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REGISTERED NUMBER: 04467562 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

G.E.M.S.(SW) LTD.

G.E.M.S.(SW) LTD. (Registered number: 04467562)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


G.E.M.S.(SW) LTD.

COMPANY INFORMATION
for the year ended 31 December 2024







Director: C Macdonald





Secretary: Mrs M Macdonald





Registered office: 687 Budshead Road
Crownhill
Plymouth
Devon
PL6 5DU





Registered number: 04467562 (England and Wales)





Accountants: Websters
129 North Hill
Plymouth
Devon
PL4 8JY

G.E.M.S.(SW) LTD. (Registered number: 04467562)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,895 2,276
1,895 2,276

Current assets
Stocks 2,725 3,120
Debtors 6 5,832 12,893
Prepayments 73 73
Cash at bank and in hand 180,358 143,315
188,988 159,401
Creditors
Amounts falling due within one year 7 23,089 21,346
Net current assets 165,899 138,055
Total assets less current liabilities 167,794 140,331

Provisions for liabilities 8 360 433
Net assets 167,434 139,898

Capital and reserves
Called up share capital 9 100 100
Retained earnings 167,334 139,798
Shareholders' funds 167,434 139,898

G.E.M.S.(SW) LTD. (Registered number: 04467562)

BALANCE SHEET - continued
31 December 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 August 2025 and were signed by:





C Macdonald - Director


G.E.M.S.(SW) LTD. (Registered number: 04467562)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

G.E.M.S. (SW) Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.

2. 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.

Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of goods have transferred to the buyer. Turnover from the rendering of services is recognised by the reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Goodwill
Goodwill has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment and tools - 15% on reducing balance
Motor vehicles - 20% on reducing balance

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
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.


G.E.M.S.(SW) LTD. (Registered number: 04467562)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 January 2024
and 31 December 2024 45,000
Amortisation
At 1 January 2024
and 31 December 2024 45,000
Net book value
At 31 December 2024 -
At 31 December 2023 -

G.E.M.S.(SW) LTD. (Registered number: 04467562)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Office
equipment Motor
and tools vehicles Totals
£    £    £   
Cost
At 1 January 2024
and 31 December 2024 18,952 12,750 31,702
Depreciation
At 1 January 2024 17,377 12,049 29,426
Charge for year 241 140 381
At 31 December 2024 17,618 12,189 29,807
Net book value
At 31 December 2024 1,334 561 1,895
At 31 December 2023 1,575 701 2,276

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,532 8,943
Other debtors 3,300 3,950
5,832 12,893

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 140 -
Taxation and social security 18,317 16,404
Other creditors 4,632 4,942
23,089 21,346

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 360 433

G.E.M.S.(SW) LTD. (Registered number: 04467562)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 433
Provided during year (73 )
Balance at 31 December 2024 360

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RELATED PARTY DISCLOSURES

At the balance sheet date the following amount was owed to the related parties by the company:

Mr and Mrs C B Macdonald
jointly

Directors and shareholders

£1,816

There is no set date for repayment and the amounts are interest free.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr C Macdonald and Mrs M Macdonald.