IRIS Accounts Production v24.2.0.383 11806381 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh118063812023-03-31118063812024-03-31118063812023-04-012024-03-31118063812022-03-31118063812022-04-012023-03-31118063812023-03-3111806381ns15:EnglandWales2023-04-012024-03-3111806381ns14:PoundSterling2023-04-012024-03-3111806381ns10:Director12023-04-012024-03-3111806381ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3111806381ns10:SmallEntities2023-04-012024-03-3111806381ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3111806381ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3111806381ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111806381ns10:FullAccounts2023-04-012024-03-3111806381ns5:CurrentFinancialInstruments2024-03-3111806381ns5:CurrentFinancialInstruments2023-03-3111806381ns5:Non-currentFinancialInstruments2024-03-3111806381ns5:Non-currentFinancialInstruments2023-03-3111806381ns5:ShareCapital2024-03-3111806381ns5:ShareCapital2023-03-3111806381ns5:RetainedEarningsAccumulatedLosses2024-03-3111806381ns5:RetainedEarningsAccumulatedLosses2023-03-3111806381ns10:RegisteredOffice2023-04-012024-03-3111806381ns5:PlantMachinery2023-04-012024-03-3111806381ns5:MotorVehicles2023-04-012024-03-3111806381ns5:PlantMachinery2023-03-3111806381ns5:MotorVehicles2023-03-3111806381ns5:PlantMachinery2024-03-3111806381ns5:MotorVehicles2024-03-3111806381ns5:PlantMachinery2023-03-3111806381ns5:MotorVehicles2023-03-3111806381ns5:AdditionsToInvestments2024-03-3111806381ns5:DisposalsRepaymentsInvestments2024-03-3111806381ns5:CostValuation2024-03-3111806381ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3111806381ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: 11806381 (England and Wales)



















GEMSTONE CONTRACTORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






GEMSTONE CONTRACTORS LTD (REGISTERED NUMBER: 11806381)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


GEMSTONE CONTRACTORS LTD (REGISTERED NUMBER: 11806381)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,141 8,780
Investments 5 - -
39,141 8,780

CURRENT ASSETS
Debtors 6 405,573 9,846
Cash at bank 53,351 80,432
458,924 90,278
CREDITORS
Amounts falling due within one year 7 306,372 47,367
NET CURRENT ASSETS 152,552 42,911
TOTAL ASSETS LESS CURRENT
LIABILITIES

191,693

51,691

CREDITORS
Amounts falling due after more than one year 8 (36,540 ) (40,554 )

PROVISIONS FOR LIABILITIES (6,902 ) -
NET ASSETS 148,251 11,137

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 148,151 11,037
148,251 11,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

GEMSTONE CONTRACTORS LTD (REGISTERED NUMBER: 11806381)

BALANCE SHEET - continued
31 MARCH 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





Mr T D Briercliffe - Director


GEMSTONE CONTRACTORS LTD (REGISTERED NUMBER: 11806381)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Gemstone Contractors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11806381

Registered office: 49-51 Bancroft
Hitchin
SG5 1LL

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The director is of the opinion it is appropriate to prepare the accounts on a going concern basis. The company has continued to meet its obligations since the balance sheet date and the director has agreed adequate facilities with the company bankers and appropriate payment terms with all major creditors. The director has also pledged their continued support for the foreseeable future, together with the parent company.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

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 - 20% on reducing balance
Motor vehicles - 20% on reducing balance

GEMSTONE CONTRACTORS LTD (REGISTERED NUMBER: 11806381)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 4 (2023 - 2 ) .

GEMSTONE CONTRACTORS LTD (REGISTERED NUMBER: 11806381)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 7,436 5,690 13,126
Additions 4,881 34,786 39,667
Disposals (3,555 ) (5,690 ) (9,245 )
At 31 March 2024 8,762 34,786 43,548
DEPRECIATION
At 1 April 2023 2,176 2,170 4,346
Charge for year 1,070 2,116 3,186
Eliminated on disposal (955 ) (2,170 ) (3,125 )
At 31 March 2024 2,291 2,116 4,407
NET BOOK VALUE
At 31 March 2024 6,471 32,670 39,141
At 31 March 2023 5,260 3,520 8,780

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 79,950
Disposals (79,950 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 184,686 -
Other debtors 220,887 9,846
405,573 9,846

GEMSTONE CONTRACTORS LTD (REGISTERED NUMBER: 11806381)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,032 -
Trade creditors 250,750 39,690
Taxation and social security 46,942 7,677
Other creditors 6,648 -
306,372 47,367

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 20,437 24,451
Other creditors 16,103 16,103
36,540 40,554

9. RELATED PARTY TRANSACTIONS

Gauge & Compass Ltd
A company in which Mr T Briercliffe is the sole director.

During the year, a total of £92,641 was paid in the year in consultancy fees.

10. ULTIMATE PARENT COMPANY

The ultimate parent company of Gemstone Contractors Ltd is Gemstone Ltd which is incorporated in England and Wales.

The parent company, Gemstone Ltd has not prepared group accounts as it is exempted from the requirement to do so by Section 398 of the Companies Act 2006. The company meets the qualifying conditions for a small sized group as laid down in section 398 of the Act.

Gemstone Ltd is ultimately controlled by Mr T D Briercliffe and Mr S Mckenna.