G.E.M.S. Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC201288 (Scotland)

Financial Statements

for the Year Ended 30 November 2017

for

G.E.M.S. Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Hendry

SECRETARY:

Mrs E Hendry

REGISTERED OFFICE:

17 Faulds Gardens

Baillieston

Glasgow

Lanarkshire

G69 6BX

REGISTERED NUMBER:

SC201288 (Scotland)

ACCOUNTANTS:

Ballantyne & Company

Chartered Certified Accountants

60 St Enoch Square

Glasgow

Lanarkshire

G1 4AG

FIXED ASSETS

Tangible assets

4

70,154

102,752

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

5

221,084

170,361

Cash at bank and in hand

381,655

356,727

604,739

529,088

CREDITORS

Amounts falling due within one year

6

162,145

148,552

NET CURRENT ASSETS

442,594

380,536

TOTAL ASSETS LESS CURRENT LIABILITIES

512,748

483,288

CREDITORS

Amounts falling due after more than one year

7

7,776

19,044

NET ASSETS

504,972

464,244

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

504,872

464,144

SHAREHOLDERS' FUNDS

504,972

464,244

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 13 August 2018 and were signed by:

J Hendry - Director

1.	STATUTORY INFORMATION

G.E.M.S. Engineering Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 17 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2016

174,517

17,395

126,379

40,231

358,522

Additions

9,162

-

-

791

9,953

Disposals

-

-

(42,113

)

-

(42,113

)

At 30 November 2017

183,679

17,395

84,266

41,022

326,362

DEPRECIATION

At 1 December 2016

151,104

17,066

58,010

29,590

255,770

Charge for year

6,515

82

11,758

2,858

21,213

Eliminated on disposal

-

-

(20,775

)

-

(20,775

)

At 30 November 2017

157,619

17,148

48,993

32,448

256,208

NET BOOK VALUE

At 30 November 2017

26,060

247

35,273

8,574

70,154

At 30 November 2016

23,413

329

68,369

10,641

102,752

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 December 2016

and 30 November 2017

99,231

DEPRECIATION

At 1 December 2016

45,737

Charge for year

8,039

At 30 November 2017

53,776

NET BOOK VALUE

At 30 November 2017

45,455

At 30 November 2016

53,494

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

202,372

142,967

Amounts owed by group undertakings

-

16,320

Other debtors

3,643

3,872

Prepayments

15,069

7,202

221,084

170,361

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Hire purchase contracts

5,832

24,370

Trade creditors

58,295

61,110

Tax

23,923

10,110

Social security and other taxes

8,506

9,016

VAT

58,646

36,472

Directors' current accounts

1,454

3,025

Accrued expenses

5,489

4,449

162,145

148,552

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Hire purchase contracts

7,776

19,044