4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,115,000 4,115,000 4,115,000 xbrli:pure xbrli:shares iso4217:GBP 01790792 2023-04-01 2024-03-31 01790792 2024-03-31 01790792 2023-03-31 01790792 2022-04-01 2023-03-31 01790792 2023-03-31 01790792 2022-03-31 01790792 bus:Director1 2023-04-01 2024-03-31 01790792 bus:Director3 2023-04-01 2024-03-31 01790792 core:WithinOneYear 2024-03-31 01790792 core:WithinOneYear 2023-03-31 01790792 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 01790792 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01790792 core:ShareCapital 2024-03-31 01790792 core:ShareCapital 2023-03-31 01790792 core:RevaluationReserve 2024-03-31 01790792 core:RevaluationReserve 2023-03-31 01790792 core:RetainedEarningsAccumulatedLosses 2024-03-31 01790792 core:RetainedEarningsAccumulatedLosses 2023-03-31 01790792 bus:SmallEntities 2023-04-01 2024-03-31 01790792 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01790792 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01790792 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01790792 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 01790792
Gemdome Limited
Unaudited financial statements
31 March 2024
Gemdome Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,115,000
4,115,000
Current assets
Work in progress
110,000
110,000
Debtors
6
22,846
12,504
Cash at bank and in hand
4,299,347
4,457,699
-----------
-----------
4,432,193
4,580,203
Creditors: Amounts falling due within one year
7
( 920,877)
( 966,060)
-----------
-----------
Net current assets
3,511,316
3,614,143
-----------
-----------
Total assets less current liabilities
7,626,316
7,729,143
Provisions
Taxation including deferred tax
( 408,938)
( 408,938)
-----------
-----------
Net assets
7,217,378
7,320,205
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,928,552
1,928,552
Profit and loss account
5,288,726
5,391,553
-----------
-----------
Shareholders funds
7,217,378
7,320,205
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gemdome Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
P L Land
B J Skoulding
Director
Director
Company registration number: 01790792
Gemdome Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, IP32 7EA. The trading address of the company is Marwick House, Station Road, March, Cambridgeshire, PE15 8XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 4 (2023: 4 ).
5. Tangible assets
Investment properties
£
Cost
At 1 April 2023 and 31 March 2024
4,115,000
-----------
Depreciation
At 1 April 2023 and 31 March 2024
-----------
Carrying amount
At 31 March 2024
4,115,000
-----------
At 31 March 2023
4,115,000
-----------
The company's investment property is measured at fair value, based on an open market by the directors.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 31 March 2024
Aggregate cost
1,777,510
Aggregate depreciation
-----------
Carrying value
1,777,510
-----------
At 31 March 2023
Aggregate cost
1,777,510
Aggregate depreciation
-----------
Carrying value
1,777,510
-----------
6. Debtors
2024
2023
£
£
Trade debtors
4,423
4,278
Other debtors
18,423
8,226
-------
-------
22,846
12,504
-------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
630
1,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
300,000
300,000
Social security and other taxes
91,430
194,479
Other creditors
528,817
470,581
---------
---------
920,877
966,060
---------
---------