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Registration number: 06981301

Gemma Lighting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Gemma Lighting Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Gemma Lighting Limited

Company Information

Directors

Mr R Jambulingam

Mr R Jambulingam

Mr C G Miller

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gemma Lighting Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gemma Lighting Limited for the year ended 31 July 2024 as set out on pages 3 to 12 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Gemma Lighting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gemma Lighting Limited and state those matters that we have agreed to state to the Board of Directors of Gemma Lighting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gemma Lighting Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gemma Lighting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gemma Lighting Limited. You consider that Gemma Lighting 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 accounts of Gemma Lighting 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 accounts.

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

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

25 February 2025

 

Gemma Lighting Limited

(Registration number: 06981301)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

623,695

588,577

Tangible assets

5

1,972,943

1,988,852

 

2,596,638

2,577,429

Current assets

 

Stocks

6

812,136

703,604

Debtors

7

567,344

575,201

Cash at bank and in hand

 

354,460

188,174

 

1,733,940

1,466,979

Creditors: Amounts falling due within one year

8

(851,951)

(834,406)

Net current assets

 

881,989

632,573

Total assets less current liabilities

 

3,478,627

3,210,002

Creditors: Amounts falling due after more than one year

8

(581,412)

(362,983)

Net assets

 

2,897,215

2,847,019

Capital and reserves

 

Called up share capital

9

172

172

Share premium reserve

971,378

971,378

Revaluation reserve

1,243,710

1,243,710

Retained earnings

681,955

631,759

Shareholders' funds

 

2,897,215

2,847,019

For the financial year ending 31 July 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.

 

Gemma Lighting Limited

(Registration number: 06981301)
Balance Sheet as at 31 July 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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.

Approved and authorised by the Board on 22 February 2025 and signed on its behalf by:
 

.........................................
Mr C G Miller
Director

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
Unit 3
Marshlands Spur
Farlington
Portsmouth
Hants
PO6 1RX
England and Wales

These financial statements were authorised for issue by the Board on 22 February 2025.

2

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 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 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% Straight Line

Improvement to property

10% Straight Line

Plant and machinary

10% Reducing Balance

Fixtures and fittings

10% Reducing Balance

Computer equipment

25% Reducing Balance

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off cost, less any estimated residual value, over their useful life as folows:

Asset class

Amortisation method and rate

Intelectual property rights

over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 August 2023

1

500

1,168,824

1,169,325

Additions acquired separately

-

-

152,000

152,000

At 31 July 2024

1

500

1,320,824

1,321,325

Amortisation

At 1 August 2023

1

500

580,247

580,748

Amortisation charge

-

-

116,882

116,882

At 31 July 2024

1

500

697,129

697,630

Carrying amount

At 31 July 2024

-

-

623,695

623,695

At 31 July 2023

-

-

588,577

588,577

The aggregate amount of research and development expenditure recognised as an expense during the period is £18,643 (2023 - £35,940).
 

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 August 2023

1,649,652

327,745

410,185

2,387,582

Additions

-

27,506

20,850

48,356

At 31 July 2024

1,649,652

355,251

431,035

2,435,938

Depreciation

At 1 August 2023

26,957

233,566

138,208

398,731

Charge for the year

-

21,161

43,103

64,264

At 31 July 2024

26,957

254,727

181,311

462,995

Carrying amount

At 31 July 2024

1,622,695

100,524

249,724

1,972,943

At 31 July 2023

1,622,695

94,180

271,977

1,988,852

Included within the net book value of land and buildings above is £1,622,695 (2023 - £1,622,695) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Property was revalued on 26 July 2022 by an independent valuer. . The name and qualification of the independent valuer are Hughes and Ellard Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £Nil).

6

Stocks

2024
£

2023
£

Work in progress

24,383

22,784

Other inventories

787,753

680,820

812,136

703,604

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

211,345

218,423

Prepayments

182,336

165,337

Other debtors

173,663

191,441

 

567,344

575,201

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

402,785

409,977

Trade creditors

 

148,323

145,849

Taxation and social security

 

107,721

93,001

Accruals and deferred income

 

11,461

3,461

Other creditors

 

181,661

182,118

 

851,951

834,406

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

581,412

362,983

 

Gemma Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

172

172

172

172

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

622,695

622,695

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

581,412

362,983

Current loans and borrowings

2024
£

2023
£

Bank borrowings

65,000

80,700

Bank overdrafts

60,933

193,841

Other borrowings

276,852

135,436

402,785

409,977