOOK VALUE

At 31 March 2025

1,797

At 31 March 2024

1,797

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

506,784

Additions

95,140

At 31 March 2025

601,924

DEPRECIATION

At 1 April 2024

174,212

Charge for year

73,365

At 31 March 2025

247,577

NET BOOK VALUE

At 31 March 2025

354,347

At 31 March 2024

332,572

At 31 March 2025 the net book value of assets held under hire purchase contracts was £64,578 (2024: £Nil).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

449,751

438,457

Other debtors

128,646

243,248

578,397

681,705

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

35,096

32,480

Hire purchase contracts

21,333

-

Trade creditors

388,296

640,604

Taxation and social security

135,243

140,928

Other creditors

370,076

299,744

950,044

1,113,756

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

71,525

109,237

Hire purchase contracts

26,667

-

Other creditors

-

32,999

98,192

142,236

9.	RELATED PARTY DISCLOSURES

Included within other debtors are loans to companies which are under common control amounting to £75,295 (2024: £191,647). These loans are unsecured and are provided interest free and have no agreed terms of repayment.

The company is acting as a guarantor on leases to companies under common control. In the event these companies are unable to meet their obligations under the terms of the leases, this company would be liable for the following commitments under operating leases expiring after more than 5 years of £487,292 (2024: £567,917).

10.	LEASING AGREEMENTS

At the year end the company had total commitments under operating leases expiring after more than 5 years of £116,910 (2024: £219,910).

11.	GOVERNMENT LOANS

The company borrowed £50,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5%.

The company also borrowed £157,500 under the Governments Recovery Loan Scheme. Under the scheme the Government guarantees 70% of the outstanding debt. Interest is charged at the rate of 9.9%.

These loans are repayable by installments as detailed below

2025

2024

£

£

< 1 year

35,096

32,480

2-5 years

71,525

109,236

> 5 years

-

-

106,621

141,716

12.	OTHER LOAN

The company had borrowed £34,654 (2024: £50,939) from a third party. This loan is unsecured and interest free.