G.E.M. Group Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02270315 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

G.E.M. GROUP LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Manning

Mrs S V L Stanton

J E Manning

J A Manning

REGISTERED OFFICE:

Unit 4/5 Welton Road

Wedgnock Industrial Estate

Warwick

Warwickshire

CV34 5PZ

REGISTERED NUMBER:

02270315 (England and Wales)

BANKERS:

HSBC

PO Box 88

The Parade

Leamington Spa

Warwickshire

CV32 4BU

FIXED ASSETS

Tangible assets

4

1,055,254

598,720

Investments

5

35

35

Investment property

6

342,773

342,773

1,398,062

941,528

CURRENT ASSETS

Debtors

291,797

272,322

Cash at bank

1,254,422

966,825

1,546,219

1,239,147

CREDITORS

Amounts falling due within one year

50,212

80,455

NET CURRENT ASSETS

1,496,007

1,158,692

TOTAL ASSETS LESS CURRENT LIABILITIES

2,894,069

2,100,220

PROVISIONS FOR LIABILITIES

41,389

15,397

NET ASSETS

2,852,680

2,084,823

CAPITAL AND RESERVES

Called up share capital

8

108

108

Revaluation reserve

9

403,751

-

Capital redemption reserve

27

27

Retained earnings

2,448,794

2,084,688

SHAREHOLDERS' FUNDS

2,852,680

2,084,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 1 November 2022 and were signed on its behalf by:

G Manning - Director

1.	STATUTORY INFORMATION

G.E.M. Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1.

Preparation of consolidated financial statements

The financial statements contain information about G.E.M. Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover comprises the value of sales (excluding value added tax, similar taxes) of services provided in the normal course of business.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and buildings

-

straight line over 50 years

Plant and machinery

-

20% on reducing balance

Fixtures, fittings and equipment

-

20% on reducing balance

Motor vehicles

-

33% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 June 2021

919,651

Additions

25,438

Disposals

(169,863

)

Revaluations

435,000

At 31 May 2022

1,210,226

DEPRECIATION

At 1 June 2021

320,931

Charge for year

57,654

Eliminated on disposal

(90,270

)

Revaluation adjustments

(133,343

)

At 31 May 2022

154,972

NET BOOK VALUE

At 31 May 2022

1,055,254

At 31 May 2021

598,720

Included in cost or valuation of land and buildings is freehold land of £ 75,000 (2021 - £ 75,000 ) which is not depreciated.

Cost or valuation at 31 May 2022 is represented by:

Totals

£

Valuation in 2013

(114,494

)

Valuation in 2022

435,000

Cost

889,720

1,210,226

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

639,494

639,494

Aggregate depreciation

188,171

167,263

Value of land in freehold land and buildings

75,000

75,000

Freehold land and buildings were valued on an open market basis on 6 July 2022 by EHB Reeves Chartered Surveyors .

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 June 2021

and 31 May 2022

35

NET BOOK VALUE

At 31 May 2022

35

At 31 May 2021

35

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2021

and 31 May 2022

342,773

NET BOOK VALUE

At 31 May 2022

342,773

At 31 May 2021

342,773

The directors do not believe there has been any material change to the fair value as at 31 May 2022.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

-

3,960

Between one and five years

-

2,310

-

6,270

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

108

Ordinary

£1

108

108

9.

RESERVES

Revaluation

reserve

£

Transfer from revaluation

reserve to profit and loss

account

435,000

Deferred tax on revaluation

of property

(31,249

)

At 31 May 2022

403,751

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £14,500 (2021 - £14,500).

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.