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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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Gemini Supplies (Scotland) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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Gemini Supplies (Scotland) Limited |
Gemini Supplies (Scotland) Limited (Registered number: SC235805) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Gemini Supplies (Scotland) Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chartered Tax Advisers |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
Gemini Supplies (Scotland) Limited (Registered number: SC235805) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Gemini Supplies (Scotland) Limited (Registered number: SC235805) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Gemini Supplies (Scotland) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Gemini Supplies (Scotland) Limited (Registered number: SC235805) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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4. | TANGIBLE FIXED ASSETS |
Short | Fixtures |
leasehold | Office | and |
property | equipment | fittings |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Other debtors |
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Gemini Supplies (Scotland) Limited (Registered number: SC235805) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
31 December 2015: |
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31.12.16 | 31.12.15 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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The loan to Mr Derek Paterson is included within "Other debtors" at note 7, while the loan from Mr Mark |
Paterson is included within "Other creditors" at note 8. |
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The loans are interest free and repayable on demand. |
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8. | RELATED PARTY DISCLOSURES |
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The company rents its premises from Paterson Building Services Ltd. Mr W Paterson is the father of the |
directors and is a director of Paterson Building Services Ltd. The rent is payable at commercial rates. |
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Included within "Other creditors" at note 7 is a loan of £20,000 received from Paterson Building Services Ltd. |
The loan is interest free and repayable on demand. |
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Dividends of £87,500 were paid to Mark Paterson in the year, with Derek Paterson also receiving dividends of |
£87,500 in the year. |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by Mr Mark Paterson. |
Gemini Supplies (Scotland) Limited (Registered number: SC235805) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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10. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS 102 section 1 (A). The last financial |
statements under previous UK GAAP were for the year ended 31 December 2015 and the date of transition to |
FRS 102 section 1 (A) was 1 January 2016. There are no transitional adjustments requiring disclosure in the |
financial statements. |
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