Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseNo description of principal activity44falsetrue 03619447 2023-01-01 2023-12-31 03619447 2022-01-01 2022-12-31 03619447 2023-12-31 03619447 2022-12-31 03619447 2022-01-01 03619447 c:Director3 2023-01-01 2023-12-31 03619447 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 03619447 d:FreeholdInvestmentProperty 2023-12-31 03619447 d:FreeholdInvestmentProperty 2022-12-31 03619447 d:CurrentFinancialInstruments 2023-12-31 03619447 d:CurrentFinancialInstruments 2022-12-31 03619447 d:Non-currentFinancialInstruments 2023-12-31 03619447 d:Non-currentFinancialInstruments 2022-12-31 03619447 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03619447 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03619447 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03619447 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03619447 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 03619447 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 03619447 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 03619447 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 03619447 d:ShareCapital 2023-12-31 03619447 d:ShareCapital 2022-12-31 03619447 d:InvestmentPropertiesRevaluationReserve 2023-01-01 2023-12-31 03619447 d:InvestmentPropertiesRevaluationReserve 2023-12-31 03619447 d:InvestmentPropertiesRevaluationReserve 2022-12-31 03619447 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03619447 d:RetainedEarningsAccumulatedLosses 2023-12-31 03619447 d:RetainedEarningsAccumulatedLosses 2022-12-31 03619447 d:OtherDeferredTax 2023-12-31 03619447 d:OtherDeferredTax 2022-12-31 03619447 c:FRS102 2023-01-01 2023-12-31 03619447 c:Audited 2023-01-01 2023-12-31 03619447 c:FullAccounts 2023-01-01 2023-12-31 03619447 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03619447 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03619447 4 2023-01-01 2023-12-31 03619447 6 2023-01-01 2023-12-31 03619447 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03619447









GEMPOINT 2000 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GEMPOINT 2000 LIMITED
REGISTERED NUMBER: 03619447

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
466,441
476,191

Investment property
 5 
11,781,949
22,656,181

  
12,248,390
23,132,372

Current assets
  

Debtors: amounts falling due within one year
 6 
2,476,817
2,295,131

Cash at bank and in hand
 7 
187,337
509,856

  
2,664,154
2,804,987

Creditors: amounts falling due within one year
 8 
(821,366)
(741,569)

Net current assets
  
 
 
1,842,788
 
 
2,063,418

Total assets less current liabilities
  
14,091,178
25,195,790

Creditors: amounts falling due after more than one year
 9 
(4,923,831)
(9,072,802)

Provisions for liabilities
  

Deferred tax
 11 
(1,014,261)
(712,726)

  
 
 
(1,014,261)
 
 
(712,726)

Net assets
  
8,153,086
15,410,262


Capital and reserves
  

Called up share capital 
  
2
2

Investment property reserve
 12 
4,530,279
7,522,125

Profit and loss account
 12 
3,622,805
7,888,135

  
8,153,086
15,410,262


Page 1

 
GEMPOINT 2000 LIMITED
REGISTERED NUMBER: 03619447
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Patel
Director

Date: 10 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Gempoint 2000 Limited is a private company limited by shares.  Teh company is incorporated in England and Wales, registration number 03619447. The registered office is Aston House, Cornwall Avenue, London, N3 1LF. The principal activity is that of property rental.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 pounds sterling and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
476,191


Additions
20,250


Revaluations
(30,000)



At 31 December 2023
466,441




Page 6

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
22,656,181


Additions at cost
186,434


Disposals
(11,060,666)



At 31 December 2023
11,781,949

The 2023 valuations were made by the Directors,, on an open market value for existing use basis.





During the year, the company transferred a property included within Investment properties to its parent company by way of dividend in specie. Associated bank loans have also been novated to the parent company as part of the transfer. As such, the dividend in specie has been recognised as the fair value of the property net of associated bank loans.
Revaluation gains and associated deferred tax on this property have been released from the Investment property revaluation reserve to the Profit and loss account.

Page 7

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
235,541
185,412

Amounts owed by group undertakings
303,851
323,975

Other debtors
1,856,250
1,677,994

Prepayments and accrued income
81,175
107,750

2,476,817
2,295,131



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
187,337
509,856

187,337
509,856



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
541,766
359,710

Trade creditors
-
23,682

Corporation tax
74,185
64,718

Other taxation and social security
25,472
10,448

Obligations under finance lease and hire purchase contracts
-
3,559

Other creditors
11,500
11,500

Accruals and deferred income
168,443
267,952

821,366
741,569


Page 8

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
4,923,831
9,072,802


Bank loans are secured by a charge on the company's investment and freehold property.
The company's bank loans are repayable over 5 years at interest rates of 3% above Bank of England base rate and 3.02% fixed rate.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
541,766
359,710


541,766
359,710

Amounts falling due 1-2 years

Bank loans
95,471
776,986


95,471
776,986

Amounts falling due 2-5 years

Bank loans
4,828,360
8,295,816


4,828,360
8,295,816


5,465,597
9,432,512


Page 9

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(712,726)
(564,658)


Charged to profit or loss
(301,535)
(148,068)



At end of year
(1,014,261)
(712,726)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment and freehold properties
(1,014,261)
(712,726)

(1,014,261)
(712,726)


12.


Reserves

Investment property revaluation reserve

Revaluation reserve relates to the surplus or deficit arising on the revaluation of assets less any associated deferred taxation. The Investment property revaluation reserve represents a non-distributable element of the Profit & loss account reserve.

Profit and loss account

Retained earnings relate to cumulative net gains and losses less distributions made.

Page 10

 
GEMPOINT 2000 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

At the balance sheet date Ganesh Assets Limited owed the company £NIL (2022: £NIL). During the year the company charged 50,000 (2022: £5,000) to Ganesh Assets for adminstration fees. Gempoint 2000 Limited owns 1/3rd share of Ganesh Assets Limited.
At the balance sheet date, RNS Assets Limited owed £825,000 (2022: £1,625,000) to the company. All of the directors of Gempoint 2000 Limited are also directors and shareholders of RNS Assets Limited.
At the balance sheet date, Mansfield Limited owed £303,851 (2022: £323,975) to the company. All of the directors of Gempoint 2000 Limited are also directors and shareholders of Mansfield Limited.
At the balance sheet date, Carboclass Limited owed the company £139,722 (2022: £186,735) in respect of rents receivable. All of the directors of Gempoint 2000 Limited are also directors of Carboclass Limited.
At the balance sheet date, dividends of £NIL (2022: £200,000) were payable by the company to Lords Group Real Estate Limited, the immediate parent company.
During the year the company paid dividends of £66,667 (2022: £200,000) to Lords Group Real Estate Limited, who were the immediate parent company upto 23 October 2023.
During the year the company paid dividends of £4,037,287 (2022: £NIL) by way of property transfer to Old Oak Wharf Limited, who were the the immiediate parent company from 23rd October 2023.
During the year, the company received £185,311 (2022: NIL), in respect of management fees for Old Oak Wharf Ltd which was a temporary parent company in the reorganisation of group entities.
During the year, the company received £20,000 (2022: £40,000) in respect of management fees for Lords SSAS.
During the year, Lords SSAS charged rent of £NIL (2022: £29,527) to the company. The directors of the company are trustees of Lords SSAS.


14.


Controlling party

The company's parent company is Lords Group Real Estate Limited , a company incorporated in England and Wales.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 September 2024 by Alexander Chrysaphiades FCA (senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 11