Gem Order Limited |
Notes to the Accounts |
for the year ended 31 May 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
3 years straight line |
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Fixtures and fittings |
5 years straight line |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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3 |
Tangible fixed assets |
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Computer equipment |
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Fixtures & fittings |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 June 2023 |
5,123 |
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2,252 |
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7,375 |
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At 31 May 2024 |
5,123 |
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2,252 |
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7,375 |
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Depreciation |
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At 1 June 2023 |
5,122 |
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2,251 |
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7,373 |
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At 31 May 2024 |
5,122 |
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2,251 |
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7,373 |
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Net book value |
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At 31 May 2024 |
1 |
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1 |
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2 |
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At 31 May 2023 |
1 |
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1 |
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2 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
95,886 |
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31,309 |
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Corporation Tax Repayable |
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- |
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142 |
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Prepayments and accrued income |
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1,550 |
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1,607 |
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Vat Repayable |
879 |
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- |
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98,315 |
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33,058 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
9,156 |
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30,276 |
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Other taxes and social security costs |
1,273 |
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1,158 |
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Directors loans |
37,442 |
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19,476 |
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Accruals and deferred income |
3,525 |
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3,324 |
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51,396 |
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54,234 |
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6 |
Pension commitments |
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The company operates a defined scheme for the staff. The assets of the scheme are independent from those of the company. The total contributions paid in the year were £3,107 (2023- £13,076). |
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7 |
Other information |
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Gem Order Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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5B The Courtyard |
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Reddicap Trading Estate |
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Sutton Coldfield |
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West Midlands |
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B75 7BU |