REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
The Gem Box Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
The Gem Box Limited |
The Gem Box Limited (Registered number: 00300224) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Gem Box Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1,733 Coventry Road |
South Yardley |
Birmingham |
West Midlands |
B26 1DT |
The Gem Box Limited (Registered number: 00300224) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Inventories | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 Gem Box Limited (Registered number: 00300224) |
Balance Sheet - continued |
31 March 2023 |
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 |
The Gem Box Limited (Registered number: 00300224) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
The Gem Box Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal place of business is 1 Top Cross Road, Bexhill On Sea, East Sussex TN40 2RT. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Inventories 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. |
Operating leases |
Rental income under operating leases is credited to the profit and loss account in the period in which it arises. |
The Gem Box Limited (Registered number: 00300224) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Investment properties |
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties; this constitutes a departure from the statutory rules requiring fixed assets to be depreciated over their economic useful lives and is necessary to enable the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Loans from directors |
As a small entity the company measures a basic financial liability that is a loan from a director at transaction price. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | (14,500 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The investment property was valued at 31 March 2023 at open market value on the basis of existing use at £168,500 by Mr V.T. Watkins (junior), who is a director of the company, the property being sold at that value shortly after the year end. |
If the investment property had not been revalued it would have been included in the financial statements at its written down value on change of classification to an investment property of £17,278. |
In the opinion of the director, a tax liability of approximately £4,996 would arise if the investment property was sold at its revalued amount and this deferred tax balance has been provided for in these accounts. |
The investment property detailed above was let during the year under an operating lease. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2015 | 107,222 |
Valuation in 2017 | 25,000 |
Valuation in 2019 | 3,700 |
Valuation in 2021 | 3,300 |
Valuation in 2022 | 1,000 |
Valuation in 2023 | (14,500 | ) |
Cost | 42,778 |
168,500 |
The Gem Box Limited (Registered number: 00300224) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | INVESTMENT PROPERTY - continued |
If the freehold property had not been revalued it would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 42,778 | 42,778 |
Aggregate depreciation | (25,500 | ) | (25,500 | ) |
6. | INVENTORIES |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Tax |
Directors' current accounts | 2,584 | 23 |
Accruals and deferred income |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary shares | £1 | 968 | 968 |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 197,315 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Transfer | 11,745 | (11,745 | ) | - |
At 31 March 2023 | 173,378 |
11. | CAPITAL COMMITMENTS |
31.3.23 | 31.3.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
The Gem Box Limited (Registered number: 00300224) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The director's current account is unsecured and interest free with no specific repayment terms and are presented within current assets in the comparative period. |
13. | RELATED PARTY DISCLOSURES |
In the year under review the company received loans from members of key management personnel and at the balance sheet date the company owed £2,584 (2022 - £23) in respect of these loans. These loans are unsecured and interest free with no specific repayment terms and are presented within creditors due within one year. |
In the year ended 31 March 2023, the company paid interim dividends of £1,000 (2022 - £5,101) to members of key management personnel. |