GMS Accountancy Limited - Filleted accounts

Registered number

SC500520

GMS Accountancy Limited

Unaudited Filleted Accounts

31 March 2025

GMS Accountancy Limited
Registered number:		SC500520
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		1,336			1,600

Current assets
Stocks		11,985			13,926
Debtors	4	23,783			23,556
Cash at bank and in hand		23,571			27,908
		59,339			65,390

Creditors: amounts falling due within one year	5	(44,857)			(49,129)

Net current assets			14,482			16,261

Total assets less current liabilities			15,818			17,861


Provisions for liabilities			(254)			(304)


Net assets			15,564			17,557

Capital and reserves
Called up share capital			1			1
Profit and loss account			15,563			17,556

Shareholder's funds			15,564			17,557

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




G Sweeney
Director
Approved by the board on 31 December 2025

GMS Accountancy Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	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).

	Turnover
	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 rendering of services. 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.

	Government grants
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred

	Tangible fixed assets
	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:

	Fixtures, fittings, tools and equipment	33% reducing balance
	Computer Equipment	33% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

	Debtors
	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.

	Creditors
	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.

	Taxation
	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			4		4


3	Tangible fixed assets
		Plant and machinery etc		Computer Equipment		Total
£			£		£
	Cost
	At 1 April 2024	753		6,100		6,853
	Additions	-		395		395
	At 31 March 2025	753		6,495		7,248

	Depreciation
	At 1 April 2024	505		4,748		5,253
	Charge for the year	82		577		659
	At 31 March 2025	587		5,325		5,912

	Net book value
	At 31 March 2025	166		1,170		1,336
	At 31 March 2024	248		1,352		1,600


4	Debtors			2025		2024
£					£

	Trade debtors			23,103		20,388
	Other debtors			680		3,168
				23,783		23,556


5	Creditors: amounts falling due within one year			2025		2024
£					£

	Trade creditors			1,766		962
	Taxation and social security costs			12,568		9,625
	Other creditors			30,523		38,542
				44,857		49,129


6	Other information

	GMS Accountancy Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	16a Ballifeary Road
	Inverness
	IV3 5PJ