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Company Registration No. 08106875 (England and Wales)
Gem Security Systems Ltd Unaudited accounts for the year ended 31 December 2023
Gem Security Systems Ltd Unaudited accounts Contents
Page
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Gem Security Systems Ltd Company Information for the year ended 31 December 2023
Directors
N Winterson M Weeks S Filer K Wintle
Company Number
08106875 (England and Wales)
Registered Office
Unit 1 Enterprise Trade Centre Roman Farm Road Bristol BS4 1UN
Accountants
Parker Drew Ltd Trident Works Marsh Lane Temple Cloud Bristol BS39 5AZ
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Gem Security Systems Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
2,700 
3,240 
Tangible assets
19,771 
28,779 
22,471 
32,019 
Current assets
Inventories
240,617 
250,761 
Debtors
498,079 
365,549 
Cash at bank and in hand
27,085 
137,679 
765,781 
753,989 
Creditors: amounts falling due within one year
(362,678)
(441,946)
Net current assets
403,103 
312,043 
Total assets less current liabilities
425,574 
344,062 
Creditors: amounts falling due after more than one year
(143,993)
(188,333)
Provisions for liabilities
Deferred tax
(4,340)
(4,909)
Net assets
277,241 
150,820 
Capital and reserves
Called up share capital
50,000 
62,500 
Capital redemption reserve
12,500 
- 
Profit and loss account
214,741 
88,320 
Shareholders' funds
277,241 
150,820 
For the year ending 31 December 2023 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by
N Winterson Director Company Registration No. 08106875
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Gem Security Systems Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Gem Security Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 08106875. The registered office is Unit 1 Enterprise Trade Centre, Roman Farm Road, Bristol, BS4 1UN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% on cost
Plant & machinery
20% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Computer equipment
33% on cost
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Gem Security Systems Ltd Notes to the Accounts for the year ended 31 December 2023
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2023
35,400 
At 31 December 2023
35,400 
Amortisation
At 1 January 2023
32,160 
Charge for the year
540 
At 31 December 2023
32,700 
Net book value
At 31 December 2023
2,700 
At 31 December 2022
3,240 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
15,150 
51,531 
13,500 
18,636 
74,800 
173,617 
At 31 December 2023
15,150 
51,531 
13,500 
18,636 
74,800 
173,617 
Depreciation
At 1 January 2023
15,150 
31,451 
12,843 
16,633 
68,761 
144,838 
Charge for the year
- 
4,017 
165 
502 
4,324 
9,008 
At 31 December 2023
15,150 
35,468 
13,008 
17,135 
73,085 
153,846 
Net book value
At 31 December 2023
- 
16,063 
492 
1,501 
1,715 
19,771 
At 31 December 2022
- 
20,080 
657 
2,003 
6,039 
28,779 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
418,460 
365,549 
Other debtors
79,619 
- 
498,079 
365,549 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
36,291 
20,000 
VAT
55,513 
- 
Trade creditors
162,277 
112,968 
Taxes and social security
96,867 
129,675 
Other creditors
8,730 
167,563 
Loans from directors
3,000 
11,740 
362,678 
441,946 
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Gem Security Systems Ltd Notes to the Accounts for the year ended 31 December 2023
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
123,993 
168,333 
Other creditors
20,000 
20,000 
143,993 
188,333 
9
Average number of employees
During the year the average number of employees was 29 (2022: 30).
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