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Registration number: 05675737

M.N.P. Gems Ltd

Annual Report and Abridged Financial Statements

for the Year Ended 31 December 2023

 

M.N.P. Gems Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 5

 

M.N.P. Gems Ltd

Company Information

Directors

Mr Mukesh Desai

Mrs Bhavna Desai

Mr Prashant Desai

Registered office

74 Great Hampton Street
Hockley
Birmingham
West Midlands
B18 6EW

Accountants

Bentley Accountancy Limited
Biz Hub
Coxwold Way
Belasis Hall Technology Park
Billingham
TS23 4EA

 

M.N.P. Gems Ltd

(Registration number: 05675737)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

36,933

45,137

Current assets

 

Stocks

675,000

650,000

Debtors

136,507

151,892

Cash at bank and in hand

 

12,663

76,411

 

824,170

878,303

Prepayments and accrued income

 

1,425

1,425

Creditors: Amounts falling due within one year

(564,588)

(636,937)

Net current assets

 

261,007

242,791

Total assets less current liabilities

 

297,940

287,928

Creditors: Amounts falling due after more than one year

(21,803)

(36,262)

Accruals and deferred income

 

(1,900)

(1,900)

Net assets

 

274,237

249,766

Capital and reserves

 

Called up share capital

4

100

100

Retained earnings

274,137

249,666

Shareholders' funds

 

274,237

249,766

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.

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.

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.

 

M.N.P. Gems Ltd

(Registration number: 05675737)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

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

Mr Prashant Desai

Director

 

M.N.P. Gems Ltd

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

1

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.

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

Plant and machinery

25% reducing balance

Furniture and fittings

15% reducing balance

Computer equipment

25% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, was amortised evenly over its estimated useful life of ten years.

stocks

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

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

M.N.P. Gems Ltd

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

3

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

18,201

54,953

2,590

75,744

Additions

2,135

-

-

2,135

At 31 December 2023

20,336

54,953

2,590

77,879

Depreciation

At 1 January 2023

10,928

15,866

2,351

29,145

Charge for the year

3,923

7,818

60

11,801

At 31 December 2023

14,851

23,684

2,411

40,946

Carrying amount

At 31 December 2023

5,485

31,269

179

36,933

At 31 December 2022

5,811

39,087

239

45,137

4

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100