IRIS Accounts Production v22.2.0.402 06984313 Board of Directors Board of Directors 1.1.21 31.12.21 31.12.21 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure069843132020-12-31069843132021-12-31069843132021-01-012021-12-31069843132019-12-31069843132020-01-012020-12-31069843132020-12-3106984313ns16:EnglandWales2021-01-012021-12-3106984313ns15:PoundSterling2021-01-012021-12-3106984313ns11:Director12021-01-012021-12-3106984313ns11:Director22021-01-012021-12-3106984313ns11:PrivateLimitedCompanyLtd2021-01-012021-12-3106984313ns11:SmallEntities2021-01-012021-12-3106984313ns11:AuditExempt-NoAccountantsReport2021-01-012021-12-3106984313ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-3106984313ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-3106984313ns11:FullAccounts2021-01-012021-12-310698431312021-01-012021-12-3106984313ns11:RegisteredOffice2021-01-012021-12-3106984313ns6:CurrentFinancialInstruments2021-12-3106984313ns6:CurrentFinancialInstruments2020-12-3106984313ns6:ShareCapital2021-12-3106984313ns6:ShareCapital2020-12-3106984313ns6:NetGoodwill2021-01-012021-12-3106984313ns6:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3106984313ns6:LandBuildings2021-01-012021-12-3106984313ns6:PlantMachinery2021-01-012021-12-3106984313ns6:NetGoodwill2020-12-3106984313ns6:NetGoodwill2021-12-3106984313ns6:NetGoodwill2020-12-3106984313ns6:LandBuildings2020-12-3106984313ns6:PlantMachinery2020-12-3106984313ns6:LandBuildings2021-12-3106984313ns6:PlantMachinery2021-12-3106984313ns6:LandBuildings2020-12-3106984313ns6:PlantMachinery2020-12-3106984313ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3106984313ns6:WithinOneYearns6:CurrentFinancialInstruments2020-12-3106984313ns11:Director112020-12-3106984313ns11:Director112019-12-3106984313ns11:Director112021-01-012021-12-3106984313ns11:Director112020-01-012020-12-3106984313ns11:Director112021-12-3106984313ns11:Director112020-12-31069843132ns11:Director22020-12-31069843132ns11:Director22019-12-31069843132ns11:Director22021-01-012021-12-31069843132ns11:Director22020-01-012020-12-31069843132ns11:Director22021-12-31069843132ns11:Director22020-12-31
REGISTERED NUMBER: 06984313 (England and Wales)















CORNISH GEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021






CORNISH GEMS LIMITED (REGISTERED NUMBER: 06984313)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORNISH GEMS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2021







DIRECTORS: Mrs N Macer-Wright
Ms J Shelton





REGISTERED OFFICE: Carne House
Threemilestone Industrial Estate
Threemilestone
Truro
Cornwall
TR4 9LD





REGISTERED NUMBER: 06984313 (England and Wales)





ACCOUNTANTS: Clear Vision Accountancy Limited
1 Abacus House
Newlands Road
Corsham
Wiltshire
SN13 0BH

CORNISH GEMS LIMITED (REGISTERED NUMBER: 06984313)

BALANCE SHEET
31 December 2021

31/12/21 31/12/20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 57,967 72,767
Tangible assets 5 157,443 116,240
215,410 189,007

CURRENT ASSETS
Stocks 20,477 17,520
Debtors 6 461,534 824,370
Investments 7 100 100
Cash at bank and in hand 2,509,942 2,197,001
2,992,053 3,038,991
CREDITORS
Amounts falling due within one year 8 1,575,894 1,606,214
NET CURRENT ASSETS 1,416,159 1,432,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,631,569

1,621,784

PROVISIONS FOR LIABILITIES 17,256 7,992
NET ASSETS 1,614,313 1,613,792

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,614,213 1,613,692
1,614,313 1,613,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CORNISH GEMS LIMITED (REGISTERED NUMBER: 06984313)

BALANCE SHEET - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2022 and were signed on its behalf by:




Mrs N Macer-Wright - Director



Ms J Shelton - Director


CORNISH GEMS LIMITED (REGISTERED NUMBER: 06984313)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Cornish Gems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on cost and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CORNISH GEMS LIMITED (REGISTERED NUMBER: 06984313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2021

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 110 (2020 - 110 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 168,000
AMORTISATION
At 1 January 2021 95,233
Charge for year 14,800
At 31 December 2021 110,033
NET BOOK VALUE
At 31 December 2021 57,967
At 31 December 2020 72,767

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021 3,527 451,022 454,549
Additions - 70,541 70,541
At 31 December 2021 3,527 521,563 525,090
DEPRECIATION
At 1 January 2021 1,529 336,780 338,309
Charge for year 282 29,056 29,338
At 31 December 2021 1,811 365,836 367,647
NET BOOK VALUE
At 31 December 2021 1,716 155,727 157,443
At 31 December 2020 1,998 114,242 116,240

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/21 31/12/20
£    £   
Trade debtors 229,705 152,056
Other debtors 231,829 672,314
461,534 824,370

7. CURRENT ASSET INVESTMENTS
31/12/21 31/12/20
£    £   
Shares in group undertakings 100 100

CORNISH GEMS LIMITED (REGISTERED NUMBER: 06984313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/21 31/12/20
£    £   
Trade creditors 759,256 849,673
Taxation and social security 396,033 464,851
Other creditors 420,605 291,690
1,575,894 1,606,214

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

31/12/21 31/12/20
£    £   
Mrs N Macer-Wright
Balance outstanding at start of year (209,784 ) (114,553 )
Amounts advanced (87,426 ) 13,120
Amounts repaid 330,000 (108,351 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 32,790 (209,784 )

Ms J Shelton
Balance outstanding at start of year (203,781 ) (112,226 )
Amounts advanced (88,019 ) 13,120
Amounts repaid 330,000 (104,675 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,200 (203,781 )

The above balances totalling £70,990 are included in other creditors. (2020 - £413,565 other debtors)