Gemmologie Limited 07070089 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of jewellers. Digita Accounts Production Advanced 6.30.9574.0 true true 07070089 2022-04-01 2023-03-31 07070089 2023-03-31 07070089 core:RetainedEarningsAccumulatedLosses 2023-03-31 07070089 core:ShareCapital 2023-03-31 07070089 core:CurrentFinancialInstruments 2023-03-31 07070089 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07070089 core:Non-currentFinancialInstruments 2023-03-31 07070089 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07070089 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 07070089 core:Goodwill 2023-03-31 07070089 core:FurnitureFittingsToolsEquipment 2023-03-31 07070089 bus:SmallEntities 2022-04-01 2023-03-31 07070089 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07070089 bus:FilletedAccounts 2022-04-01 2023-03-31 07070089 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07070089 bus:RegisteredOffice 2022-04-01 2023-03-31 07070089 bus:Director1 2022-04-01 2023-03-31 07070089 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07070089 core:Goodwill 2022-04-01 2023-03-31 07070089 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07070089 countries:EnglandWales 2022-04-01 2023-03-31 07070089 2022-03-31 07070089 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 07070089 core:Goodwill 2022-03-31 07070089 core:FurnitureFittingsToolsEquipment 2022-03-31 07070089 2021-04-01 2022-03-31 07070089 2022-03-31 07070089 core:RetainedEarningsAccumulatedLosses 2022-03-31 07070089 core:ShareCapital 2022-03-31 07070089 core:CurrentFinancialInstruments 2022-03-31 07070089 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07070089 core:Non-currentFinancialInstruments 2022-03-31 07070089 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07070089 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 07070089

Gemmologie Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Gemmologie Limited

(Registration number: 07070089)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,979

3,505

Current assets

 

Stocks

6

99,736

86,486

Debtors

7

333,180

146,935

Cash at bank and in hand

 

(14,497)

86,201

 

418,419

319,622

Creditors: Amounts falling due within one year

8

(369,994)

(242,589)

Net current assets

 

48,425

77,033

Total assets less current liabilities

 

51,404

80,538

Creditors: Amounts falling due after more than one year

8

(21,399)

(31,126)

Provisions for liabilities

(745)

(875)

Net assets

 

29,260

48,537

Capital and reserves

 

Called up share capital

2

2

Retained earnings

29,258

48,535

Shareholders' funds

 

29,260

48,537

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Gemmologie Limited

(Registration number: 07070089)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 19 September 2024
 

.........................................
Mr R Hinchliffe
Director

 

Gemmologie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Unit 3A Grosvenor House
1 High Street
Edgware
London
HA8 7TA

These financial statements were authorised for issue by the director on 19 September 2024.

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Gemmologie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

ii) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Gemmologie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Gemmologie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Gemmologie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2022

250,000

1,135

251,135

At 31 March 2023

250,000

1,135

251,135

Amortisation

At 1 April 2022

250,000

1,135

251,135

At 31 March 2023

250,000

1,135

251,135

Carrying amount

At 31 March 2023

-

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

11,524

11,524

At 31 March 2023

11,524

11,524

Depreciation

At 1 April 2022

8,019

8,019

Charge for the year

526

526

At 31 March 2023

8,545

8,545

Carrying amount

At 31 March 2023

2,979

2,979

At 31 March 2022

3,505

3,505

6

Stocks

2023
£

2022
£

Other inventories

99,736

86,486

 

Gemmologie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

329,164

146,935

Prepayments

4,016

-

 

333,180

146,935

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

284,975

138,536

Taxation and social security

 

39,002

63,309

Accruals and deferred income

 

36,017

30,744

 

369,994

242,589

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,399

31,126

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

21,399

31,126

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000