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Registered Number: 09126693
England and Wales

 

 

 

GEMANI LTD


Abridged Accounts
 


Period of accounts

Start date: 01 February 2022

End date: 31 January 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 12,418    24,107 
Investments 4 50    50 
12,468    24,157 
Current assets      
Debtors 37,246    19,038 
Cash at bank and in hand 256,833    221,832 
294,079    240,870 
Creditors: amount falling due within one year (237,149)   (172,934)
Net current assets 56,930    67,936 
 
Total assets less current liabilities 69,398    92,093 
Creditors: amount falling due after more than one year (9,410)   (13,012)
Net assets 59,988    79,081 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 59,888    78,981 
Shareholder's funds 59,988    79,081 
 


For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 10 October 2023 and were signed on its behalf by:


-------------------------------
S Covers
Director
1
General Information
Gemani Ltd is a private company, limited by shares, registered in England and Wales, registration number 09126693, registration address Merlin House, Brunel Road Theale, Reading, Berkshire, RG7 4AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles             20 Straight Line
Fixtures and Fittings      15% Straight Line
Computer Equipment    33% Straight Line


At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method, less impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs and are measured subsequently at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 5).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 February 2022 158,110    158,110 
Additions 5,261    5,261 
Disposals  
At 31 January 2023 163,371    163,371 
Depreciation
At 01 February 2022 134,003    134,003 
Charge for year 16,950    16,950 
On disposals  
At 31 January 2023 150,953    150,953 
Net book values
Closing balance as at 31 January 2023 12,418    12,418 
Opening balance as at 01 February 2022 24,107    24,107 


4.

Investments

Cost Investments in group undertakings   Total
  £   £
At 01 February 2022 50    50 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 January 2023 50    50 

5.

Director’s loan

Directors' advances, credits and guarantees

At the balance sheet date , the following credit balances existed on a loan account with the directors:
S Covers £51,141 (2022: £47,345 credit)
C Covers £23,460 (2022: £23,460 credit)
G Covers £7,062 (2022: £7,062 credit)
M Covers £8,444 (2022: £18,760 credit)
E Covers £31,191 (2022: £10,963 credit)

The loan accounts are interest free with no fixed date for repayment.
6.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Trade debtors 29,890  12,450 
Prepayments & Accrued Income 626  541 
30,516  12,991 

7.

Debtors: amounts falling due after one year

.   2023
£
  2022
£
Amount owed by Group undertakings 6,730  6,050 
6,730  6,050 

8.

Creditors: amount falling due within one year

.   2023
£
  2022
£
Trade Creditors 51 
Bank loans & Overdrafts 3,602  3,513 
Corporation Tax 5,360 
PAYE & Social Security 7,154  2,966 
Other Creditors 95,090  44,774 
Directors' Current Accounts 121,298  107,590 
VAT 10,005  8,684 
237,149  172,938 

9.

Creditors: amount falling due after more than one year

.   2023
£
  2022
£
Bank loans & overdrafts 9,410  13,012 
9,410  13,012 

10.

Ultimate Controlling Party

The controlling party is S Covers.
2