Gemdax Corporation Limited - Accounts to registrar (filleted) - small 18.2
Gemdax Corporation Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| FOR |
| GEMDAX CORPORATION LIMITED |
| GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| GEMDAX CORPORATION LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Turnbull House |
| 226 Mulgrave Road |
| Cheam |
| Sutton |
| Surrey |
| SM2 6JT |
| GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802) |
| BALANCE SHEET |
| 30 APRIL 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Foreign exchange reserve | ( |
) | ( |
) |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| 1. | STATUTORY INFORMATION |
| Gemdax Corporation Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
| Coronavirus (COVID-19) |
| Like most businesses, the company is likely to be adversely affected by the global Coronavirus pandemic. There is considerable uncertainty as to the size, nature and duration of the impact that will result from the pandemic and the national response thereto. The directors have considered the information available and have reasonable expectation that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. |
| Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied, net of returns, discounts and value added taxes. |
| Revenue is recognised in the accounting period in which the services were rendered. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery | 20% on cost |
| 40% on cost (Belgium Branch) |
| Computer equipment | 50% on cost (Belgium Branch) |
| 33 1/3% on cost (Belgium Branch) |
| 25% on cost (UK Branch) |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Overseas taxation is recognised at the amount of tax payable using the tax rates and laws of the overseas country to which the income pertains. |
| GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Foreign exchange transactions carried out by the Belgium branch are translated into the functional currency using the spot exchange rates at the dates of the transactions with the resulting foreign exchange differences recognised in the profit and loss account. |
| At the year end the Belgium branch monetary assets and liabilities, denominated in Euro's, are translated into sterling at the foreign exchange rates ruling at the balance sheet date. Fixed assets are translated into sterling at the rates ruling on the date of acquisition as adjusted for any profits or losses from related financial instruments. Revenue and expenses in foreign currencies are recorded in sterling at the average rate for the financial year. |
| The resulting foreign exchange differences from this year end translation are recognised in the foreign exchange reserve. |
| Leasing commitments |
| The company's office accommodation is under an operating lease agreement which can be terminated by both sides giving three months notice. Rentals are charged to the profit and loss accounts in the year in which they incur. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 April 2020 |
| DEPRECIATION |
| At 1 May 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 April 2020 |
| NET BOOK VALUE |
| At 30 April 2020 |
| At 30 April 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Corporation tax recoverable |
| VAT |
| GEMDAX CORPORATION LIMITED (REGISTERED NUMBER: 03971802) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Overseas corporation tax payable |
| VAT |
| Accrued expenses |
| 7. | LEASING AGREEMENTS |
| There exists an operating lease agreement in respect of property where each party can give three months notice in respect of termination. Accordingly a commitment is recognised in respect of that three month period of £5,842 (2019: £5,286). |