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Registered number: 02477555









GEMS OF THE WORLD (EUROPE) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
GEMS OF THE WORLD (EUROPE) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
GEMS OF THE WORLD (EUROPE) LIMITED
REGISTERED NUMBER: 02477555

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,296
4,966

  
3,296
4,966

Current assets
  

Stocks
  
388,688
462,444

Debtors: amounts falling due within one year
 5 
111,031
94,146

Cash at bank and in hand
  
100
76

  
499,819
556,666

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(414,494)
(476,601)

Net current assets
  
 
 
85,325
 
 
80,065

Total assets less current liabilities
  
88,621
85,031

Creditors: amounts falling due after more than one year
 7 
(8,942)
(18,928)

Provisions for liabilities
  

Deferred tax
 8 
(824)
(1,019)

  
 
 
(824)
 
 
(1,019)

Net assets
  
78,855
65,084


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
78,755
64,984

  
78,855
65,084


Page 1

 
GEMS OF THE WORLD (EUROPE) LIMITED
REGISTERED NUMBER: 02477555
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 July 2025.




B Green
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GEMS OF THE WORLD (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Gems Of The World (Europe) Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is Darlingtons House Ground Floor, 7 Spring Villa Road,  Edgware, London, HA8 7EB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue comprises the invoiced cost of goods sold during the year, excluding value added tax, and net of trade discounts. The company’s policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. 

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GEMS OF THE WORLD (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GEMS OF THE WORLD (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Furniture, fittings and equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.


3.


Employees



The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
GEMS OF THE WORLD (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Office equipment

£



Cost 


At 1 September 2023
150,759



At 31 August 2024

150,759



Depreciation


At 1 September 2023
145,793


Charge for the year on owned assets
1,670



At 31 August 2024

147,463



Net book value



At 31 August 2024
3,296



At 31 August 2023
4,966

Page 6

 
GEMS OF THE WORLD (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Debtors

2024
2023
£
£


Trade debtors
110,565
77,368

Other debtors
351
16,664

Prepayments and accrued income
115
114

111,031
94,146



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
81,504
94,408

Bank loans
10,000
10,000

Trade creditors
41,619
68,980

Other taxation and social security
23,649
12,740

Other creditors
255,722
278,973

Accruals
2,000
11,500

414,494
476,601


Page 7

 
GEMS OF THE WORLD (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,942
18,928



8.


Deferred taxation




2024


£






At beginning of year
(1,019)


Charged to profit or loss
195



At end of year
(824)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(824)
(1,019)

(824)
(1,019)

Page 8

 
GEMS OF THE WORLD (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

The Company borrowed £150,000 in 2020 from a pension scheme of which a Director of the Company is a trustee. The balance outstanding at reporting date is £Nil (2023: 35,000). 
During the year, the Company paid £Nil (2023: £12,000) in consultancy fees to the Director B Green.
At the reporting date, amounts due from companies companies associated by common ownership was £Nil (2023: £16,652), and amounts due to companies associated by common ownership was £255,722 (2023: £242,691).


11.


Post balance sheet events

Gems of The World (Europe) Limited was sold after the year end.  As at the sale date the stock was revalued and reduced by £100,000, and this was offset against a write off of part of the intercompany balance with YV Global Limited. 

 
Page 9