IRIS Accounts Production v23.3.1.45 00300224 Board of Directors 1.4.22 31.3.23 31.3.23 0 0 false true false false true false Fair value model Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh003002242022-03-31003002242023-03-31003002242022-04-012023-03-31003002242021-03-31003002242021-04-012022-03-31003002242022-03-3100300224ns10:Originalns15:EnglandWales2022-04-012023-03-3100300224ns14:PoundSterlingns10:Original2022-04-012023-03-3100300224ns10:Originalns10:Director12022-04-012023-03-3100300224ns10:Original2022-04-012023-03-3100300224ns10:Original2023-03-3100300224ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3100300224ns10:Originalns10:SmallEntities2022-04-012023-03-3100300224ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3100300224ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3100300224ns10:Originalns10:FullAccounts2022-04-012023-03-3100300224ns10:Original2021-04-012022-03-3100300224ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3100300224ns10:Originalns10:Director22022-04-012023-03-3100300224ns10:Originalns10:RegisteredOffice2022-04-012023-03-3100300224ns10:Original2022-03-3100300224ns10:Originalns5:CurrentFinancialInstruments2023-03-3100300224ns10:Originalns5:CurrentFinancialInstruments2022-03-3100300224ns5:ShareCapitalns10:Original2023-03-3100300224ns5:ShareCapitalns10:Original2022-03-3100300224ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3100300224ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-3100300224ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3100300224ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3100300224ns10:Original2022-03-3100300224ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100300224ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3100300224ns10:Originalns10:OrdinaryShareClass12023-03-3100300224ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3100300224ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-3100300224ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100300224ns10:Original1ns10:Director12022-03-3100300224ns10:Original1ns10:Director12021-03-3100300224ns10:Original1ns10:Director12022-04-012023-03-3100300224ns10:Original1ns10:Director12021-04-012022-03-3100300224ns10:Original1ns10:Director12023-03-3100300224ns10:Original1ns10:Director12022-03-31
REGISTERED NUMBER: 00300224 (England and Wales)
























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: V T Watkins (Junior)
Mrs L Watkins





REGISTERED OFFICE: 1,733 Coventry Road
South Yardley
Birmingham
B26 1DT





REGISTERED NUMBER: 00300224 (England and Wales)





ACCOUNTANTS: James, Stanley & Co. Limited
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 5 168,500 183,000

CURRENT ASSETS
Inventories 6 6,951 7,756
Debtors 7 698 536
Cash at bank and in hand 8,108 17,494
15,757 25,786
CREDITORS
Amounts falling due within one
year

8

4,915

2,752
NET CURRENT ASSETS 10,842 23,034
TOTAL ASSETS LESS CURRENT
LIABILITIES

179,342

206,034

PROVISIONS FOR LIABILITIES 4,996 7,751
NET ASSETS 174,346 198,283

CAPITAL AND RESERVES
Called up share capital 9 968 968
Fair value reserve 10 146,226 157,971
Retained earnings 10 27,152 39,344
SHAREHOLDERS' FUNDS 174,346 198,283

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Gem Box Limited (Registered number: 00300224)

Balance Sheet - continued
31 March 2023


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 30 November 2023 and were signed on its behalf by:





V T Watkins (Junior) - Director


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 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 (£).


The principal place of business is 1 Top Cross Road, Bexhill On Sea, East Sussex TN40 2RT.

2. STATEMENT OF COMPLIANCE

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. There have not been any material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 183,000
Revaluations (14,500 )
At 31 March 2023 168,500
NET BOOK VALUE
At 31 March 2023 168,500
At 31 March 2022 183,000

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 6,951 7,756

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 195 66
Other debtors 137 137
Prepayments and accrued income 366 333
698 536

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Tax 144 561
Directors' current accounts 2,584 23
Accruals and deferred income 2,187 2,168
4,915 2,752

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
968 Ordinary shares £1 968 968

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2022 39,344 157,971 197,315
Deficit for the year (22,937 ) (22,937 )
Dividends (1,000 ) (1,000 )
Transfer 11,745 (11,745 ) -
At 31 March 2023 27,152 146,226 173,378

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
£    £   
V T Watkins (Junior)
Balance outstanding at start of year - 5,858
Amounts advanced - 500
Amounts repaid - (6,358 )
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.