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REGISTERED NUMBER: 04049842 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

GEMSELECT LIMITED

GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GEMSELECT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr A M Georgiou
Mr G G Ritchie





REGISTERED OFFICE: Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: 04049842 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 36,031 46,902
Investments 5 248,719 73,719
Investment property 6 - 379,950
284,750 500,571

CURRENT ASSETS
Stocks 7 800,693 486,894
Debtors 8 7,098,436 5,837,640
Cash at bank 6,039,961 6,063,516
13,939,090 12,388,050
CREDITORS
Amounts falling due within one year 9 5,847,817 4,412,908
NET CURRENT ASSETS 8,091,273 7,975,142
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,376,023

8,475,713

CREDITORS
Amounts falling due after more than one year 10 (2,190,135 ) (3,302,629 )

PROVISIONS FOR LIABILITIES (613 ) (36,265 )
NET ASSETS 6,185,275 5,136,819

CAPITAL AND RESERVES
Called up share capital 11 1,332 1,332
Reserve - 154,614
Retained earnings 6,183,943 4,980,873
SHAREHOLDERS' FUNDS 6,185,275 5,136,819

GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 30 August 2024 and were signed on its behalf by:





Mr A M Georgiou - Director


GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Gemselect 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 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 as modified by the revaluation of certain assets.

TURNOVER
Turnover represents net invoiced sale of property as well as services provided, excluding value added tax.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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.

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.


GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1 December 2022 7,535 19,815 50,658 78,008
Additions - 1,024 - 1,024
At 30 November 2023 7,535 20,839 50,658 79,032
Depreciation
At 1 December 2022 5,923 17,100 8,083 31,106
Charge for year 403 848 10,644 11,895
At 30 November 2023 6,326 17,948 18,727 43,001
Net book value
At 30 November 2023 1,209 2,891 31,931 36,031
At 30 November 2022 1,612 2,715 42,575 46,902

GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 802 802
Other investments not loans 247,917 72,917
248,719 73,719

Additional information is as follows:
Shares in
group
undertakings
£   
Cost
At 1 December 2022
and 30 November 2023 802
Net book value
At 30 November 2023 802
At 30 November 2022 802

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
LLP Investment 247,917 72,917

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 December 2022 379,950
Disposals (379,950 )
At 30 November 2023 -
Net book value
At 30 November 2023 -
At 30 November 2022 379,950

GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


6. INVESTMENT PROPERTY - continued

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2012 80,916
Valuation in 2018 109,950
Valuation in 2023 (379,950 )
Cost 189,084

7. STOCKS
2023 2022
£    £   
Work-in-progress 800,693 486,894

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 458,766 364,204
Amounts owed by group undertakings 6,218,999 5,099,968
Amounts owed by associates 34,968 34,968
Other debtors 385,703 338,500
7,098,436 5,837,640

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,647,961 2,653,069
Amounts owed to group undertakings 993,419 578,585
Amounts owed to associates 303,746 248,681
Taxation and social security 38,428 148,127
Other creditors 864,263 784,446
5,847,817 4,412,908

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1,173,420
Amounts owed to group undertakings 215,136 679,207
Other creditors 1,974,999 1,450,002
2,190,135 3,302,629

GEMSELECT LIMITED (REGISTERED NUMBER: 04049842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
999 Ordinary £1 999 999
333 Ordinary 'A' £1 333 333
1,332 1,332

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A M Georgiou.