pinacle - Company Accounts (iXBRL 6.0.19)

GMR Design UK Limited

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

Company Registration Number - 07001550

	1.
GMR Design UK Limited
COMPANY NUMBER - 07001550
Balance sheet as at 31 August 2020

			2020		2019
			----		----

Notes

£

£

£

£

FIXED ASSETS
Intangible assets	4		394,871		375,740
Tangible assets	5		29,371		37,116
			424,242		412,856
Current assets
Debtors	6	16,646		6,436
Cash at bank and in hand		-		37
		16,646		6,473
Current liabilities
Creditors - Amounts
falling due within one year	7	539,985		487,579
NET CURRENT LIABILITIES			(523,339)		(481,106)
Total assets less current liabilities			(99,097)		(68,250)
Creditors - Amounts falling
due after more than one year	7		(21,195)		(27,109)
Net liabilities			(120,292)		(95,359)

	2.
GMR Design UK Limited
COMPANY NUMBER - 07001550
Balance sheet as at 31 August 2020

			2020		2019
			----		----
	Notes		£		£

CAPITAL AND RESERVES
Called up share capital	8		300		300
Profit and Loss account			(120,592)		(95,659)
Shareholders' funds			(120,292)		(95,359)

These financial statements have been prepared in accordance with the provisions of FRS102 Section 1A of the Companies Act 2006 relating to small companies.
In accordance with section 444 of the Companies Act 2006, the directors' report and the profit and loss account have not been delivered.

For the financial year ended 31 August 2020, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.

The members have not required the company to obtain an audit.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Approved by the board of directors on12 October 2020
and signed on their behalf by:
MR G HEANE
The notes on pages 3 to 5 form an integral part of these accounts.

	3.
GMR Design UK Limited
Notes to the Financial Statements
For the year ended 31 August 2020
1. General Information

GMR DESIGN UK LIMITED is a Private Company, limited by shares, domiciled in England and Wales, registration number 07001550.

The company's registered office is Brunswick House, 1 Weirfield Green, Taunton, Somerset TA1 1AZ.

2. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents goods supplied or services rendered, stated net of Value Added Tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.

Intangible fixed assets

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. The directors have assessed the expenditure and believe with reasonable certainty that the project is technically feasible and commercially viable. Amortisation shall commence with the commercial production of the product.

Tangible fixed assets and depreciation

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - 20% straight line

Motor vehicles - 25% reducing balance

Going concern basis of accounting

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

3. Employees

The average number of persons employed by the company (including dirctors) during the year was2

and in 2019 was3

	4.
GMR Design UK Limited
Notes to the Financial Statements
For the year ended 31 August 2020

4. Fixed assets - intangible

	Development
expenditure
	------------
Fair value	£
At 1 September 2019	375,739
Additions	19,132
At 31 August 2020	394,871
Net book values
At 31 August 2020	394,871
At 1 September 2019	375,739

5. Fixed assets - tangible

	Plant and
	Machinery
	etc.
Fair value	£
At 1 September 2019	69,614
and 31 August 2020
Depreciation
At 1 September 2019	32,431
Charge for year	7,812
At 31 August 2020	40,243
Net book values
At 31 August 2020	29,371
At 1 September 2019	37,183

		2020		2019
		----		----
		£		£

6. Debtors
Due within one year:
Trade debtors	5,743		5,743
Other debtors	10,903		693
	16,646		6,436

	5.
GMR Design UK Limited
Notes to the Financial Statements
For the year ended 31 August 2020

		2020		2019
		----		----
		£		£

7. Creditors
Amounts falling due within one year:
Bank overdraft	3,465		4,992
Trade creditors	42,881		41,430
Taxation and social security	(1,156)		3,542
Director's Current Accounts	349,057		345,363
Other creditors	145,738		92,252
	539,985		487,579
Other creditors include the following
Amounts falling due after one year:
Hire purchase liabilities	21,195		27,109

8. Called up share capital

There was no change in share capital during the year.

Allotted, called up and fully paid
shares of £1 eachOrdinary	300		300
9. Transactions with directors

As at the 31 August 2020, the company owed the directors £349,057 (2019 - £345,363). The loans are interest free and have no fixed term for repayment.