Company registration number 09895552 (England and Wales)
GEMSTONE PARTNERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GEMSTONE PARTNERS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GEMSTONE PARTNERS LTD
BALANCE SHEET
AS AT
29 DECEMBER 2023
29 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
106
426
Investments
4
332,589
277,719
332,695
278,145
Current assets
Debtors
5
45,001
45,000
Cash at bank and in hand
66,379
208,972
111,380
253,972
Creditors: amounts falling due within one year
6
(218,977)
(282,637)
Net current liabilities
(107,597)
(28,665)
Total assets less current liabilities
225,098
249,480
Provisions for liabilities
(20)
(81)
Net assets
225,078
249,399
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
225,068
249,389
Total equity
225,078
249,399

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Mr. P Gaynor
Director
Company Registration No. 09895552
GEMSTONE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Gemstone Partners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Milland House Courtyard, Milland Lane, Liphook, Hampshire, United Kingdom, GU30 7JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements contain information about Gemstone Partners Ltd as an individual company.

1.2
Turnover

Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover is recognised on provision of service to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

GEMSTONE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GEMSTONE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 December 2022 and 29 December 2023
959
Depreciation and impairment
At 30 December 2022
533
Depreciation charged in the year
320
At 29 December 2023
853
Carrying amount
At 29 December 2023
106
At 29 December 2022
426
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
332,589
277,719
Movements in fixed asset investments
Investments
£
Cost or valuation
At 30 December 2022
277,719
Additions
137,290
Disposals
(82,420)
At 29 December 2023
332,589
Carrying amount
At 29 December 2023
332,589
At 29 December 2022
277,719
GEMSTONE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,501
4,500
Other debtors
40,500
40,500
45,001
45,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,668
1,729
Taxation and social security
4,111
45,140
Other creditors
213,198
235,768
218,977
282,637
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