Registered number
06045650
Gemkat Limited
Filleted Accounts
For the Year Ended
31 March 2024
Gemkat Limited
Company Information
Director
Mr J Aldridge
Accountants
Bird & Co
183 Main Street
Yaxley
Peterborough
Cambs
PE7 3LD
Registered office
56 Riverside Mead
Stanground Marina
Peterborough
Cambs
PE2 8JN
Registered number
06045650
Gemkat Limited
Registered number: 06045650
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,550 3,400
Tangible assets 4 28,642 6,618
31,192 10,018
Current assets
Debtors 5 47,133 109,165
Cash at bank and in hand 195,225 138,359
242,358 247,524
Creditors: amounts falling due within one year 6 (57,681) (81,148)
Net current assets 184,677 166,376
Net assets 215,869 176,394
Capital and reserves
Called up share capital 101 101
Profit and loss account 215,768 176,293
Shareholders' funds 215,869 176,394
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Aldridge
Director
Approved by the board on 28 August 2024
Gemkat Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 17,000
At 31 March 2024 17,000
Amortisation
At 1 April 2023 13,600
Provided during the year 850
At 31 March 2024 14,450
Net book value
At 31 March 2024 2,550
At 31 March 2023 3,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 4,696 19,995 24,691
Additions 2,072 29,500 31,572
At 31 March 2024 6,768 49,495 56,263
Depreciation
At 1 April 2023 4,404 13,669 18,073
Charge for the year 591 8,957 9,548
At 31 March 2024 4,995 22,626 27,621
Net book value
At 31 March 2024 1,773 26,869 28,642
At 31 March 2023 292 6,326 6,618
5 Debtors 2024 2023
£ £
Trade debtors 47,133 109,165
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 14,862 33,462
Taxation and social security costs 39,796 40,373
Other creditors 3,023 7,313
57,681 81,148
7 Other information
Gemkat Limited is a private company limited by shares and incorporated in England. Its registered office is:
56 Riverside Mead
Stanground Marina
Peterborough
Cambs
PE2 8JN
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