Firstgem Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02865385

Firstgem Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2023

Firstgem Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		1,711	1,922

Current assets

Debtors	7	1,791	48,587
Cash at bank and in hand		4,247	7,308
		-------	--------
		6,038	55,895

Creditors: amounts falling due within one year	8	87,657		96,654
		--------		--------
Net current liabilities			81,619	40,759
			--------	--------
Total assets less current liabilities			( 79,908)	( 38,837)
			--------	--------
Net liabilities			( 79,908)	( 38,837)
			--------	--------

Capital and reserves

Called up share capital	50	50
Capital redemption reserve	50	50
Profit and loss account	( 80,008)	( 38,937)
	--------	--------
Shareholders deficit	( 79,908)	( 38,837)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Firstgem Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:

C J Roupell

Director

Company registration number: 02865385

Firstgem Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 123a Gloucester Road, South Kensington, London, SW7 4TE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis. The going concern basis is believed to be appropriate due to the continued support of the company's directors and shareholders. Having considered the level of losses incurred to date, the directors are of the opinion that the company is still in a position to continue trading, and that they will provide adequate support to ensure that the debts incurred in the normal course of business may be settled as they fall due.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office equipment	-	25% straight line
Fixtures and fittings	-	15% straight line
Motor vehicles	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company does not run its own pension scheme but makes contributions to certain employees personal plans as part of the remuneration package. Contributions are charged to the profit and loss account when paid.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2022	13,334	35,615	1,100	50,049
Additions	245	1,616	–	1,861
Disposals	–	–	( 1,100)	( 1,100)
	--------	--------	-------	--------
At 31 March 2023	13,579	37,231	–	50,810
	--------	--------	-------	--------
Depreciation
At 1 April 2022	11,412	35,615	1,100	48,127
Charge for the year	1,922	150	–	2,072
Disposals	–	–	( 1,100)	( 1,100)
	--------	--------	-------	--------
At 31 March 2023	13,334	35,765	–	49,099
	--------	--------	-------	--------
Carrying amount
At 31 March 2023	245	1,466	–	1,711
	--------	--------	-------	--------
At 31 March 2022	1,922	–	–	1,922
	--------	--------	-------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2022 and 31 March 2023	1,500
	-------
Impairment
At 1 April 2022 and 31 March 2023	1,500
	-------

Carrying amount
At 31 March 2023	–
	-------
At 31 March 2022	–
	-------

7. Debtors

	2023	2022
	£	£
Trade debtors	405	2,430
Other debtors	1,386	46,157
	-------	--------
	1,791	48,587
	-------	--------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	33,205	42,891
Trade creditors	4,550	26,769
Social security and other taxes	8,198	4,438
Other creditors	41,704	22,556
	--------	--------
	87,657	96,654
	--------	--------