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REGISTERED NUMBER: SC508065 (Scotland)












Financial Statements

for the Year Ended 30 June 2024

for

GEM Contracts Limited

GEM Contracts Limited (Registered number: SC508065)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEM Contracts Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G Morgan
Mrs E Morgan
D Morgan
Mrs K P Watt
S A Watt





SECRETARY:





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC508065 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

GEM Contracts Limited (Registered number: SC508065)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 3 683,679 345,143

CURRENT ASSETS
Debtors 4 507,782 441,070
Cash at bank 45,934 48,553
553,716 489,623
CREDITORS
Amounts falling due within one year 5 1,025,699 783,457
NET CURRENT LIABILITIES (471,983 ) (293,834 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,696

51,309

CREDITORS
Amounts falling due after more than one
year

6

(179,353

)

(68,564

)

PROVISIONS FOR LIABILITIES (70,687 ) (70,687 )
NET LIABILITIES (38,344 ) (87,942 )

CAPITAL AND RESERVES
Called up share capital 25 25
Retained earnings (38,369 ) (87,967 )
SHAREHOLDERS' FUNDS (38,344 ) (87,942 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Contracts Limited (Registered number: SC508065)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2025 and were signed on its behalf by:





Mrs E Morgan - Director


GEM Contracts Limited (Registered number: SC508065)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

The Coronavirus outbreak has created great uncertainty and many challenges in all companies. In order to protect our business, we have taken prompt action to monitor costs across the company.. While the impact of COVID-19 is still uncertain and the final impact on the company cannot be accurately predicted, the directors believe that they are in a secure financial position and will be able to trade through the current difficult climate.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 15% on reducing balance and at variable rates on reducing balance

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
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.

GEM Contracts Limited (Registered number: SC508065)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

1. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

3. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 22,278 1,611 548,541 10,412 582,842
Additions 5,375 - 556,594 2,045 564,014
Disposals - - (268,739 ) - (268,739 )
At 30 June 2024 27,653 1,611 836,396 12,457 878,117
DEPRECIATION
At 1 July 2023 8,209 889 219,260 9,341 237,699
Charge for year 2,164 110 76,272 1,433 79,979
Eliminated on disposal - - (123,240 ) - (123,240 )
At 30 June 2024 10,373 999 172,292 10,774 194,438
NET BOOK VALUE
At 30 June 2024 17,280 612 664,104 1,683 683,679
At 30 June 2023 14,069 722 329,281 1,071 345,143

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 108,225 82,716
Other debtors 399,557 358,354
507,782 441,070

GEM Contracts Limited (Registered number: SC508065)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 201,498 67,705
Trade creditors 42,830 33,215
Taxation and social security 771,371 672,537
1,025,699 783,457

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 10,000 20,000
Hire purchase contracts 169,353 48,564
179,353 68,564