Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Wholesale of watches and jewellerytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01false11false 11206885 2022-04-01 2023-03-31 11206885 2021-04-01 2022-03-31 11206885 2023-03-31 11206885 2022-03-31 11206885 c:Director1 2022-04-01 2023-03-31 11206885 d:OfficeEquipment 2022-04-01 2023-03-31 11206885 d:OfficeEquipment 2023-03-31 11206885 d:OfficeEquipment 2022-03-31 11206885 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11206885 d:CurrentFinancialInstruments 2023-03-31 11206885 d:CurrentFinancialInstruments 2022-03-31 11206885 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11206885 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11206885 d:ShareCapital 2023-03-31 11206885 d:ShareCapital 2022-03-31 11206885 d:RetainedEarningsAccumulatedLosses 2023-03-31 11206885 d:RetainedEarningsAccumulatedLosses 2022-03-31 11206885 c:FRS102 2022-04-01 2023-03-31 11206885 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11206885 c:FullAccounts 2022-04-01 2023-03-31 11206885 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 11206885










GEMWORLD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
GEMWORLD LIMITED
REGISTERED NUMBER: 11206885

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
58
309

  
58
309

Current assets
  

Stocks
 5 
255,423
184,853

Debtors: amounts falling due within one year
 6 
88,961
80,322

Cash at bank and in hand
 7 
118,559
63,088

  
462,943
328,263

Creditors: amounts falling due within one year
 8 
(280,002)
(251,327)

Net current assets
  
 
 
182,941
 
 
76,936

Total assets less current liabilities
  
182,999
77,245

  

Net assets
  
182,999
77,245


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
182,899
77,145

  
182,999
77,245


Page 1

 
GEMWORLD LIMITED
REGISTERED NUMBER: 11206885
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P C L Pereira
Director

Date: 4 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GEMWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Gemworld Limited is a private company limited by shares registered and incorporated in England and Wales in the United Kingdom. The registered address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the Company during the year was the sale of gems. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Company had net  assets at the balance sheet date of £182,999 and during the year made a profit for the financial period of £105,754. The directors will continue to support the Company for the foreseeable future therefore the going concern basis is considered by the directors to be appropriate.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
GEMWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

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 amount and are recognised in profit or loss.

Page 4

 
GEMWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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 cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Page 5

 
GEMWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Director
1
1


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
1,031



At 31 March 2023

1,031



Depreciation


At 1 April 2022
722


Charge for the year on owned assets
251



At 31 March 2023

973



Net book value



At 31 March 2023
58

Page 6

 
GEMWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
255,423
184,853



6.


Debtors

2023
2022
£
£


Trade debtors
88,961
80,322

88,961
80,322



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
118,559
63,088

Less: bank overdrafts
(8,535)
-

110,024
63,088



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
8,535
-

Trade creditors
143,907
148,757

Corporation tax
24,865
1,845

Other taxation and social security
4,942
5,348

Other creditors
95,109
92,733

Accruals and deferred income
2,644
2,644

280,002
251,327


Page 7

 
GEMWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Related party transactions

The following related party transaction for the year to 31 March 2023 is unsecured and interest free. 
The outstanding amounts due to Mr P C L Pereria were as follows: beginning of the year: £92,733 (2022: £53,962); end of the year: £95,109 (2022: £92,733).


10.


Controlling party

The controlling party is Mr P C L Pereira.

 
Page 8