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REGISTERED NUMBER: 03971802 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

GEMDAX CORPORATION LIMITED

GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GEMDAX CORPORATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: S W Y Chan
A Aggarwal





SECRETARY: S W Y Chan





REGISTERED OFFICE: Apartments 1108
9 Belvedere Road
London
SE1 8YW





REGISTERED NUMBER: 03971802 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
Unit 4 Mulgrave Chambers
26-28 Mulgrave Road
Sutton
Surrey
SM2 6LE

GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,416 5,313

CURRENT ASSETS
Debtors 5 189,101 111,281
Cash at bank and in hand 596,755 480,156
785,856 591,437
CREDITORS
Amounts falling due within one year 6 58,201 96,570
NET CURRENT ASSETS 727,655 494,867
TOTAL ASSETS LESS CURRENT
LIABILITIES

733,071

500,180

CAPITAL AND RESERVES
Called up share capital 178 178
Share premium 402,614 402,614
Foreign exchange reserve (31,758 ) (50,908 )
Retained earnings 362,037 148,296
SHAREHOLDERS' FUNDS 733,071 500,180

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 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.

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 Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





S W Y Chan - Director


GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802)

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


1. STATUTORY INFORMATION

Gemdax Corporation 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

The directors, having considered all the information available, are confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied, net of returns, discounts and value added taxes.

Revenue is recognised in the accounting period in which the services were rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery 20% on cost

Computer equipment 25% on cost
33 1/3% on cost (Belgium Branch)


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.

Overseas taxation is recognised at the amount of tax payable using the tax rates and laws of the overseas country to which the income pertains.

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.

GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802)

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


2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign exchange transactions carried out by the Belgium branch are translated into the functional currency using the spot exchange rates at the dates of the transactions with the resulting foreign exchange differences recognised in the profit and loss account.

At the year end the Belgium branch monetary assets and liabilities, denominated in Euro's, are translated into sterling at the foreign exchange rates ruling at the balance sheet date. Fixed assets are translated into sterling at the rates ruling on the date of acquisition as adjusted for any profits or losses from related financial instruments. Revenue and expenses in foreign currencies are recorded in sterling at the average rate for the financial year.

The resulting foreign exchange differences from this year end translation are recognised in the foreign exchange reserve.

Leasing commitments
The company's office accommodation is under an operating lease agreement which can be terminated by both sides giving three months notice. Rentals are charged to the profit and loss account in the year in which they incur.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 May 2022 9,483 8,750 18,233
Additions 1,611 1,320 2,931
Disposals - (1,371 ) (1,371 )
At 30 April 2023 11,094 8,699 19,793
DEPRECIATION
At 1 May 2022 6,714 6,206 12,920
Charge for year 1,256 1,572 2,828
Eliminated on disposal - (1,371 ) (1,371 )
At 30 April 2023 7,970 6,407 14,377
NET BOOK VALUE
At 30 April 2023 3,124 2,292 5,416
At 30 April 2022 2,769 2,544 5,313

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 148,192 77,167
Other debtors 9,719 13,543
Taxation recoverable 23,194 13,757
Overseas taxation recoverable 7,996 -
VAT - 3,976
Deferred tax asset
Tax losses carried forward - 2,838
189,101 111,281

GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 15,630 3,576
Overseas taxation - 65,085
VAT 3,480 -
Other creditors 10,217 -
Accrued expenses 28,874 27,909
58,201 96,570

7. LEASING AGREEMENTS
There exists an operating lease agreement in respect of property where each party can give three months notice in respect of termination. Accordingly a commitment is recognised in respect of that three month period of £5,232 (2022: £6,698).