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REGISTERED NUMBER: 05141720 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

INTERNATIONAL GEMSTONES LTD

INTERNATIONAL GEMSTONES LTD (REGISTERED NUMBER: 05141720)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


INTERNATIONAL GEMSTONES LTD

COMPANY INFORMATION
for the year ended 30 September 2022







DIRECTOR: Mr R Haruni





REGISTERED OFFICE: 39 Greville Street
London
EC1N 8PJ





REGISTERED NUMBER: 05141720 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

INTERNATIONAL GEMSTONES LTD (REGISTERED NUMBER: 05141720)

ABRIDGED BALANCE SHEET
30 September 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,339 4,541

CURRENT ASSETS
Stocks 144,735 157,211
Debtors 408,518 339,265
Cash at bank and in hand 171,081 231,159
724,334 727,635
CREDITORS
Amounts falling due within one year 566,532 658,025
NET CURRENT ASSETS 157,802 69,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,141

74,151

CREDITORS
Amounts falling due after more than one year 5 (38,140 ) (43,194 )

PROVISIONS FOR LIABILITIES (1,204 ) (863 )
NET ASSETS 124,797 30,094

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 124,796 30,093
SHAREHOLDERS' FUNDS 124,797 30,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

INTERNATIONAL GEMSTONES LTD (REGISTERED NUMBER: 05141720)

ABRIDGED BALANCE SHEET - continued
30 September 2022


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 April 2024 and were signed by:





Mr R Haruni - Director


INTERNATIONAL GEMSTONES LTD (REGISTERED NUMBER: 05141720)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2022

1. STATUTORY INFORMATION

International Gemstones Ltd 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 (£).


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.

The accounts have been prepared on the going concern basis as the director is of the opinion that the company will meet its liabilities as and when due, due to the continued support of the director.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.

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

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

INTERNATIONAL GEMSTONES LTD (REGISTERED NUMBER: 05141720)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 5 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2021 21,275
Additions 3,911
At 30 September 2022 25,186
DEPRECIATION
At 1 October 2021 16,734
Charge for year 2,113
At 30 September 2022 18,847
NET BOOK VALUE
At 30 September 2022 6,339
At 30 September 2021 4,541

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2022 2021
£    £   
Repayable by instalments
Bank loans 15,917 22,360

6. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £71,548 (2021: £73,431) to Haruni Brothers Limited, a company which is related by virtue of a common director, Mr R Haruni.

At the balance sheet date the company was owed £83,945 (2021: £93,206) by Alpha Gems (UK) Limited, £60,314 (2021: £40,351) by Wintec Point of Sales Systems Limited, £16,102 (2021: £11,102) by Limecroft Haulage Limited and £14,232 (2021: £1,560) by Lurma Limited, all companies which are related by virtue of a common director, Mr R Haruni

At the balance sheet date, the company owed £4,266 (2021: £4,266) to Mr R Haruni, the director.