Sea Gems Limited 744915 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a jewellery wholesaler Digita Accounts Production Advanced 6.30.9574.0 true true 744915 2023-01-01 2023-12-31 744915 2023-12-31 744915 core:RetainedEarningsAccumulatedLosses 2023-12-31 744915 core:ShareCapital 2023-12-31 744915 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 744915 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 744915 bus:SmallEntities 2023-01-01 2023-12-31 744915 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 744915 bus:FilletedAccounts 2023-01-01 2023-12-31 744915 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 744915 bus:RegisteredOffice 2023-01-01 2023-12-31 744915 bus:Director2 2023-01-01 2023-12-31 744915 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 744915 core:ComputerSoftware 2023-01-01 2023-12-31 744915 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 744915 core:Buildings 2023-01-01 2023-12-31 744915 core:MotorVehicles 2023-01-01 2023-12-31 744915 core:PlantMachinery 2023-01-01 2023-12-31 744915 countries:England 2023-01-01 2023-12-31 744915 2022-12-31 744915 2022-01-01 2022-12-31 744915 2022-12-31 744915 core:RetainedEarningsAccumulatedLosses 2022-12-31 744915 core:ShareCapital 2022-12-31 744915 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 744915 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 744915

Sea Gems Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Sea Gems Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 8

 

Sea Gems Limited

(Registration number: 744915)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

43,418

52,739

Tangible assets

5

594,716

602,622

 

638,134

655,361

Current assets

 

Stocks

938,425

918,131

Debtors

6

360,245

402,789

Cash at bank and in hand

 

704,088

792,529

 

2,002,758

2,113,449

Prepayments and accrued income

 

153,385

141,554

Creditors: Amounts falling due within one year

7

(153,375)

(192,894)

Net current assets

 

2,002,768

2,062,109

Total assets less current liabilities

 

2,640,902

2,717,470

Creditors: Amounts falling due after more than one year

7

(1,162,945)

(1,237,187)

Provisions for liabilities

(11,576)

(10,504)

Accruals and deferred income

 

(32,936)

(30,100)

Net assets

 

1,433,445

1,439,679

Capital and reserves

 

Allotted, called up and fully paid ordinary share capital

100

100

Profit and loss account

1,433,345

1,439,579

Total equity

 

1,433,445

1,439,679

 

Sea Gems Limited

(Registration number: 744915)
Abridged Balance Sheet as at 31 December 2023

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised for issue by the Board on 9 September 2024 and signed on its behalf by:
 

.........................................

Mr A F Price
Director

 

Sea Gems Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Directors continually review the business operations and are confident, given the strong core business, available cash reserves, and continued support of the Directors and their close family, that viability can be maintained, and the accounts are prepared on a going concern basis accordingly.

However, as future conditions or events, such as Covid-19, coupled with the cost of living crisis, inflation and the future economic repercussions, cannot be predicted, this is not a guarantee as to the company’s ability to continue as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

 

Sea Gems Limited

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

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Motor vehicles

20% straight line / over the lease term

Buildings

No depreciation is provided on buildings as the charge is considered immaterial

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost.

Amortisation

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Asset class

Amortisation method and rate

Designs & trademarks

5 - 10 years straight line

Software

10 years straight line

 

Sea Gems Limited

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

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sea Gems Limited

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

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 11).

 

Sea Gems Limited

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

4

Intangible assets

Total
£

Cost

At 1 January 2023

91,295

Disposals

(3,660)

At 31 December 2023

87,635

Amortisation

At 1 January 2023

38,555

Amortisation charge

9,314

Amortisation eliminated on disposals

(3,652)

At 31 December 2023

44,217

Carrying amount

At 31 December 2023

43,418

At 31 December 2022

52,739

5

Tangible assets

Total
£

Cost

At 1 January 2023

1,022,270

Additions

6,680

Disposals

(9,757)

At 31 December 2023

1,019,193

Depreciation

At 1 January 2023

419,648

Charge for the year

13,628

Eliminated on disposal

(8,799)

At 31 December 2023

424,477

Carrying amount

At 31 December 2023

594,716

At 31 December 2022

602,622

 

Sea Gems Limited

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

6

Debtors

Debtors includes trade debtors of £79,593 (2022 - £117,197) and other debtors of £280,652 (2022 - £285,592).

Other Debtors includes £186,131 (2022 - £194,883) due after more than one year.

7

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease contracts which are secured of £7,638 (2022 - £14,649).

Creditors include an unsecured CBILS bank loan of £nil (2022 - £31,818).

Creditors: amounts falling due after more than one year

Creditors include an unsecured CBILS bank loan of £nil (2022 - £74,242).

Creditors include allotted, called up, and fully paid redeemable preference shares of £820,000 (2022 - £820,00). Dividends are payable at 4.75%. The redeemable preference shares are redeemable at either the option of the holder or the company at £1 per share and, if not redeemed before, shall be redeemed in full on 31 December 2030 unless otherwise agreed.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £232,468 (2022 - £94,364).

9

Related party transactions

Transactions with directors and their close family

Included in creditors falling due after more than one year are redeemable preference shares, as referred to above, issued to directors.

Directors and their close family advanced unsecured loans to the company at interest rates of 4% (2022 - 0.5%). At the balance sheet date the amount due to directors and their close family was £343,272 (2022 - £359,440), of which £342,945 (2022 - £342,945) falls due after more than one year and £327 (2022 - £16,495) falls due within one year.