Company Registration No. 05602405 (England and Wales)
GEMSTONE BUILDING SURVEYORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
GEMSTONE BUILDING SURVEYORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GEMSTONE BUILDING SURVEYORS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,130
14,036
Investment properties
5
175,000
175,000
186,130
189,036
Current assets
Debtors
6
24,926
114,887
Cash at bank and in hand
14,566
3,091
39,492
117,978
Creditors: amounts falling due within one year
7
(282,036)
(287,103)
Net current liabilities
(242,544)
(169,125)
Total assets less current liabilities
(56,414)
19,911
Creditors: amounts falling due after more than one year
8
(81,936)
(100,671)
Net liabilities
(138,350)
(80,760)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(139,350)
(81,760)
Total equity
(138,350)
(80,760)
Company Registration No. 05602405
GEMSTONE BUILDING SURVEYORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
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 31 October 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 member has 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 24 September 2024
Mr Edward Phillips
Director
Company Registration No. 05602405
GEMSTONE BUILDING SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Gemstone Building Surveyors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amber House, 53 Lynn Road, Dersingham, King's Lynn, Norfolk, PE31 6JY and the business address is Amber House, 53 Lynn Road, Dersingham, Norfolk, PE31 6JY.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Freehold improvements
10% reducing balance basis
Fixtures, fittings
15% reducing balance basis
Motor vehicles
25% reducing balance basis
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
GEMSTONE BUILDING SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
GEMSTONE BUILDING SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
1,666
90,936
92,602
Depreciation and impairment
At 1 November 2022
1,196
77,370
78,566
Depreciation charged in the year
47
2,859
2,906
At 31 October 2023
1,243
80,229
81,472
Carrying amount
At 31 October 2023
423
10,707
11,130
At 31 October 2022
470
13,566
14,036
5
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
175,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 7 February 2015 by William H Brown Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,036
112,631
Other debtors
1,890
2,256
24,926
114,887
GEMSTONE BUILDING SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,216
20,808
Trade creditors
2,057
6,473
Taxation and social security
2,290
13,250
Other creditors
257,473
246,572
282,036
287,103
The loan is secured by a fixed and floating charge over the assets of the company, mainly secured against the investment property.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
81,936
100,671
The loan is secured by a fixed and floating charge over the assets of the company, mainly secured against the investment property.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
30,500
39,500