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REGISTERED NUMBER: SC185736 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Natgem Ltd

Natgem Ltd (Registered number: SC185736)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Natgem Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S G Drummond





SECRETARY: S G Drummond





REGISTERED OFFICE: Unit 3, KPP Chartered Accountants
Morris Park
37 Rosyth Road
Glasgow
G5 0YE





REGISTERED NUMBER: SC185736 (Scotland)





ACCOUNTANTS: Key Professional Partnership Ltd
Unit 3
Morris Park
37 Rosyth Road
Glasgow
G5 0YE

Natgem Ltd (Registered number: SC185736)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,274 28,107

CURRENT ASSETS
Stocks 5,937 5,937
Debtors 5 281,686 216,194
Cash at bank 196,682 104,086
484,305 326,217
CREDITORS
Amounts falling due within one year 6 116,490 112,843
NET CURRENT ASSETS 367,815 213,374
TOTAL ASSETS LESS CURRENT
LIABILITIES

399,089

241,481

PROVISIONS FOR LIABILITIES 5,942 5,219
NET ASSETS 393,147 236,262

CAPITAL AND RESERVES
Called up share capital 4 4
Capital redemption reserve (109,997 ) (109,997 )
Retained earnings 503,140 346,255
SHAREHOLDERS' FUNDS 393,147 236,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Natgem Ltd (Registered number: SC185736)

Balance Sheet - continued
31 December 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2024 and were signed by:





S G Drummond - Director


Natgem Ltd (Registered number: SC185736)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Natgem Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
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.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to the considerations and is recorded at the value of the considerations due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Natgem Ltd (Registered number: SC185736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

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.

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.

Compliance with accounting standards
The financial statements are prepared in accordance with United Kingdom Accounting Standards (UK GAAP), which have been applied consistently (except as otherwise stated).

Natgem Ltd (Registered number: SC185736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on an amortised cost basis over the term of the lease.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess payments are included in creditors as payments on account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 - 173,089 173,089
Additions - 13,535 13,535
At 31 December 2023 - 186,624 186,624
DEPRECIATION
At 1 January 2023 - 144,982 144,982
Charge for year 29 10,339 10,368
At 31 December 2023 29 155,321 155,350
NET BOOK VALUE
At 31 December 2023 (29 ) 31,303 31,274
At 31 December 2022 - 28,107 28,107

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 201,580 185,701
Other debtors 80,106 30,493
281,686 216,194

Natgem Ltd (Registered number: SC185736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 17,342 60,857
Taxation and social security 83,504 31,026
Other creditors 15,644 20,960
116,490 112,843