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
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
Gem Security Systems Ltd
Statement of financial position
as at 31 December 2023
Intangible assets
2,700
3,240
Tangible assets
19,771
28,779
Inventories
240,617
250,761
Cash at bank and in hand
27,085
137,679
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
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
Gem Security Systems Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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 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.
Gem Security Systems Ltd
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Goodwill
At 31 December 2023
35,400
At 31 December 2023
32,700
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
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
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
Amounts falling due within one year
Trade debtors
418,460
365,549
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
36,291
20,000
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
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
9
Average number of employees
During the year the average number of employees was 29 (2022: 30).