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REGISTERED NUMBER: 01914159 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

GEMVIEW LIMITED

GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEMVIEW LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: J H Margolis





REGISTERED OFFICE: 50 Seymour Street
London
W1H 7JG





REGISTERED NUMBER: 01914159 (England and Wales)





ACCOUNTANTS: Orcom Civvals Limited
Accountants
50 Seymour Street
London
W1H 7JG

GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes $    $    $    $   
FIXED ASSETS
Tangible assets 4 29,086,928 23,056,637
Investments 5 2,125,792 3,235,501
31,212,720 26,292,138

CURRENT ASSETS
Debtors 6 394,573 132,863
Cash at bank 11,593 -
406,166 132,863
CREDITORS
Amounts falling due within one year 7 321,566 249,229
NET CURRENT ASSETS/(LIABILITIES) 84,600 (116,366 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,297,320

26,175,772

CREDITORS
Amounts falling due after more than
one year

8

24,758,300

21,559,794
NET ASSETS 6,539,020 4,615,978

CAPITAL AND RESERVES
Called up share capital 3 3
Fair value reserve 9 704,741 1,180,956
Retained earnings 5,834,276 3,435,019
SHAREHOLDERS' FUNDS 6,539,020 4,615,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

BALANCE SHEET - continued
31 DECEMBER 2022


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 November 2023 and were signed by:





J H Margolis - Director


GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Gemview 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 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.

Foreign currencies
The Financial Statements are expressed in US dollars. Additions to fixed assets in foreign currencies are translated into US dollars at the date of the transaction. Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Revenue transactions in foreign currencies are translated into US dollars at the average rate of exchange in the accounting year. Exchange differences are taken into account in arriving at the operating result.

Turnover
The turnover and profit before taxation are attributable to the one principal activity of the company which represents rent receivable.

GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Industrial buildings 4% straight line
Land Nil

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
buildings
$   
COST
At 1 January 2022 24,727,698
Additions 6,350,625
At 31 December 2022 31,078,323
DEPRECIATION
At 1 January 2022 1,671,061
Charge for year 320,334
At 31 December 2022 1,991,395
NET BOOK VALUE
At 31 December 2022 29,086,928
At 31 December 2021 23,056,637

5. FIXED ASSET INVESTMENTS

2022 2021
$    $   
Loans to undertakings in which the
company has a participating interest

1,316,375

1,949,869
Other investments not loans 809,417 1,285,632
2,125,792 3,235,501

GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


5. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Other
investments
$   
COST OR VALUATION
At 1 January 2022 1,285,632
Revaluations (476,215 )
At 31 December 2022 809,417
NET BOOK VALUE
At 31 December 2022 809,417
At 31 December 2021 1,285,632

Cost or valuation at 31 December 2022 is represented by:

Other
investments
$   
Valuation in 2018 59,970
Valuation in 2019 344,364
Valuation in 2020 291,330
Valuation in 2021 122,595
Valuation in 2022 (476,215 )
Cost 467,373
809,417
Loans to
associates
$   
At 1 January 2022 1,949,869
Repayment in year (633,494 )
At 31 December 2022 1,316,375

Included in the fixed asset investments are listed investments of $809,417 (2021:$1,285,632) loans granted of $1,316,375 (2021:$1,949,869)..

The loans were granted to Lagova properties Limited (related party) and bear interest according to the terms of the short-term bank loans received, with no financial repayment schedule.

GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
$    $   
Trade debtors 79,057 4,552
Other debtors-Marketable Secur
ities 1,224 1,945
VAT Control account - 17,486
Prepayments 314,292 108,880
394,573 132,863

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
$    $   
Bank loans and overdrafts - 3,462
Trade creditors 136,408 119,665
Other creditors 173,902 102,278
Accrued expenses 11,256 23,824
321,566 249,229

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
$    $   
Other loans - 1-2 years 24,758,300 21,559,794

9. RESERVES
Fair
value
reserve
$   
At 1 January 2022 1,180,956
(Deficit)/Surplus for the year (476,215 )

At 31 December 2022 704,741

GEMVIEW LIMITED (REGISTERED NUMBER: 01914159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


10. CONTINGENT LIABILITIES

1. According to the declaration of the company's representatives in Israel who are also the directors of the company "Lagova Properties Limited" (hereinafter - "Lagova").

The company had signed agreements with Lagova Properties Limited as follows:

a) To take bank loans in the name of the company for the use of Lagova. The terms of the loan are 'back to back' with the terms of the bank loan.The balance of the loans are presented in note 6.

b) If Lagova does not repay the bank loan, the annual management fee will be reduced to 0% until all commitments are fulfilled.

c) In addition, Lagova is committed to pledge its assets in favour of the company, if needed as collateral for financing of future development or construction at the "Intersection of food".

2. Liens - The Company's real estate is pledged as security to the loans.

3. To secure the Branch obligations to Bank Hapoalim, the Company registers a mortgage on real estate property known as Parcel 153, Block 3946 in Rishon Lezion including the Insurance rights in favour of the bank.

11. POST BALANCE SHEET EVENTS

On the 6th February 2023 the company entered into a contract with Kupat Holim Meuhedet who purchased 14,097 sq.m of office space. 120 parking spots, 65 sq.m of parking area in the building project under construction for $56,739,317.
The purchaser paid 20% on the signing of the agreement and will pay the balance on a graduated basis based on the completion of the various stages of the project.


Immovable Property

The company is undertaking a major project involving the construction of 8 story building containing offices and commercial retail space above 6 level parking lot measuring 55K square meters on its site situated at Rishon le Zion Israel.
To this end the company has entered into a contract for $45.37M with BST Building Ltd for the construction of the project which is scheduled to complete in 2025.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by EMES Trust resident in Isle of Man.

13. ENGAGEMENTS

The company signed an asset management agreement with Lagova (related party) and a general management agreement with Sackstein Management Limited (related party). The directors of those companies mentioned above are the company's representatives in Israel.