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REGISTERED NUMBER: 07429671 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Gem Solutions (UK) Ltd

Gem Solutions (UK) Ltd (Registered number: 07429671)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

Gem Solutions (UK) Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: G Williams
M Morgan





REGISTERED OFFICE: Unit 7, Woodview Business Centre
Lockwood Close
Nottingham
NG5 9JN





REGISTERED NUMBER: 07429671 (England and Wales)





ACCOUNTANTS: A & Z Accounting Services Limited
Chartered Certified Accountants
172 Newgate Lane
Mansfield
Nottinghamshire
NG18 2QA

Gem Solutions (UK) Ltd (Registered number: 07429671)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 86,055 106,457

CURRENT ASSETS
Stocks 14,500 17,814
Debtors 5 258,477 507,832
Cash at bank and in hand 45,577 82,311
318,554 607,957
CREDITORS
Amounts falling due within one year 6 240,508 365,302
NET CURRENT ASSETS 78,046 242,655
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,101

349,112

CREDITORS
Amounts falling due after more than one
year

7

(51,708

)

(85,921

)

PROVISIONS FOR LIABILITIES - (17,015 )
NET ASSETS 112,393 246,176

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 111,393 245,176
SHAREHOLDERS' FUNDS 112,393 246,176

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

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

Gem Solutions (UK) Ltd (Registered number: 07429671)

Balance Sheet - continued
31 October 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 25 July 2024 and were signed on its behalf by:





M Morgan - Director


Gem Solutions (UK) Ltd (Registered number: 07429671)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Gem Solutions (UK) 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.

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.
Plant and machinery - 20% on reducing balance and 15% on reducing balance
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Gem Solutions (UK) Ltd (Registered number: 07429671)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 5,600 5,312 10,902 127,174 148,988
Additions - 4,199 3,131 - 7,330
Disposals - (1,340 ) (976 ) - (2,316 )
At 31 October 2023 5,600 8,171 13,057 127,174 154,002
DEPRECIATION
At 1 November 2022 - 2,855 7,245 32,431 42,531
Charge for year - 1,258 2,424 23,685 27,367
Eliminated on disposal - (975 ) (976 ) - (1,951 )
At 31 October 2023 - 3,138 8,693 56,116 67,947
NET BOOK VALUE
At 31 October 2023 5,600 5,033 4,364 71,058 86,055
At 31 October 2022 5,600 2,457 3,657 94,743 106,457

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 212,896 399,035
Other debtors 45,581 108,797
258,477 507,832

Gem Solutions (UK) Ltd (Registered number: 07429671)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 24,508 24,146
Trade creditors 181,123 275,557
Taxation and social security 16,510 47,903
Other creditors 18,367 17,696
240,508 365,302

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 35,041 59,724
Other creditors 16,667 26,197
51,708 85,921

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
G Williams
Balance outstanding at start of year - -
Amounts advanced 14,642 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,642 -

The Director repaid the advanced funds on 16th July 2024.

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Gem Solutions (UK) Ltd

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 of Gem Solutions (UK) Ltd for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Gem Solutions (UK) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gem Solutions (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Gem Solutions (UK) Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. 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 Gem Solutions (UK) Ltd 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 loss of Gem Solutions (UK) Ltd. You consider that Gem Solutions (UK) Ltd 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 Gem Solutions (UK) Ltd. 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.






A & Z Accounting Services Limited
Chartered Certified Accountants
172 Newgate Lane
Mansfield
Nottinghamshire
NG18 2QA


25 July 2024