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REGISTERED NUMBER: 09689838 (England and Wales)








REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

POWER GEMS HOLDINGS LIMITED

POWER GEMS HOLDINGS LIMITED (REGISTERED NUMBER: 09689838)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 7


POWER GEMS HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTORS: Dr P Ellams
Mr P McGuane





REGISTERED OFFICE: Britannic House
657 Liverpool Road
Irlam
Manchester
Lancashire
M44 5XD





REGISTERED NUMBER: 09689838 (England and Wales)





ACCOUNTANTS: Cadishead Accountancy Services Limited
Britannic House
657 Liverpool Road
Irlam
Manchester
Lancashire
M44 5XD

POWER GEMS HOLDINGS LIMITED (REGISTERED NUMBER: 09689838)

REPORT OF THE DIRECTORS
for the Year Ended 28 February 2023

The directors present their report with the financial statements of the company for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report.

Dr P Ellams
Mr P McGuane

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Dr P Ellams - Director


15 November 2023

POWER GEMS HOLDINGS LIMITED (REGISTERED NUMBER: 09689838)

BALANCE SHEET
28 February 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Investments 4 5,500,000 6,600,000

CURRENT ASSETS
Debtors 5 7,091 273,210
Cash at bank 640,306 428,160
647,397 701,370
CREDITORS
Amounts falling due within one year 6 (106,367 ) (369 )
NET CURRENT ASSETS 541,030 701,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,041,030

7,301,001

PROVISIONS FOR LIABILITIES (1,375,000 ) (1,254,000 )
NET ASSETS 4,666,030 6,047,001

CAPITAL AND RESERVES
Called up share capital 270 270
Fair value reserve 7 4,124,730 5,345,730
Retained earnings 541,030 701,001
SHAREHOLDERS' FUNDS 4,666,030 6,047,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

POWER GEMS HOLDINGS LIMITED (REGISTERED NUMBER: 09689838)

BALANCE SHEET - continued
28 February 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





Mr P McGuane - Director


POWER GEMS HOLDINGS LIMITED (REGISTERED NUMBER: 09689838)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 March 2022 6,600,000
Revaluations (1,100,000 )
At 28 February 2023 5,500,000
NET BOOK VALUE
At 28 February 2023 5,500,000
At 28 February 2022 6,600,000

POWER GEMS HOLDINGS LIMITED (REGISTERED NUMBER: 09689838)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

4. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 28 February 2023 is represented by:

Other
investments
£   
Valuation in 2016 7,129,742
Valuation in 2017 109,112
Valuation in 2019 (344,860 )
Valuation in 2020 (893,994 )
Valuation in 2021 (1,000,000 )
Valuation in 2022 1,600,000
Valuation in 2023 (1,100,000 )
5,500,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Amounts owed by group undertakings - 266,550
Other debtors 7,091 6,660
7,091 273,210

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 944 -
Amounts owed to group undertakings 104,650 -
Taxation and social security 8 (5 )
Other creditors 765 374
106,367 369

7. RESERVES
Fair
value
reserve
£   
At 1 March 2022 5,345,730
Bonus share issue (1,221,000 )

At 28 February 2023 4,124,730

8. RELATED PARTY DISCLOSURES

As a subsidiary company Power Gems Limited is a related party. During the year Power Gems Holdings Limited sold services to Power Gems Limited totalling £24,000 (2022 - £24,000). At the year end date Power Gems Holdings Limited was owed a total of £104,650 (2022 - £nil) and owed £nil (2022 - £266,550) from/to Power Gems Limited.

POWER GEMS HOLDINGS LIMITED (REGISTERED NUMBER: 09689838)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr P McGuane and Mr P Ellams.