Gem Autos Ltd

Gem Autos Ltd

GEM AUTOS LTD - Company Information

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1 July 2018 false No description of principal activity Taxfiler 2019.11.Web 07062317business:PrivateLimitedCompanyLtd2018-07-012019-06-30 070623172018-06-30 070623172018-07-012019-06-30 07062317business:AuditExemptWithAccountantsReport2018-07-012019-06-30 07062317business:FullAccounts2018-07-012019-06-30 070623172019-06-30 07062317business:Director12018-07-012019-06-30 07062317business:RegisteredOffice2018-07-012019-06-30 070623172018-06-30 07062317core:WithinOneYear2019-06-30 07062317core:WithinOneYear2018-06-30 07062317core:AfterOneYear2019-06-30 07062317core:AfterOneYear2018-06-30 07062317core:ShareCapital2019-06-30 07062317core:ShareCapital2018-06-30 07062317core:RetainedEarningsAccumulatedLosses2019-06-30 07062317core:RetainedEarningsAccumulatedLosses2018-06-30 07062317business:SmallEntities2018-07-012019-06-30 07062317countries:EnglandWales2018-07-012019-06-30 07062317core:PlantMachinery2018-07-012019-06-30 07062317core:MotorVehicles2018-07-012019-06-30 07062317core:ComputerEquipment2018-07-012019-06-30 07062317core:Goodwill2018-06-30 07062317core:Goodwill2019-06-30 07062317core:Goodwill2018-07-012019-06-30 07062317core:PlantMachinery2018-06-30 07062317core:MotorVehicles2018-06-30 07062317core:ComputerEquipment2018-06-30 07062317core:PlantMachinery2019-06-30 07062317core:MotorVehicles2019-06-30 07062317core:ComputerEquipment2019-06-30 07062317business:Director112018-07-012019-06-30 07062317business:Director112018-06-30 07062317business:Director112019-06-30 070623172017-07-012018-06-30 iso4217:GBP xbrli:pure
Company Registration No. 07062317 (England and Wales)
Gem Autos Ltd Unaudited accounts for the year ended 30 June 2019
Gem Autos Ltd Unaudited accounts Contents
Page
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Gem Autos Ltd Company Information for the year ended 30 June 2019
Director
James Freeman
Company Number
07062317 (England and Wales)
Registered Office
203 West Street Fareham Hants Hampshire PO16 0EN
Accountants
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN
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Gem Autos Ltd Accountants' report
Accountants' report to the director of Gem Autos Ltd on the preparation of the unaudited statutory accounts for the year ended 30 June 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gem Autos Ltd for the year ended 30 June 2019 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Gem Autos Ltd, as a body, in accordance with the terms of our engagement letter dated 11 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of Gem Autos Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gem Autos Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Gem Autos Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gem Autos Ltd. You consider that Gem Autos Ltd 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 Gem Autos Ltd. 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.
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN 11 October 2019
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Gem Autos Ltd Statement of financial position as at 30 June 2019
2019 
2018 
Notes
£ 
£ 
Fixed assets
Intangible assets
4
1,000 
2,000 
Tangible assets
5
27,278 
7,876 
28,278 
9,876 
Current assets
Debtors
6
3,735 
3,997 
Cash at bank and in hand
7,445 
9,396 
11,180 
13,393 
Creditors: amounts falling due within one year
7
(16,447)
(14,570)
Net current liabilities
(5,267)
(1,177)
Total assets less current liabilities
23,011 
8,699 
Creditors: amounts falling due after more than one year
8
(13,366)
- 
Net assets
9,645 
8,699 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
9,644 
8,698 
Shareholders' funds
9,645 
8,699 
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 11 October 2019.
James Freeman Director Company Registration No. 07062317
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Gem Autos Ltd Notes to the Accounts for the year ended 30 June 2019
1
Statutory information
Gem Autos Ltd is a private company, limited by shares, registered in England and Wales, registration number 07062317. The registered office is 203 West Street, Fareham, Hants, Hampshire, PO16 0EN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 July 2018
10,000 
At 30 June 2019
10,000 
Amortisation
At 1 July 2018
8,000 
Charge for the year
1,000 
At 30 June 2019
9,000 
Net book value
At 30 June 2019
1,000 
At 30 June 2018
2,000 
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Gem Autos Ltd Notes to the Accounts for the year ended 30 June 2019
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 July 2018
208 
36,295 
66 
36,569 
Additions
- 
26,995 
- 
26,995 
At 30 June 2019
208 
63,290 
66 
63,564 
Depreciation
At 1 July 2018
208 
28,419 
66 
28,693 
Charge for the year
- 
7,593 
- 
7,593 
At 30 June 2019
208 
36,012 
66 
36,286 
Net book value
At 30 June 2019
- 
27,278 
- 
27,278 
At 30 June 2018
- 
7,876 
- 
7,876 
6
Debtors
2019 
2018 
£ 
£ 
Trade debtors
3,735 
3,997 
7
Creditors: amounts falling due within one year
2019 
2018 
£ 
£ 
Obligations under finance leases and hire purchase contracts
3,336 
- 
Trade creditors
11,897 
12,141 
Taxes and social security
- 
1,598 
Accruals
1,214 
831 
16,447 
14,570 
8
Creditors: amounts falling due after more than one year
2019 
2018 
£ 
£ 
Obligations under finance leases and hire purchase contracts
13,366 
- 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
James Freeman
Director loan account
- 
- 
- 
- 
- 
- 
- 
- 
10
Average number of employees
During the year the average number of employees was 0 (2018: 0).
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