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REGISTERED NUMBER: 02925103 (England and Wales)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

GEMS (CHELTENHAM) LIMITED

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 May 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


GEMS (CHELTENHAM) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 May 2023







DIRECTOR: Mr S J Goldsmith





REGISTERED OFFICE: Unit 5211 Kennet Close
Ashchurch
Tewkesbury
Gloucestershire
GL20 8HF





REGISTERED NUMBER: 02925103 (England and Wales)





ACCOUNTANTS: Mitchell Glanville Limited
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,488 20,191

CURRENT ASSETS
Stocks 5 23,920 31,046
Debtors 6 340,130 287,787
Cash at bank 192,620 87,963
556,670 406,796
CREDITORS
Amounts falling due within one year 7 363,689 249,101
NET CURRENT ASSETS 192,981 157,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

201,469

177,886

CREDITORS
Amounts falling due after more than one year 8 (19,838 ) (30,000 )

PROVISIONS FOR LIABILITIES (6,329 ) (4,376 )
NET ASSETS 175,302 143,510

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 175,200 143,408
SHAREHOLDERS' FUNDS 175,302 143,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 5 February 2024 and were signed by:





Mr S J Goldsmith - Director


GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 May 2023

1. STATUTORY INFORMATION

Gems (Cheltenham) 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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - in accordance with the property
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

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 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 11 ) .

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 16,073 851,256 11,218 9,295 887,842
Additions - 7,178 - - 7,178
Impairments - (1,795 ) - - (1,795 )
At 31 May 2023 16,073 856,639 11,218 9,295 893,225
DEPRECIATION
At 1 June 2022 15,420 832,134 10,802 9,295 867,651
Charge for year 218 16,660 208 - 17,086
At 31 May 2023 15,638 848,794 11,010 9,295 884,737
NET BOOK VALUE
At 31 May 2023 435 7,845 208 - 8,488
At 31 May 2022 653 19,122 416 - 20,191

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 7,178
Impairments (1,795 )
At 31 May 2023 5,383
NET BOOK VALUE
At 31 May 2023 5,383

5. STOCKS
2023 2022
£    £   
Stocks 23,920 31,046

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 314,373 273,692
Other debtors 718 -
VAT 22,821 12,588
Prepayments and accrued income 2,218 1,507
340,130 287,787

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,008 15,008
Hire purchase contracts (see note 9) 4,307 -
Trade creditors 300,265 188,746
Tax 36,275 35,253
Social security and other taxes 2,956 5,370
Other creditors 424 424
Accruals and deferred income 4,454 4,300
363,689 249,101

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,009 30,000
Hire purchase contracts (see note 9) 4,829 -
19,838 30,000

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,307 -
Between one and five years 4,829 -
9,136 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 3,590
Between one and five years - 9,334
- 12,924

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs A Johnson.