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Company Registration No. 05086081 (England and Wales)
Gema Records Limited Unaudited accounts for the year ended 31 March 2024
Gema Records Limited Unaudited accounts Contents
Page
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Gema Records Limited Company Information for the year ended 31 March 2024
Directors
Amy Cousins Jonathan Cousins
Secretary
Jonathan Cousins
Company Number
05086081 (England and Wales)
Registered Office
Unit 2B Beenham Grange Business Park Grange Lane Reading RG7 5PR United Kingdom
Accountants
Blue Cube Accountants Limited Britwell Grange Britwell Road Burnham SL1 8DF
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Gema Records Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,229 
1,417 
Current assets
Inventories
69,974 
53,730 
Debtors
104,288 
80,489 
Cash at bank and in hand
117,804 
147,492 
292,066 
281,711 
Creditors: amounts falling due within one year
(134,288)
(138,896)
Net current assets
157,778 
142,815 
Total assets less current liabilities
159,007 
144,232 
Provisions for liabilities
Deferred tax
(307)
(354)
Net assets
158,700 
143,878 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
158,600 
143,778 
Shareholders' funds
158,700 
143,878 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by
Jonathan Cousins Director Company Registration No. 05086081
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Gema Records Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Gema Records Limited is a private company, limited by shares, registered in England and Wales, registration number 05086081. The registered office is Unit 2B, Beenham Grange Business Park Grange Lane, Reading, RG7 5PR, United Kingdom.
2
Accounting policies
Basis of preparation
These financial statements have been prepared in compliance with FRS 102, ’The Financial Reporting Standard applicable to 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.
Presentation currency
The accounts are presented in £ sterling.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Straight Line
Fixtures & fittings
20% Straight Line
Computer equipment
33% Straight Line
Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Deferred taxation
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.
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Gema Records Limited Notes to the Accounts for the year ended 31 March 2024
Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to the profit & loss account in the period to which they relate.
Government grants
Grant income has been recognised under the performance model. Grants that do not specify any future performance-related conditions are recorded when the grant proceeds are received or receivable. Any grant that imposes specified future performance-related conditions is recognised only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.
3
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
482 
4,250 
14,689 
3,329 
22,750 
Additions
- 
- 
355 
- 
355 
At 31 March 2024
482 
4,250 
15,044 
3,329 
23,105 
Depreciation
At 1 April 2023
121 
4,250 
13,633 
3,329 
21,333 
Charge for the year
90 
- 
453 
- 
543 
At 31 March 2024
211 
4,250 
14,086 
3,329 
21,876 
Net book value
At 31 March 2024
271 
- 
958 
- 
1,229 
At 31 March 2023
361 
- 
1,056 
- 
1,417 
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
92,981 
69,470 
Accrued income and prepayments
7,885 
7,597 
Other debtors
3,422 
3,422 
104,288 
80,489 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
32,271 
39,284 
Trade creditors
56,628 
62,646 
Taxes and social security
42,420 
34,132 
Loans from directors
299 
299 
Accruals
2,670 
2,535 
134,288 
138,896 
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Gema Records Limited Notes to the Accounts for the year ended 31 March 2024
6
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
7
Average number of employees
During the year the average number of employees was 7 (2023: 9).
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