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Registered number: 01800399
Gem Tool Hire and Sales Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—10
Page 1
Company Information
Directors Mr Carl Ashford
Mr Mark Crofts
Mr Stephen Moore
Secretary Mr Stephen Moore
Company Number 01800399
Registered Office England House
Beaumont Road
Banbury Oxon
OX16 1TF
Accountants mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors
The directors who held office during the year were as follows:
Mr Carl Ashford
Mr Mark Crofts
Mr Stephen Moore
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Stephen Moore
Director
05/08/2024
Page 2
Page 3
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Gem Tool Hire and Sales Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Gem Tool Hire and Sales Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Gem Tool Hire and Sales Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Gem Tool Hire and Sales Limited and state those matters that we have agreed to state to the directors of Gem Tool Hire and Sales Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gem Tool Hire and Sales Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Gem Tool Hire and Sales Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Gem Tool Hire and Sales Limited . You consider that Gem Tool Hire and Sales Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Gem Tool Hire and Sales Limited . 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 financial statements.
Signed
Martin Cox
05/08/2024
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 1,339,238 1,427,701
Cost of sales (795,704 ) (824,337 )
GROSS PROFIT 543,534 603,364
Administrative expenses (509,467 ) (538,679 )
OPERATING PROFIT 34,067 64,685
Profit on disposal of fixed assets - 18,000
Other interest receivable and similar income 422 202
Interest payable and similar charges (22,271 ) (15,643 )
PROFIT BEFORE TAXATION 12,218 67,244
Tax on Profit - (2,017 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 12,218 65,227
The notes on pages 7 to 10 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,296,587 1,262,993
1,296,587 1,262,993
CURRENT ASSETS
Stocks 6 694,592 746,128
Debtors 7 115,037 131,885
Cash at bank and in hand 80,606 60,620
890,235 938,633
Creditors: Amounts Falling Due Within One Year 8 (319,930 ) (302,521 )
NET CURRENT ASSETS (LIABILITIES) 570,305 636,112
TOTAL ASSETS LESS CURRENT LIABILITIES 1,866,892 1,899,105
Creditors: Amounts Falling Due After More Than One Year 9 (219,354 ) (263,785 )
NET ASSETS 1,647,538 1,635,320
CAPITAL AND RESERVES
Called up share capital 11 94,287 94,287
Share premium account 18,659 18,659
Revaluation reserve 12 69,160 69,160
Profit and Loss Account 1,465,432 1,453,214
SHAREHOLDERS' FUNDS 1,647,538 1,635,320
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Page 6
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Stephen Moore
Director
05/08/2024
The notes on pages 7 to 10 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Gem Tool Hire and Sales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01800399 . The registered office is England House, Beaumont Road, Banbury Oxon, OX16 1TF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 33% on Cost and 20% on Cost
Fixtures & Fittings 33% on Cost and 25% on Cost
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 7
Page 8
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 4)
7 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 15,000
As at 31 March 2024 15,000
Amortisation
As at 1 April 2023 15,000
As at 31 March 2024 15,000
5. Tangible Assets
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 1,215,963 - 232,885 320,222 1,769,070
Additions - - 64,360 - 64,360
As at 31 March 2024 1,215,963 - 297,245 320,222 1,833,430
Depreciation
As at 1 April 2023 62,905 - 125,983 317,189 506,077
Provided during the period - - 28,736 2,030 30,766
As at 31 March 2024 62,905 - 154,719 319,219 536,843
...CONTINUED
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Net Book Value
As at 31 March 2024 1,153,058 - 142,526 1,003 1,296,587
As at 1 April 2023 1,153,058 - 106,902 3,033 1,262,993
6. Stocks
2024 2023
£ £
Stock 533,450 582,128
Finished goods 161,142 164,000
694,592 746,128
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 92,489 123,719
Other debtors 22,548 8,166
115,037 131,885
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 154,674 132,104
Trade creditors 97,884 87,145
Other creditors 45,688 43,292
Taxation and social security 21,684 39,980
319,930 302,521
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 144,104 156,002
Other loans 75,250 107,783
219,354 263,785
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 154,674 132,104
Later than one year and not later than five years 144,104 156,002
298,778 288,106
298,778 288,106
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 94,287 94,287
12. Reserves
Revaluation Reserve
£
As at 1 April 2023 69,160
As at 31 March 2024 69,160
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