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GEM EQUINE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEM EQUINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R J Parkin
Mrs J A Parkin
Dr G Parkin





REGISTERED OFFICE: 12 Coupe Street
Ripley
Derbyshire
DE5 3QD





REGISTERED NUMBER: 06897618 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,132 1,448
Tangible assets 5 185,276 144,840
186,408 146,288

CURRENT ASSETS
Stocks 19,027 30,493
Debtors 6 8,839 10,760
Cash at bank and in hand 71,792 57,183
99,658 98,436
CREDITORS
Amounts falling due within one year 7 73,235 107,623
NET CURRENT ASSETS/(LIABILITIES) 26,423 (9,187 )
TOTAL ASSETS LESS CURRENT LIABILITIES 212,831 137,101

CREDITORS
Amounts falling due after more than one
year

8

(28,175

)

-

PROVISIONS FOR LIABILITIES 11 (10,654 ) (6,828 )
NET ASSETS 174,002 130,273

CAPITAL AND RESERVES
Called up share capital 12 3 3
Retained earnings 173,999 130,270
SHAREHOLDERS' FUNDS 174,002 130,273

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 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.

GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Mrs J A Parkin - Director


GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

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


1. STATUTORY INFORMATION

Gem Equine 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.

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.

Turnover
Turnover is measured at the invoiced value of services provided net of VAT and discounts. Turnover from services provided is recognised when the service has been provided, the amount of turnover can be measured reliably and when it is probable that the economic benefits associated will transfer to the company, typically on delivery of the service.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Buildings - 2% on cost
Veterinary equipment - not provided
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost
Fixtures & fittings - 25% on reducing balance

Depreciation is not provided for on the veterinary equipment pool as the asset group is treated on a renewals basis.

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 Statement of Income and Retained Earnings, 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.

GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

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


2. ACCOUNTING POLICIES - continued

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 June 2023
and 31 May 2024 6,575
AMORTISATION
At 1 June 2023 5,127
Amortisation for year 316
At 31 May 2024 5,443
NET BOOK VALUE
At 31 May 2024 1,132
At 31 May 2023 1,448

GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

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


5. TANGIBLE FIXED ASSETS
Leasehold Veterinary Plant and
Improvements Equipment machinery
£    £    £   
COST
At 1 June 2023 103,942 4,610 201,318
Additions 14,550 - 2,350
At 31 May 2024 118,492 4,610 203,668
DEPRECIATION
At 1 June 2023 3,668 - 169,561
Charge for year 2,370 - 7,939
At 31 May 2024 6,038 - 177,500
NET BOOK VALUE
At 31 May 2024 112,454 4,610 26,168
At 31 May 2023 100,274 4,610 31,757

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 7,819 37,266 10,916 365,871
Additions - 40,389 - 57,289
At 31 May 2024 7,819 77,655 10,916 423,160
DEPRECIATION
At 1 June 2023 6,775 30,494 10,533 221,031
Charge for year 261 5,900 383 16,853
At 31 May 2024 7,036 36,394 10,916 237,884
NET BOOK VALUE
At 31 May 2024 783 41,261 - 185,276
At 31 May 2023 1,044 6,772 383 144,840

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,955 8,841
Other debtors 1,884 1,919
8,839 10,760

GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 8,156 -
Taxation and social security 24,380 38,166
Other creditors 40,699 69,457
73,235 107,623

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 28,175 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 8,156 -
Between one and five years 28,175 -
36,331 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 4,839 4,839
Between one and five years 2,418 7,257
7,257 12,096

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 36,331 -

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 10,654 6,828

GEM EQUINE LIMITED (REGISTERED NUMBER: 06897618)

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


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 6,828
Provided during year 3,826
Accelerated capital allowances
Balance at 31 May 2024 10,654

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3 Ordinary £1 3 3