| GMG DEVELOPMENTS LIMITED |
| Notes to the Accounts |
| For the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Structures |
10% straight line |
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Plant and machinery |
20% straight line |
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Motor vehicles |
20% reducing balance |
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Investment Properties |
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Investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss. |
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Stock |
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Stock is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Tangible fixed assets |
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Investment property |
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Plant and machinery |
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Motor vehicles |
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Total |
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£ |
|
£ |
|
£ |
|
£ |
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Cost/valuation |
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At 1 April 2024 |
160,000 |
|
6,230 |
|
40,586 |
|
206,816 |
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Surplus on revaluation |
10,000 |
|
- |
|
- |
|
10,000 |
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At 31 March 2025 |
170,000 |
|
6,230 |
|
40,586 |
|
216,816 |
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Depreciation |
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At 1 April 2024 |
- |
|
2,809 |
|
19,806 |
|
22,615 |
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Charge for the year |
- |
|
570 |
|
4,156 |
|
4,726 |
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At 31 March 2025 |
- |
|
3,379 |
|
23,962 |
|
27,341 |
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Net book value |
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At 31 March 2025 |
170,000 |
|
2,851 |
|
16,624 |
|
189,475 |
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At 31 March 2024 |
160,000 |
|
3,421 |
|
20,780 |
|
184,201 |
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Freehold land and buildings: |
2025 |
|
2024 |
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£ |
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£ |
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Historical cost |
103,011 |
|
103,011 |
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The company's investment property has been valued by the directors on an open market basis based on the selling price of comparable properties in their area. |
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| 4 |
Debtors |
2025 |
|
2024 |
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£ |
|
£ |
|
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Trade debtors |
- |
|
164 |
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Other debtors |
895 |
|
895 |
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|
895 |
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1,059 |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
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£ |
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£ |
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Taxation and social security costs |
108 |
|
108 |
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Other creditors |
2,357 |
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2,657 |
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2,465 |
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2,765 |
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| 6 |
Fair value reserve |
2025 |
|
2024 |
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£ |
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£ |
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At 1 April 2024 |
56,989 |
|
66,989 |
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Gain/(loss) on revaluation of land and buildings |
10,000 |
|
(10,000) |
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Deferred taxation arising on the revaluation of land and buildings |
- |
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- |
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At 31 March 2025 |
66,989 |
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56,989 |
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| 7 |
Loans (from)/to directors |
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Description and conditions |
B/fwd |
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Paid |
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Repaid |
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C/fwd |
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|
£ |
|
£ |
|
£ |
|
£ |
|
Mr G M Geddes |
|
Unsecured interest free loan from director with no set repayment date |
(922) |
|
922 |
|
(622) |
|
(622) |
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(922) |
|
922 |
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(622) |
|
(622) |
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| 8 |
Other information |
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GMG DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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Old Police House |
|
39 Oldmeldrum |
|
Newmachar |
|
Aberdeen |
|
AB21 0PJ |