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REGISTERED NUMBER: 02270315 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

G.E.M. GROUP LIMITED

G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


G.E.M. GROUP LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: Mrs S V L Stanton
J E Manning
J A Manning



REGISTERED OFFICE: Unit 4/5 Welton Road
Wedgnock Industrial Estate
Warwick
Warwickshire
CV34 5PZ



REGISTERED NUMBER: 02270315 (England and Wales)



BANKERS: HSBC
PO Box 88
The Parade
Leamington Spa
Warwickshire
CV32 4BU

G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)

ABRIDGED BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 960,000 1,073,861
Investments 5 35 35
Investment property 6 - 342,773
960,035 1,416,669

CURRENT ASSETS
Debtors 108,161 271,450
Cash at bank 2,199,163 1,478,192
2,307,324 1,749,642
CREDITORS
Amounts falling due within one year 81,054 34,907
NET CURRENT ASSETS 2,226,270 1,714,735
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,186,305

3,131,404

PROVISIONS FOR LIABILITIES 41,117 49,871
NET ASSETS 3,145,188 3,081,533

CAPITAL AND RESERVES
Called up share capital 7 108 108
Revaluation reserve 8 393,883 403,751
Capital redemption reserve 27 27
Retained earnings 2,751,170 2,677,647
SHAREHOLDERS' FUNDS 3,145,188 3,081,533

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)

ABRIDGED BALANCE SHEET - continued
31 May 2024


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 Balance Sheet for the year ended 31 May 2024 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 Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





J E Manning - Director


G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

G.E.M. Group 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1.

Preparation of consolidated financial statements
The financial statements contain information about G.E.M. Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover comprises the value of sales (excluding value added tax, similar taxes) of services provided in the normal course of business.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - straight line over 50 years
Plant and machinery - 20% on reducing balance
Fixtures, fittings and equipment - 20% on reducing balance
Motor vehicles - 33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

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.

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 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 June 2023 1,259,890
Disposals (299,890 )
At 31 May 2024 960,000
DEPRECIATION
At 1 June 2023 186,029
Charge for year 15,851
Eliminated on disposal (201,880 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 960,000
At 31 May 2023 1,073,861

Included in cost or valuation of land and buildings is freehold land of £ 75,000 (2023 - £ 75,000 ) which is not depreciated.

G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 May 2024 is represented by:

Totals
£   
Valuation in 2013 (114,494 )
Valuation in 2022 435,000
Cost 639,494
960,000

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 639,494 639,494
Aggregate depreciation 229,987 209,079

Value of land in freehold land and buildings 75,000 75,000

Freehold land and buildings were valued on an open market basis on 6 July 2022 by EHB Reeves Chartered Surveyors .

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 June 2023
and 31 May 2024 35
NET BOOK VALUE
At 31 May 2024 35
At 31 May 2023 35

G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 342,773
Disposals (342,773 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 342,773

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
108 Ordinary £1 108 108

8. RESERVES
Revaluation
reserve
£   
At 1 June 2023 403,751
Deferred tax on revaluation
of property (9,868 )

At 31 May 2024 393,883

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £Nil (2023 - £14,500).

G.E.M. GROUP LIMITED (REGISTERED NUMBER: 02270315)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mrs S V L Stanton
Balance outstanding at start of year - -
Amounts advanced 56,700 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 56,700 -

J E Manning
Balance outstanding at start of year - -
Amounts advanced 21,700 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,700 -

J A Manning
Balance outstanding at start of year - -
Amounts advanced 21,700 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,700 -

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.