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REGISTERED NUMBER: 10673212 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

GEM PROPERTY LIMITED

GEM PROPERTY LIMITED (REGISTERED NUMBER: 10673212)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEM PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: D K Robertson





REGISTERED OFFICE: Windover House
St. Ann Street
Salisbury
SP1 2DR





REGISTERED NUMBER: 10673212 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

GEM PROPERTY LIMITED (REGISTERED NUMBER: 10673212)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 145,000 145,000

CURRENT ASSETS
Debtors 5 14,150 -
Cash at bank 5,579 8,917
19,729 8,917
CREDITORS
Amounts falling due within one year 6 45,750 36,073
NET CURRENT LIABILITIES (26,021 ) (27,156 )
TOTAL ASSETS LESS CURRENT LIABILITIES 118,979 117,844

CREDITORS
Amounts falling due after more than one
year

7

(69,903

)

(72,329

)

PROVISIONS FOR LIABILITIES (3,284 ) (3,284 )
NET ASSETS 45,792 42,231

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 13,998 13,998
Retained earnings 10 31,694 28,133
SHAREHOLDERS' FUNDS 45,792 42,231

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

GEM PROPERTY LIMITED (REGISTERED NUMBER: 10673212)

BALANCE SHEET - continued
31 MARCH 2024


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 13 September 2024 and were signed by:





D K Robertson - Director


GEM PROPERTY LIMITED (REGISTERED NUMBER: 10673212)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Gem Property 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.

The financial statements have been prepared on a going concern basis which is thought to be appropriate because the director intends to provide additional funds to meet the company's liabilities as they fall due. The financial statements do not contain any adjustments that might be necessary if the additional funds were not available.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebate and value added tax.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The company carries its investment property at fair value. Any fair value gains arising are not realised profits
and therefore are transferred to a separately designated non-distributable fair value reserve. The method
and significant assumptions used to determine the fair value of investment property are further explained in
Note 4.

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.


GEM PROPERTY LIMITED (REGISTERED NUMBER: 10673212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 145,000
NET BOOK VALUE
At 31 March 2024 145,000
At 31 March 2023 145,000

The fair value (open market basis) of investment property was assessed by the director and in his opinion is valued at £145,000 at 31 March 2024.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 17,282
Cost 127,718
145,000

GEM PROPERTY LIMITED (REGISTERED NUMBER: 10673212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 14,150 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 2,311 2,662
Taxation and social security 1,403 1,374
Other creditors 42,036 32,037
45,750 36,073

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 69,903 72,329

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 58,304 59,389

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 2,311 2,662

Amounts falling due between one and two years:
Bank loans - 1-2 years 2,525 2,874

Amounts falling due between two and five years:
Bank loans - 2-5 years 9,074 10,066

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 58,304 59,389

GEM PROPERTY LIMITED (REGISTERED NUMBER: 10673212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. LOANS - continued

Included within bank loans and overdrafts is £72,214 (2023 - £74,991) relating to bank loans. These are secured by a fixed and floating charge on all assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
52 Ordinary A £1 52 52
28 Ordinary B £1 28 28
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
100 100

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 28,133 13,998 42,131
Profit for the year 3,561 3,561
At 31 March 2024 31,694 13,998 45,692

Retained earnings
This reserve is made up of cumulative profit and loss net of distributions to owners.

Fair value reserve: Investment property
This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record any corresponding deferred tax (charge)/credit on fair value changes in investment property.

11. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £192 (2023 - £192) to the director of the company.