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REGISTERED NUMBER: 02925103 (England and Wales)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

GEMS (CHELTENHAM) LIMITED

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)






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




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3

Chartered accountants' report 6

GEMS (CHELTENHAM) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 May 2024







DIRECTOR: Mr S J Goldsmith





REGISTERED OFFICE: Unit 5211 Kennet Close
Ashchurch
Tewkesbury
Gloucestershire
GL20 8HF





REGISTERED NUMBER: 02925103 (England and Wales)





ACCOUNTANTS: Mitchell Glanville Limited
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,602 8,488

CURRENT ASSETS
Stocks 5 29,405 23,920
Debtors 6 454,465 340,130
Cash at bank 226,382 192,620
710,252 556,670
CREDITORS
Amounts falling due within one year 7 436,281 363,689
NET CURRENT ASSETS 273,971 192,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

286,573

201,469

CREDITORS
Amounts falling due after more than one year 8 (718 ) (19,838 )

PROVISIONS FOR LIABILITIES - (6,329 )
NET ASSETS 285,855 175,302

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 285,753 175,200
SHAREHOLDERS' FUNDS 285,855 175,302

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 February 2025 and were signed by:




Mr S J Goldsmith - Director


GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

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

1. STATUTORY INFORMATION

Gems (Cheltenham) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

STOCKS
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 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 10 (2023 - 8 ) .

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 16,073 858,434 11,218 9,295 895,020
Additions - 8,454 - - 8,454
At 31 May 2024 16,073 866,888 11,218 9,295 903,474
DEPRECIATION
At 1 June 2023 15,638 850,589 11,010 9,295 886,532
Charge for year 218 3,914 208 - 4,340
At 31 May 2024 15,856 854,503 11,218 9,295 890,872
NET BOOK VALUE
At 31 May 2024 217 12,385 - - 12,602
At 31 May 2023 435 7,845 208 - 8,488

5. STOCKS
2024 2023
£    £   
Stocks 29,405 23,920

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 377,998 314,373
Other debtors 47,000 718
Deferred tax asset 539 -
VAT 24,509 22,821
Prepayments and accrued income 4,419 2,218
454,465 340,130

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 15,000 15,008
Hire purchase contracts (see note 9) 4,307 4,307
Trade creditors 341,621 300,265
Tax 58,169 36,275
Social security and other taxes 6,532 2,956
Other creditors 2,294 424
Accruals and deferred income 8,358 4,454
436,281 363,689

GEMS (CHELTENHAM) LIMITED (REGISTERED NUMBER: 02925103)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 15,009
Hire purchase contracts (see note 9) 718 4,829
718 19,838

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 4,307 4,307
Between one and five years 718 4,829
5,025 9,136

10. RELATED PARTY DISCLOSURES

At 31 May 2024 there was a loan to the shareholder of £47,000 (2023 - £0). This loan is repayable on demand and interest is charged at the official rate.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GEMS (CHELTENHAM) LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gems (Cheltenham) Limited for the year ended 31 May 2024 which comprise the Income statement, Balance sheet, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Gems (Cheltenham) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gems (Cheltenham) Limited and state those matters that we have agreed to state to the director of Gems (Cheltenham) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gems (Cheltenham) Limited and its director for our work or for this report.

It is your duty to ensure that Gems (Cheltenham) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gems (Cheltenham) Limited. You consider that Gems (Cheltenham) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gems (Cheltenham) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Mitchell Glanville Limited
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX


17 February 2025