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Registration number: 09580583

GEM Supplies International Limited

Annual Report and Abridged Financial Statements

for the Year Ended 31 March 2024

 

GEM Supplies International Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

GEM Supplies International Limited

Company Information

Directors

Mr Mark Sigsworth

Mr Daniel Paul Sigsworth

Mr Gregory Sigsworth

Registered office

Unit C2
Bentley Avenue
Cowpen Lane Industrial Estate
Billingham
Cleveland
TS23 4BU

Accountants

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

 

GEM Supplies International Limited

(Registration number: 09580583)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,850

10,412

Current assets

 

Stocks

54,072

78,560

Debtors

785

1,389

Cash at bank and in hand

 

28,331

19,784

 

83,188

99,733

Prepayments and accrued income

 

2,698

690

Creditors: Amounts falling due within one year

(60,557)

(54,846)

Net current assets

 

25,329

45,577

Total assets less current liabilities

 

34,179

55,989

Accruals and deferred income

 

(1,590)

(1,590)

Net assets

 

32,589

54,399

Capital and reserves

 

Called up share capital

5

150

150

Retained earnings

32,439

54,249

Shareholders' funds

 

32,589

54,399

For the financial 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.

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.

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 prepared and 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.

 

GEM Supplies International Limited

(Registration number: 09580583)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 20 December 2024 and signed on its behalf by:
 

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

Mr Gregory Sigsworth

Director

 

GEM Supplies International Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

Intangible assets

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being
amortised evenly over its estimated useful life of five 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 5 (2023 - 7).

 

GEM Supplies International Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

3

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

30,000

At 31 March 2024

30,000

Amortisation

At 1 April 2023

30,000

At 31 March 2024

30,000

Carrying amount

At 31 March 2024

-

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

19,901

19,901

At 31 March 2024

19,901

19,901

Depreciation

At 1 April 2023

9,489

9,489

Charge for the year

1,562

1,562

At 31 March 2024

11,051

11,051

Carrying amount

At 31 March 2024

8,850

8,850

At 31 March 2023

10,412

10,412

 

GEM Supplies International Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

       

6

Dividends

2024

2023

£

£

Interim dividend of £265.59 (2023 - £312.00) per ordinary share

39,838

46,800