GMC GAS SERVICES LTD


Director	MCQUARRIE, Gary


Registered Address	Caledonia House
	89 Seaward Street
	Glasgow
	G41 1HJ


Registered Number	SC662012 (Scotland)

Notes to the Financial Statements
for the year ended 31 May 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Judgements and key sources of estimation uncertainty
	The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

	Turnover policy
	Turnover comprises the invoiced value of goods and services rendered during the period, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Balance Sheet.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. The charge for taxation takes into account taxation deferred as a result of timing differences between treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised respect of all timing differences that have originated but not reversed at the balance sheet date. However deferred tax assets are recognised only to the extent that the director considers that it is more likely than that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected apply in the periods in which the timing differences reverse, based on tax rates and laws enacted substantively enacted at the balance sheet date. With the exception of changes arising on the initial recognition of a business combination, the tax expense presented either in profit or loss, other comprehensive income or statement of changes in equity depending the transaction that resulted in the tax expense. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Current taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised respect of all timing differences that have originated but not reversed at the balance sheet date. However deferred tax assets are recognised only to the extent that the director considers that it is more likely than that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected apply in the periods in which the timing differences reverse, based on tax rates and laws enacted substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense presented either in profit or loss, other comprehensive income or statement of changes in equity depending the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment.

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	15	-
Vehicles	-	5
Office Equipment	-	3

	Impairment of non-financial assets policy
	At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Impairment of non-financial assets policy

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Balance Sheet. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

	Financial instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from third parties, and loans to and from related parties. Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from third parties, and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	5		5

3.	Tangible fixed assets

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 June 25	2,586	88,102	3,425	94,113
Additions	-	16,999	-	16,999
At 31 May 26	2,586	105,101	3,425	111,112
Depreciation and impairment
At 01 June 25	1,438	40,558	2,673	44,669
Charge for year	172	15,490	716	16,378
At 31 May 26	1,610	56,048	3,389	61,047
Net book value
At 31 May 26	976	49,053	36	50,065
At 31 May 25	1,148	47,544	752	49,444


	At the balance sheet date, assets held under hire purchase agreements have a net book value of £49,053 (2025: £47,544).

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	32,191	42,380
Amounts owed by associates and joint ventures / participating interests	51,105	39,309
Prepayments and accrued income	2,068	2,069
Total	85,364	83,758

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	-	4,000
Bank borrowings and overdrafts	417	5,000
Taxation and social security	29,161	29,517
Finance lease and HP contracts	20,051	14,384
Other creditors	8,068	4,980
Accrued liabilities and deferred income	9,559	9,185
Total	67,256	67,066

6.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	-	417
Other creditors	29,621	34,090
Total	29,621	34,507

7.	Obligations under finance leases

		2026		2025
		£		£
	Finance lease and HP contracts	49,672		48,474


	Hire purchase liabilities are secured over the assets to which they relate.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		50,065		49,444
			50,065		49,444
Current assets
Debtors	4	85,364		83,758
Cash at bank and on hand		47,743		77,307
		133,107		161,065
Creditors amounts falling due within one year	5	(67,256)		(67,066)
Net current assets (liabilities)			65,851		93,999
Total assets less current liabilities			115,916		143,443
Creditors amounts falling due after one year	6		(29,621)		(34,507)
Provisions for liabilities			(9,512)		(9,395)
Net assets			76,783		99,541
Capital and reserves
Called up share capital			105		105
Profit and loss account			76,678		99,436
Shareholders' funds			76,783		99,541