Gem Rail Services (UK) Limited - Period Ending 2019-02-28

Registration number: 07969191

Gem Rail Services (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2019

The Pub Experts Limited
1st Floor
143 Connaught Avenue
Frinton on Sea
Essex
CO13 9AB

Gem Rail Services (UK) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Gem Rail Services (UK) Limited

Company Information

Director

Mr J A Ryan

Registered office

1st Floor 143 Connaught Avenue Frinton-On-Sea Essex CO13 9AB

Accountants

The Pub Experts Limited 1st Floor 143 Connaught Avenue Frinton on Sea Essex CO13 9AB

Page 1

Gem Rail Services (UK) Limited

(Registration number: 07969191)
Balance Sheet as at 28 February 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	1,500
Current assets
Debtors	5	10,001	23,655
Cash at bank and in hand		-	4,578
		10,001	28,233
Creditors: Amounts falling due within one year	6	-	(28,619)
Net current assets/(liabilities)		10,001	(386)
Total assets less current liabilities		10,001	1,114
Provisions for liabilities		-	(285)
Net assets		10,001	829
Capital and reserves
Called up share capital		1	1
Profit and loss account		10,000	828
Total equity		10,001	829

For the financial year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 November 2019
 

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

Mr J A Ryan
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Gem Rail Services (UK) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

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:
1st Floor
143 Connaught Avenue
Frinton-On-Sea
Essex
CO13 9AB
United Kingdom

These financial statements were authorised for issue by the director on 26 November 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

The company ceased to trade on 28th February 2019. The accounts have therefore been prepared on the break up basis with assets being written down to their recoverable value.

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.

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.

Page 3

Gem Rail Services (UK) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

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 statement of financial position 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
Fixtures and fittings	20% reducing balance

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

Page 4

Gem Rail Services (UK) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 March 2018	3,980	3,980
Disposals	(3,980)	(3,980)
At 28 February 2019	-	-
Depreciation
At 1 March 2018	2,480	2,480
Eliminated on disposal	(2,480)	(2,480)
At 28 February 2019	-	-
Carrying amount
At 28 February 2019	-	-
At 28 February 2018	1,500	1,500

5

Debtors

	2019 £	2018 £
Other debtors	10,001	23,655
	10,001	23,655

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Taxation and social security	-	7,672
Accruals and deferred income	-	1,560
Other creditors	-	19,387
	-	28,619

Page 5

Gem Rail Services (UK) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

7	Related party transactions

Transactions with directors

2019	At 1 March 2018 £	Advances to directors £	Repayments by director £	At 28 February 2019 £
Mr J A Ryan
Monies owed from the director to the company	(1,115)	108,852	(97,737)	10,000

2018	At 1 March 2017 £	Advances to directors £	Repayments by director £	At 28 February 2018 £
Mr J A Ryan
Monies owed from the director to the company	2,271	89,856	(93,243)	(1,115)

Directors' remuneration

The director's remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	6,998	8,151

Page 6