Registration number: 07438081

Blackgem Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 9

Blackgem Limited

Company Information

Directors

Mr Adebayo Adebiyi Mrs Bridget Adebiyi

Registered office

3rd Floor 166 College Road Harrow Middlesex England HA1 1BH

Accountants

MG Group (Professional Services) Limited Chartered Accountants166 College Road Harrow Middlesex HA1 1BH

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Blackgem Limited
for the Year Ended 30 November 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blackgem Limited for the year ended 30 November 2025 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Blackgem Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Blackgem Limited and state those matters that we have agreed to state to the Board of Directors of Blackgem Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blackgem Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blackgem Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Blackgem Limited. You consider that Blackgem Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Blackgem Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

28 August 2026

Blackgem Limited

(Registration number: 07438081)
Balance Sheet as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	61,969	83,157
Current assets
Debtors	5	91,618	99,232
Cash at bank and in hand		16,910	19,326
		108,528	118,558
Creditors: Amounts falling due within one year	6	(176,684)	(166,961)
Net current liabilities		(68,156)	(48,403)
Total assets less current liabilities		(6,187)	34,754
Creditors: Amounts falling due after more than one year	6	(8,317)	(18,317)
Provisions for liabilities		(15,492)	(20,789)
Net liabilities		(29,996)	(4,352)
Capital and reserves
Called up share capital	8	1,900	1,900
Retained earnings		(31,896)	(6,252)
Shareholders' deficit		(29,996)	(4,352)

For the financial year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2026 and signed on its behalf by:
 

......................................... Mr Adebayo Adebiyi Director

Blackgem Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the Board on 28 August 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

‘At the balance sheet date, the company had negative shareholders funds of £29,996 (2024: £4,352).

Consequently, the company is dependent on the continued support of its director and shareholder. The director/shareholder intends to provide all the necessary financial assistance to enable the company to continue and meet its ongoing obligations as they fall due. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustment that would result from a withdrawal of financial support given by the director and shareholder.

At the balance sheet date, the company owed the director £145,640 (2024: £131,418).’

Blackgem Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and office equipment	25% Straight line
Motor vehicle	25% Reducing balance

Blackgem Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Blackgem Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

Dividends

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 3).

4	Tangible assets

	Furniture, fittings and office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2024	11,330	80,812	92,142
Additions	666	-	666
At 30 November 2025	11,996	80,812	92,808
Depreciation
At 1 December 2024	7,301	1,684	8,985
Charge for the year	2,072	19,782	21,854
At 30 November 2025	9,373	21,466	30,839
Carrying amount
At 30 November 2025	2,623	59,346	61,969
At 30 November 2024	4,029	79,128	83,157

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts - Motor vehicle - £59,346. Depreciation charge for the year in respect of leased assets - £19,782.

Blackgem Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

5

Debtors

Current	2025 £	2024 £
Trade debtors	81,412	86,521
Other debtors	10,206	12,711
	91,618	99,232

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	11,683	11,683
Trade creditors		17,032	19,599
Taxation and social security		769	2,701
Accruals and deferred income		1,560	1,560
Other creditors		145,640	131,418
		176,684	166,961

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	8,317	18,317

7	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	8,317	18,317

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	11,683	11,683

Blackgem Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1,500	1,500	1,500	1,500
Ordinary shares of class B of £1 each	400	400	400	400
	1,900	1,900	1,900	1,900

9	Related party transactions

During the year, the company made the following related party transactions:

Director
At the balance sheet date, the amounts due to the Director was £145,640 (2024 - £131,418). These loans were unsecured, interest free and repayable on demand.