Company registration number 04615054 (England and Wales)
GEMINI VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
GEMINI VENTURES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GEMINI VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
224
Investment properties
4
1,350,000
1,350,000
1,350,000
1,350,224
Current assets
Debtors
5
108,429
103,465
Cash at bank and in hand
74,293
38,601
182,722
142,066
Creditors: amounts falling due within one year
6
(78,036)
(79,977)
Net current assets
104,686
62,089
Total assets less current liabilities
1,454,686
1,412,313
Provisions for liabilities
7
(93,373)
(93,373)
Net assets
1,361,313
1,318,940
Capital and reserves
Called up share capital
8
1,000
1,000
Other reserves
398,066
398,066
Profit and loss reserves
962,247
919,874
Total equity
1,361,313
1,318,940
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 22 November 2023
D Ingram
Director
Company Registration No. 04615054
GEMINI VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Gemini Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Kings House, 9-10 Haymarket, London, SW1Y 4BP.
The principal activity of the company continued to be that of a property investment company.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable for the letting of properties net of discounts, monthly in advance.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line per annum.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is initially recognised in profit or loss and then transferred to the fair value reserve.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
GEMINI VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
GEMINI VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
45,435
Depreciation and impairment
At 1 March 2022
45,211
Depreciation charged in the year
224
At 28 February 2023
45,435
Carrying amount
At 28 February 2023
At 28 February 2022
224
4
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
1,350,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,031
Amounts owed by group undertakings
2,506
2,506
Other debtors
101,234
100,000
Prepayments and accrued income
1,658
959
108,429
103,465
GEMINI VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
126
751
Corporation tax
9,684
12,002
Other creditors
63,210
62,208
Accruals and deferred income
5,016
5,016
78,036
79,977
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
93,373
93,373
8
Called up share capital
2023
2022
£
£
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Directors' transactions
Transactions in relation to a loan from the director during the year is outlined in the table below:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
D Ingram -
-
50,599
1,003
51,602
50,599
1,003
51,602