Registered number
02845493
Gem Order Limited
Report and Unaudited Accounts
31 May 2024
Collins
Chartered Accountants
West Midlands
Gem Order Limited
Registered number: 02845493
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 2 2
Current assets
Stocks 54,673 63,853
Debtors 4 98,315 33,058
Cash at bank and in hand 4,296 86,118
157,284 183,029
Creditors: amounts falling due within one year 5 (51,396) (54,234)
Net current assets 105,888 128,795
Net assets 105,890 128,797
Capital and reserves
Called up share capital 10 10
Profit and loss account 105,880 128,787
Shareholders' funds 105,890 128,797
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T J Vann
Director
Approved by the board on 20 February 2025
Gem Order Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
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.
Turnover
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.
Tangible fixed assets
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:
Computer equipment 3 years straight line
Fixtures and fittings 5 years straight line
Stocks
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.
Taxation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Computer equipment Fixtures & fittings Total
£ £ £
Cost
At 1 June 2023 5,123 2,252 7,375
At 31 May 2024 5,123 2,252 7,375
Depreciation
At 1 June 2023 5,122 2,251 7,373
At 31 May 2024 5,122 2,251 7,373
Net book value
At 31 May 2024 1 1 2
At 31 May 2023 1 1 2
4 Debtors 2024 2023
£ £
Trade debtors 95,886 31,309
Corporation Tax Repayable - 142
Prepayments and accrued income 1,550 1,607
Vat Repayable 879 -
98,315 33,058
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,156 30,276
Other taxes and social security costs 1,273 1,158
Directors loans 37,442 19,476
Accruals and deferred income 3,525 3,324
51,396 54,234
6 Pension commitments
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).
7 Other information
Gem Order Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B The Courtyard
Reddicap Trading Estate
Sutton Coldfield
West Midlands
B75 7BU
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