IRIS Accounts Production v23.3.0.418 09658333 Board of Directors 1.7.22 30.6.23 30.6.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh096583332022-06-30096583332023-06-30096583332022-07-012023-06-30096583332021-06-30096583332021-07-012022-06-30096583332022-06-3009658333ns10:Originalns15:EnglandWales2022-07-012023-06-3009658333ns14:PoundSterlingns10:Original2022-07-012023-06-3009658333ns10:Originalns10:Director12022-07-012023-06-3009658333ns10:Original2022-07-012023-06-3009658333ns10:Original2023-06-3009658333ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3009658333ns10:Originalns10:SmallEntities2022-07-012023-06-3009658333ns10:Originalns10:AuditExemptWithAccountantsReport2022-07-012023-06-3009658333ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3009658333ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3009658333ns10:Originalns10:FullAccounts2022-07-012023-06-3009658333ns10:Original12022-07-012023-06-3009658333ns10:Originalns10:Director22022-07-012023-06-3009658333ns10:Originalns10:RegisteredOffice2022-07-012023-06-3009658333ns10:Original2022-06-3009658333ns10:Originalns5:CurrentFinancialInstruments2023-06-3009658333ns10:Originalns5:CurrentFinancialInstruments2022-06-3009658333ns5:ShareCapitalns10:Original2023-06-3009658333ns5:ShareCapitalns10:Original2022-06-3009658333ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3009658333ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3009658333ns10:Originalns5:NetGoodwill2022-07-012023-06-3009658333ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-07-012023-06-3009658333ns10:Originalns5:PlantMachinery2022-07-012023-06-3009658333ns10:Original2021-07-012022-06-3009658333ns10:Originalns5:NetGoodwill2022-06-3009658333ns10:Originalns5:NetGoodwill2023-06-3009658333ns10:Originalns5:NetGoodwill2022-06-3009658333ns10:Originalns5:PlantMachinery2022-06-3009658333ns10:Originalns5:PlantMachinery2023-06-3009658333ns10:Originalns5:PlantMachinery2022-06-3009658333ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3009658333ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-30
REGISTERED NUMBER: 09658333 (England and Wales)










Unaudited Financial Statements for the Year Ended 30 June 2023

for

Gemech Engineering Limited

Gemech Engineering Limited (Registered number: 09658333)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Gemech Engineering Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: G Goras
J F Mullarkey





REGISTERED OFFICE: 28 Metro Centre
Dwight Road
Watford
WD18 9SB





REGISTERED NUMBER: 09658333 (England and Wales)





ACCOUNTANTS: Lee Accounting Services 2018 Limited
Trading as Lee & Co
26 High Street
Rickmansworth
Hertfordshire
WD3 1ER

Gemech Engineering Limited (Registered number: 09658333)

Balance Sheet
30 June 2023

30.6.23 30.6.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 27,414
Tangible assets 5 1,060 1,589
1,060 29,003

CURRENT ASSETS
Stocks 127,146 138,170
Debtors 6 539,240 367,720
Cash at bank 60,057 23,154
726,443 529,044
CREDITORS
Amounts falling due within one year 7 609,327 593,120
NET CURRENT ASSETS/(LIABILITIES) 117,116 (64,076 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,176

(35,073

)

CAPITAL AND RESERVES
Called up share capital 300,000 100,000
Retained earnings (181,824 ) (135,073 )
SHAREHOLDERS' FUNDS 118,176 (35,073 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Gemech Engineering Limited (Registered number: 09658333)

Balance Sheet - continued
30 June 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 15 March 2024 and were signed on its behalf by:





G Goras - Director


Gemech Engineering Limited (Registered number: 09658333)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Gemech Engineering 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Gemech Engineering Limited (Registered number: 09658333)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Prior year adjustment
The 2022 comparatives have been adjusted to write down the Goodwill cost balance by £366,900 before amortisation with a compensating reduction in the Amounts owed to associated undertakings due after one year of £339,563 and less than one year of £27,377. The change reflects the acknowledgment of the associated creditor companies that goodwill was not received or payable on a transaction where balances due from customers were transferred as part of a reoganisation to Gemech Engineering Limited. The brought forward reserves of the company at 1 July 2021 have been credited with the goodwill written off in the previous period of £250,715. The 2022 relevant amortisation charge of £73,380 has been reversed, so the opening Net Asset position of the company at 1 July 2022 has improved by £324,095.

The description of Amounts owed to group companies has also been corrected to Amounts owed to associated companies.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

Gemech Engineering Limited (Registered number: 09658333)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 234,975
AMORTISATION
At 1 July 2022 207,561
Charge for year 27,414
At 30 June 2023 234,975
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 27,414

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022
and 30 June 2023 2,118
DEPRECIATION
At 1 July 2022 529
Charge for year 529
At 30 June 2023 1,058
NET BOOK VALUE
At 30 June 2023 1,060
At 30 June 2022 1,589

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
as restated
£    £   
Trade debtors 293,071 280,947
Other debtors 246,169 86,773
539,240 367,720

Gemech Engineering Limited (Registered number: 09658333)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
as restated
£    £   
Trade creditors 243,789 211,491
Amounts owed to associates 299,163 323,630
Taxation and social security 58,297 49,361
Other creditors 8,078 8,638
609,327 593,120

Gemech Engineering Limited

Report of the Accountants to the Directors of
Gemech Engineering Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements and state those matters that we have agreed to state to the Board of Directors, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the Company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit. You consider that the Company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Lee Accounting Services 2018 Limited
Trading as Lee & Co
26 High Street
Rickmansworth
Hertfordshire
WD3 1ER


20 March 2024