Gem Autos Ltd

Gem Autos Ltd

GEM AUTOS LTD - Company Information

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1 July 2016 false No description of principal activity Taxfiler 2017.38.Web 07062317business:PrivateLimitedCompanyLtd2016-07-012017-06-30 070623172016-06-30 070623172016-07-012017-06-30 07062317business:AuditExemptWithAccountantsReport2016-07-012017-06-30 07062317business:FullAccounts2016-07-012017-06-30 070623172017-06-30 07062317business:Director12016-07-012017-06-30 07062317business:RegisteredOffice2016-07-012017-06-30 070623172016-06-30 07062317core:WithinOneYear2017-06-30 07062317core:WithinOneYear2016-06-30 07062317core:ShareCapital2017-06-30 07062317core:ShareCapital2016-06-30 07062317core:RetainedEarningsAccumulatedLosses2017-06-30 07062317core:RetainedEarningsAccumulatedLosses2016-06-30 07062317business:SmallEntities2016-07-012017-06-30 07062317countries:EnglandWales2016-07-012017-06-30 07062317core:PlantMachinery2016-07-012017-06-30 07062317core:MotorVehicles2016-07-012017-06-30 07062317core:ComputerEquipment2016-07-012017-06-30 07062317core:Goodwill2016-06-30 07062317core:Goodwill2017-06-30 07062317core:Goodwill2016-07-012017-06-30 07062317core:PlantMachinery2016-06-30 07062317core:MotorVehicles2016-06-30 07062317core:ComputerEquipment2016-06-30 07062317core:PlantMachinery2017-06-30 07062317core:MotorVehicles2017-06-30 07062317core:ComputerEquipment2017-06-30 07062317business:Director112016-07-012017-06-30 07062317business:Director112016-06-30 07062317business:Director112017-06-30 070623172015-07-012016-06-30 iso4217:GBP xbrli:pure
Company Registration No. 07062317 (England and Wales)
Gem Autos Ltd Unaudited accounts for the year ended 30 June 2017
Gem Autos Ltd Unaudited accounts Contents
Page
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Gem Autos Ltd Company Information for the year ended 30 June 2017
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 Statement of financial position as at 30 June 2017
2017 
2016 
Notes
£ 
£ 
Fixed assets
Intangible assets
4
3,000 
4,000 
Tangible assets
5
4,178 
5,570 
7,178 
9,570 
Current assets
Debtors
6
3,478 
3,731 
Cash at bank and in hand
6,636 
4,977 
10,114 
8,708 
Creditors: amounts falling due within one year
7
(5,768)
(5,592)
Net current assets
4,346 
3,116 
Net assets
11,524 
12,686 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
11,523 
12,685 
Shareholders' funds
11,524 
12,686 
For the year ending 30 June 2017 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 9 October 2017.
James Freeman Director Company Registration No. 07062317
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Gem Autos Ltd Notes to the Accounts for the year ended 30 June 2017
1
Statutory information
Gem Autos Ltd is a private company, limited by shares, registered in England and Wales, registration number 07062317. The registered office and principal place of business 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
These financial statements for the year ended 30 June 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 July 2015. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
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 2016
10,000 
At 30 June 2017
10,000 
Amortisation
At 1 July 2016
6,000 
Charge for the year
1,000 
At 30 June 2017
7,000 
Net book value
At 30 June 2017
3,000 
At 30 June 2016
4,000 
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Gem Autos Ltd Notes to the Accounts for the year ended 30 June 2017
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 July 2016
208 
31,295 
66 
31,569 
At 30 June 2017
208 
31,295 
66 
31,569 
Depreciation
At 1 July 2016
208 
25,725 
66 
25,999 
Charge for the year
- 
1,392 
- 
1,392 
At 30 June 2017
208 
27,117 
66 
27,391 
Net book value
At 30 June 2017
- 
4,178 
- 
4,178 
At 30 June 2016
- 
5,570 
- 
5,570 
6
Debtors
2017 
2016 
£ 
£ 
Trade debtors
3,478 
3,731 
7
Creditors: amounts falling due within one year
2017 
2016 
£ 
£ 
Bank loans and overdrafts
- 
199 
Trade creditors
2,438 
1,566 
Taxes and social security
2,559 
3,263 
Loans from directors
52 
- 
Accruals
719 
564 
5,768 
5,592 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
James Freeman
Director loan account
- 
9,375 
9,323 
52 
- 
9,375 
9,323 
52 
9
Average number of employees
During the year the average number of employees was 0 (2016: 0).
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