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REGISTERED NUMBER: 03819108 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

GEM ANTIQUES LIMITED

GEM ANTIQUES LIMITED (REGISTERED NUMBER: 03819108)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEM ANTIQUES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: Mr M D Rackham



REGISTERED OFFICE: 139 Watling Street
Gillingham
Kent
ME7 2YY



REGISTERED NUMBER: 03819108 (England and Wales)



ACCOUNTANTS: Stephen Hill Partnership Limited
139-141 Watling Street
Gillingham
Kent
ME7 2YY



BANKERS: National Westminster Bank Plc
40 High Street
Rochester
Kent
ME1 1LR

GEM ANTIQUES LIMITED (REGISTERED NUMBER: 03819108)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 895 954
895 954

CURRENT ASSETS
Stocks 215,000 216,000
Debtors 6 5,466 15,175
Cash at bank and in hand 297,773 243,335
518,239 474,510
CREDITORS
Amounts falling due within one year 7 52,921 57,290
NET CURRENT ASSETS 465,318 417,220
TOTAL ASSETS LESS CURRENT
LIABILITIES

466,213

418,174

CREDITORS
Amounts falling due after more than one
year

8

(22,592

)

(32,308

)

PROVISIONS FOR LIABILITIES (75 ) (79 )
NET ASSETS 443,546 385,787

CAPITAL AND RESERVES
Called up share capital 75 75
Capital redemption reserve 75 75
Retained earnings 443,396 385,637
SHAREHOLDERS' FUNDS 443,546 385,787

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GEM ANTIQUES LIMITED (REGISTERED NUMBER: 03819108)

BALANCE SHEET - continued
30 APRIL 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2023 and were signed by:





Mr M D Rackham - Director


GEM ANTIQUES LIMITED (REGISTERED NUMBER: 03819108)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Gem Antiques 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 and value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its useful life of 10 years.

Additional goodwill of £37,500 was paid in connection with the acquisition of a business in 2010, and is being amortised evenly over its useful life of 5 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.
Short leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.

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

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 debtors and creditors, and loans from banks and other third parties.


GEM ANTIQUES LIMITED (REGISTERED NUMBER: 03819108)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Creditors
Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 87,500
AMORTISATION
At 1 May 2022
and 30 April 2023 87,500
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

GEM ANTIQUES LIMITED (REGISTERED NUMBER: 03819108)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 May 2022 2,078 158 11,653 2,641 16,530
Additions - - - 266 266
At 30 April 2023 2,078 158 11,653 2,907 16,796
DEPRECIATION
At 1 May 2022 2,078 158 10,704 2,636 15,576
Charge for year - - 237 88 325
At 30 April 2023 2,078 158 10,941 2,724 15,901
NET BOOK VALUE
At 30 April 2023 - - 712 183 895
At 30 April 2022 - - 949 5 954

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,466 15,175

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,682 9,648
Trade creditors 6,391 7,794
Taxation and social security 31,835 34,835
Other creditors 5,013 5,013
52,921 57,290

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 22,592 32,308

GEM ANTIQUES LIMITED (REGISTERED NUMBER: 03819108)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
Mr M D Rackham
Balance outstanding at start of year 13,972 13,787
Amounts advanced 4,095 13,972
Amounts repaid (13,972 ) (13,787 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,095 13,972