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COMPANY REGISTRATION NUMBER: 06412590

GORMEC LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2025

GORMEC LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2025

| 2025 | 2024
Note | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 6 |  | 24,584 |  | 4,944

CURRENT ASSETS

Debtors | 7 | 31,028 |  | 6,009 |
Cash at bank and in hand | 59,575 |  | 43,774 |
| --------- |  | --------- |
| 90,603 |  | 49,783 |

CREDITORS: amounts falling due within one year | 8 | 24,571 |  | 15,075 |
| --------- |  | --------- |
NET CURRENT ASSETS |  | 66,032 |  | 34,708
|  | --------- |  | ---------
TOTAL ASSETS LESS CURRENT LIABILITIES |  | 90,616 |  | 39,652

PROVISIONS | 9 |  | 6,146 |  | 940
|  | --------- |  | ---------
NET ASSETS |  | 84,470 |  | 38,712
|  | --------- |  | ---------

GORMEC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2025

| 2025 | 2024
Note | £ | £ | £ | £

CAPITAL AND RESERVES

Called up share capital |  | 1,000 |  | 1,000
Profit and loss account |  | 83,470 |  | 37,712
|  | --------- |  | ---------
SHAREHOLDER FUNDS |  | 84,470 |  | 38,712
|  | --------- |  | ---------

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 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 .
These financial statements were approved by the board of directors and authorised for issue on 27 October 2025 , and are signed on behalf of the board by:
Mr J A Gorman Director
Company registration number: 06412590

GORMEC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2025
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ingledene, 13 The Avenue, Lightcliffe, Halifax, West Yorkshire, HX3 8NP.
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.
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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered for electrical installation, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | Over 10 Years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. 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.
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 | - | 15% reducing balance
| Motor vehicle | - | 25% reducing balance
| Computer equipment | - | 33% straight line

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. PARTICULARS OF EMPLOYEES
The average number of persons employed by the company during the year amounted to 2 (2024: 1 ).
5. INTANGIBLE ASSETS

| Goodwill
| £
Cost |
At 1 February 2024 and 31 January 2025 | 30,000
| ---------
Amortisation |
At 1 February 2024 and 31 January 2025 | 30,000
| ---------
Carrying amount |
At 31 January 2025 | –
| ---------
At 31 January 2024 | –
| ---------

6. TANGIBLE ASSETS

| Fixtures and fittings | Motor vehicles | Computer equipment | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 February 2024 | 8,559 | 16,000 | 1,481 | 26,040
Additions | – | 28,625 | 1,309 | 29,934
Disposals | – | ( 16,000) | – | ( 16,000)
| ------- | --------- | ------- | ---------
At 31 January 2025 | 8,559 | 28,625 | 2,790 | 39,974
| ------- | --------- | ------- | ---------
Depreciation |  |  |  |
At 1 February 2024 | 7,049 | 13,212 | 835 | 21,096
Charge for the year | 379 | 6,560 | 567 | 7,506
Disposals | – | ( 13,212) | – | ( 13,212)
| ------- | --------- | ------- | ---------
At 31 January 2025 | 7,428 | 6,560 | 1,402 | 15,390
| ------- | --------- | ------- | ---------
Carrying amount |  |  |  |
At 31 January 2025 | 1,131 | 22,065 | 1,388 | 24,584
| ------- | --------- | ------- | ---------
At 31 January 2024 | 1,510 | 2,788 | 646 | 4,944
| ------- | --------- | ------- | ---------

7. DEBTORS

| 2025 | 2024
| £ | £
Trade debtors | 27,639 | 3,998
Other debtors | 3,389 | 2,011
| --------- | -------
| 31,028 | 6,009
| --------- | -------

8. CREDITORS: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 2,933 | 1,820
Corporation tax | 15,954 | 4,849
Social security and other taxes | 141 | 4,215
Other creditors | 5,543 | 4,191
| --------- | ---------
| 24,571 | 15,075
| --------- | ---------

9. PROVISIONS

| Deferred tax (note 10)
| £
At 1 February 2024 | 940
Additions | 5,206
| -------
At 31 January 2025 | 6,146
| -------

10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions (note 9) | 6,146 | 940
| ------- | ----

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Accelerated capital allowances | 6,146 | 940
| ------- | ----

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director had an unsecured interest free loan with the company. The loan was in crediit throughout the year and is repayable on demand.
12. RELATED PARTY TRANSACTIONS
Included in 'Other debtors' is an unsecured interest free loan of £1,721 owing from Gorman Holdings Ltd, a company in which Mr J Gorman is also a director. This loan is repayable on demand.