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Registered Number: NI637797
Northern Ireland

 

 

 

GEM INTERIOR CONTRACTS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 54,394    72,263 
Investments 4 85    85 
54,479    72,348 
Current assets      
Debtors: amounts falling due within one year 5 812,280    808,202 
Cash at bank and in hand 206,242    125,183 
1,018,522    933,385 
Creditors: amount falling due within one year 6 (760,288)   (568,735)
Net current assets 258,234    364,650 
 
Total assets less current liabilities 312,713    436,998 
Creditors: amount falling due after more than one year 7 (67,288)   (106,534)
Provisions for liabilities 8 (13,132)   (17,599)
Net assets 232,293    312,865 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 232,193    312,765 
Shareholders' funds 232,293    312,865 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 02 December 2024 and were signed on its behalf by:


-------------------------------
Gregory Beggs
Director
1
General Information
GEM Interior Contracts Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI637797, registration address Unit C2 Inspire Business Park, Carrowreagh Road, Belfast, Down, BT16 1QT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Straight Line
Plant and machinery 25% Reducing Balance
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads according to the stage of completion.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. 
Financial instruments are recognised when the company becomes party to the contractual provisions if the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

2.

Average number of employees

Average number of employees during the year was 9 (2023 : 12).
3.

Tangible fixed assets

Cost or valuation Plant and machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2023 4,113    138,582    6,626    17,476    166,797 
Additions   14,540    516    1,921    16,977 
Disposals   (19,495)       (19,495)
At 31 March 2024 4,113    133,627    7,142    19,397    164,279 
Depreciation
At 01 April 2023 4,113    69,333    6,585    14,503    94,534 
Charge for year   23,886    67    1,833    25,786 
On disposals   (10,435)       (10,435)
At 31 March 2024 4,113    82,784    6,652    16,336    109,885 
Net book values
Closing balance as at 31 March 2024   50,843    490    3,061    54,394 
Opening balance as at 01 April 2023   69,249    41    2,973    72,263 

The net book value of Fixtures and Fittings and Motor Vehicles includes £32,306 (2023 £60,398) in respect of assets leased under finance leases or hire purchase contracts.

4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2023 85    85 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 March 2024 85    85 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 452,967    634,688 
Provision for Doubtful Debts   (14,998)
Amount Owed by Group Undertakings 247,835    15,350 
Prepayments & Accrued Income 111,478    173,162 
812,280    808,202 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 284,835    175,155 
Bank Loans & Overdrafts (Secured) 30,000    30,000 
Bank Loans & Overdrafts 34,399    734 
Corporation Tax 56,357    31,771 
PAYE & Social Security 35,983    20,807 
Accrued Expenses 17,140    6,000 
Other Creditors 98,526    155,256 
Obligations under HP/Financial Leases 23,608    49,861 
Directors' Current Accounts 185    185 
Director: Emmett McNaughton 85    85 
VAT 179,170    98,881 
760,288    568,735 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 42,500    72,500 
Obligations Under HP/Financial Leases 24,788    34,034 
67,288    106,534 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 13,132    17,599 
13,132    17,599 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

10.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Gregory Beggs(185)(185)
Emmett McNaughton(85)(85)

Gregory Beggs is a director of the company. As at 31 March 2024 the company owed Mr Beggs £185 in respect of unpaid expenses (2023: £185).
Emmett McNaughton is a director of the company. As at 31 March 2024 the company owed Mr McNaughton £85 in respect of unpaid expenses (2023 £85).
2