Gemmology Rocks Ltd - Accounts

Gemmology Rocks Ltd - Accounts

GEMMOLOGY ROCKS LIMITED - Company Information

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Registered Number: 10730398


 

 

 

GEMMOLOGY ROCKS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2018

End date: 31 March 2019

Gemmology Rocks Ltd
Contents Page
For the year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gemmology Rocks Ltd for the year ended 31 March 2019 which comprise the income statement, the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given to us.

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 financial statements.

This report is made solely to the Board of directors of Gemmology Rocks Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gemmology Rocks Ltd and state those matters that we have agreed to state to the Board of directors of Gemmology Rocks Ltd .

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gemmology Rocks Ltd and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Gemmology Rocks Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit . You consider that Gemmology Rocks Ltd is exempt from the statutory audit requirement for the year.



....................................................
Michael D Nichols Ltd
West Suite, Second Floor, Main House
Turkey Court, Turkey Mill, Ashford Road
Maidstone
ME14 5PP
11 September 2019
1
 
 		 Notes
 		 2019
£		   2018
£
Fixed assets      
Tangible fixed assets 2 422    562 
422    562 
Current assets      
Stocks 2,580    150 
Debtors: amounts falling due within one year 7,430    3,160 
Cash at bank and in hand 1,433    1,407 
11,443    4,717 
Creditors: amount falling due within one year (10,694)   (13,582)
Net current assets 749    (8,865)
 
Total assets less current liabilities 1,171    (8,303)
Provisions for liabilities (80)   (107)
Net assets 1,091    (8,410)
 

Capital and reserves 		     
Called up share capital 3 1    1 
Profit and loss account 1,090    (8,411)
Shareholders funds 1,091    (8,410)
 


For the year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 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 and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

Company No: 10730398
Signed on behalf of the board of director


--------------------------------
Miss K. Gregory
Director

Date approved by the board: 11 September 2019
2
General Information
Gemmology Rocks Ltd is a private company, limited by shares, registered in England and Wales, registration number 10730398,registration address 14 Harvesters Way, Weavering , Maidstone, Kent , ME14 5SJ.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland.


1.

Accounting Policies

Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts and value added taxes.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from good will or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount. Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated capital and reserves in respect of that asset, the excess is recognised in profit or loss. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over the useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Impairment of fixed assets
A review for indicators of impairments carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.

Tangible fixed assets

Cost Fixtures and Fittings   Total
  £   £
At 01 April 2018 750    750 
Additions -    - 
Disposals -    - 
At 31 March 2019 750    750 
Depreciation
At 01 April 2018 188    188 
Charge for year 140    140 
On disposals -    - 
At 31 March 2019 328    328 
Net book values
Closing balance as at 31 March 2019 422    422 
Opening balance as at 01 April 2018 562    562 


3.

Share Capital

Allotted
2019
£		   2018
£
1 Class A shares of £1.00 each 1    1 
1    1 

4.

Staff Costs

2019   2018
 
Average number of employees during the year Number   Number
Administration 1    - 
1    - 

3