pinacle - Company Accounts (iXBRL 6.0.22)

GMR DESIGN UK LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

Company Registration Number - 07001550

	1.
GMR DESIGN UK LTD
COMPANY NUMBER - 07001550
Balance sheet as at 31 August 2023

2023

2022

Notes

£

£

£

£

FIXED ASSETS
Intangible assets	4		503,236		456,623
Tangible assets	5		7,645		7,190
			510,881		463,813
Current assets
Stocks		400		450
Debtors	6	16,646		16,646
Cash at bank and in hand		4,864		4,910
		21,910		22,006
Current liabilities
Creditors - Amounts
falling due within one year	7	692,738		650,467
NET CURRENT LIABILITIES			(670,828)		(628,461)
Total assets less current liabilities			(159,947)		(164,648)

	2.
GMR DESIGN UK LTD
COMPANY NUMBER - 07001550
Balance sheet as at 31 August 2023

			2023		2022
	Notes		£		£

CAPITAL AND RESERVES
Called up share capital	8		300		300
Profit and Loss account			(160,247)		(164,948)
Shareholders' funds			(159,947)		(164,648)

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 2023, 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 on 14 October 2023
and signed on their behalf by:

	MR G HEANE
	Director

The notes on pages 3 to 5 form an integral part of these accounts.

	3.
GMR DESIGN UK LTD
Notes to the Financial Statements
For the year ended 31 August 2023
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

Research and development expenditure

Expenditure on research and development is capitalised in the year in which it is incurred.

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.

	4.
GMR DESIGN UK LTD
Notes to the Financial Statements
For the year ended 31 August 2023
3. Employees
The average number employed by the company (including directors) during the year 2023 was 1
and in the previous year 2022 was 1.

4. Fixed assets - intangible

	Development
expenditure
	------------
Fair value	£
At 1 September 2022	456,623
Additions	46,613
At 31 August 2023	503,236
Net book values
At 31 August 2023	503,236
At 1 September 2022	456,623
5. Fixed assets - tangible

	Plant and
	Machinery
	etc.
Fair value	£
At 1 September 2022	33,666
Additions	456
At 31 August 2023	34,122
Depreciation
At 1 September 2022	26,477
At 31 August 2023	26,477
Net book values
At 31 August 2023	7,645
At 1 September 2022	7,189

		2023		2022
		£		£

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

	5.
GMR DESIGN UK LTD
Notes to the Financial Statements
For the year ended 31 August 2023

		2023		2022
		£		£

7. Creditors
Amounts falling due within one year:
Bank Loan	4,713		2,314
Trade creditors	66,371		63,638
Wages	435		-
Taxation and social security	2,515		1,458
Director's Current Accounts	437,100		408,779
Other creditors	181,604		174,278
	692,738		650,467
Other creditors include the following
8. Called up share capital

There was no change in share capital during the year.

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

As at the 31 August 2023, the company owed the director £272,543. The loans are interest free and have no fixed term for repayment.