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REGISTERED NUMBER: SC235805 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Gemini Supplies (Scotland) Limited

Gemini Supplies (Scotland) Limited (Registered number: SC235805)






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


Gemini Supplies (Scotland) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Paterson
D Paterson





SECRETARY: M Paterson





REGISTERED OFFICE: Unit 3 St John's Sawmills
Etna Road
Falkirk
FK2 9EG





REGISTERED NUMBER: SC235805 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

Gemini Supplies (Scotland) Limited (Registered number: SC235805)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 153 8,753

CURRENT ASSETS
Stocks 160,395 202,457
Debtors 5 168,634 202,172
Cash at bank and in hand 67,111 84,679
396,140 489,308
CREDITORS
Amounts falling due within one year 6 115,426 162,280
NET CURRENT ASSETS 280,714 327,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

280,867

335,781

PROVISIONS FOR LIABILITIES - 1,434
NET ASSETS 280,867 334,347

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 280,767 334,247
SHAREHOLDERS' FUNDS 280,867 334,347

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 directors acknowledge their 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.

Gemini Supplies (Scotland) Limited (Registered number: SC235805)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




M Paterson - Director



D Paterson - Director


Gemini Supplies (Scotland) Limited (Registered number: SC235805)

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

1. STATUTORY INFORMATION

Gemini Supplies (Scotland) Limited 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

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

Financial instruments
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 the effective interest method, less any impairment.

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


Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held with banks.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Gemini Supplies (Scotland) Limited (Registered number: SC235805)

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

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 176,892
DEPRECIATION
At 1 January 2023 168,139
Charge for year 8,600
At 31 December 2023 176,739
NET BOOK VALUE
At 31 December 2023 153
At 31 December 2022 8,753

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 115,537 140,672
Other debtors 53,097 61,500
168,634 202,172

Gemini Supplies (Scotland) Limited (Registered number: SC235805)

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 72,501 97,460
Taxation and social security 31,005 25,701
Other creditors 11,920 39,119
115,426 162,280

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
D Paterson
Balance outstanding at start of year 32,468 3,480
Amounts advanced 35,203 60,308
Amounts repaid (41,320 ) (31,320 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,351 32,468

M Paterson
Balance outstanding at start of year 25,579 (9,431 )
Amounts advanced 39,466 92,930
Amounts repaid (44,317 ) (57,920 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,728 25,579

The loans are interest free and repayable on demand.