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Registered number: 03819108
Gem Antiques Limited
Unaudited Financial Statements
For The Year Ended 30 April 2025
Stephen Hill Partnership Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03819108
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 493 658
493 658
CURRENT ASSETS
Stocks 6 292,000 273,000
Debtors 7 15,770 22,445
Cash at bank and in hand 250,233 258,402
558,003 553,847
Creditors: Amounts Falling Due Within One Year 8 (48,133 ) (66,283 )
NET CURRENT ASSETS (LIABILITIES) 509,870 487,564
TOTAL ASSETS LESS CURRENT LIABILITIES 510,363 488,222
Creditors: Amounts Falling Due After More Than One Year 9 (1,722 ) (12,425 )
NET ASSETS 508,641 475,797
CAPITAL AND RESERVES
Called up share capital 10 75 75
Capital redemption reserve 75 75
Profit and Loss Account 508,491 475,647
SHAREHOLDERS' FUNDS 508,641 475,797
Page 1
Page 2
For the year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Rackham
Director
28th November 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gem Antiques Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03819108 . The registered office is 139 Watling Street, Gillingham, Kent, ME7 2YY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
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.
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 value amount and are recognised in the Income Statement.
Leasehold 10% on cost
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
The company only enters into basic financial instruments 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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.
2.11. Creditors
Short term creditors are measured at the transaction price.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2024: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2024 87,500
As at 30 April 2025 87,500
Amortisation
As at 1 May 2024 87,500
As at 30 April 2025 87,500
Net Book Value
As at 30 April 2025 -
As at 1 May 2024 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2024 2,078 158 11,653 2,907 16,796
As at 30 April 2025 2,078 158 11,653 2,907 16,796
Depreciation
As at 1 May 2024 2,078 158 11,119 2,783 16,138
Provided during the period - - 134 31 165
As at 30 April 2025 2,078 158 11,253 2,814 16,303
Net Book Value
As at 30 April 2025 - - 400 93 493
As at 1 May 2024 - - 534 124 658
6. Stocks
2025 2024
£ £
Stock 292,000 273,000
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors - 2,500
Other debtors 15,770 19,945
15,770 22,445
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 3,000 22,900
Bank loans and overdrafts 10,418 9,924
Other creditors 5,507 5,013
Taxation and social security 29,208 28,446
48,133 66,283
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 1,722 12,425
Page 5
Page 6
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 75 75
Page 6