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REGISTERED NUMBER: 04350947 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Gemstone Properties Limited

Gemstone Properties Limited (Registered number: 04350947)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Gemstone Properties Limited (Registered number: 04350947)

Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 624,000 702,000
Property, plant and equipment 5 1,303,618 1,297,233
1,927,618 1,999,233

CURRENT ASSETS
Cash at bank and in hand 63,114 45,894

CREDITORS
Amounts falling due within one year 6 108,862 30,254
NET CURRENT (LIABILITIES)/ASSETS (45,748 ) 15,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,881,870

2,014,873

CREDITORS
Amounts falling due after more than one year 7 1,400,133 1,597,150
NET ASSETS 481,737 417,723

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 481,736 417,722
SHAREHOLDERS' FUNDS 481,737 417,723

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Gemstone Properties Limited (Registered number: 04350947)

Statement of Financial Position - continued
31 January 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 Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:





Mr Bhupinder Singh Chana - Director


Gemstone Properties Limited (Registered number: 04350947)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Gemstone Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04350947

Registered office: The Grange
122 Crowstone Road
Westcliff-On-Sea
Essex
SS0 8LQ

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 statement of financial position date.


Gemstone Properties Limited (Registered number: 04350947)

Notes to the Financial Statements - continued
for the Year Ended 31 January 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 statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 895,000
AMORTISATION
At 1 February 2023 193,000
Charge for year 78,000
At 31 January 2024 271,000
NET BOOK VALUE
At 31 January 2024 624,000
At 31 January 2023 702,000

Gemstone Properties Limited (Registered number: 04350947)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 1,079,470 189,340 83,671
Additions - - 35,746
At 31 January 2024 1,079,470 189,340 119,417
DEPRECIATION
At 1 February 2023 - 47,335 51,294
Charge for year - 35,501 17,031
At 31 January 2024 - 82,836 68,325
NET BOOK VALUE
At 31 January 2024 1,079,470 106,504 51,092
At 31 January 2023 1,079,470 142,005 32,377

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 54,500 3,802 1,410,783
Additions 44,500 855 81,101
At 31 January 2024 99,000 4,657 1,491,884
DEPRECIATION
At 1 February 2023 13,625 1,296 113,550
Charge for year 21,344 840 74,716
At 31 January 2024 34,969 2,136 188,266
NET BOOK VALUE
At 31 January 2024 64,031 2,521 1,303,618
At 31 January 2023 40,875 2,506 1,297,233

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 46 -
Trade creditors 11,246 22,023
Taxation and social security 91,675 1,619
Other creditors 5,895 6,612
108,862 30,254

Gemstone Properties Limited (Registered number: 04350947)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 427,362 899,534
Other creditors 972,771 697,616
1,400,133 1,597,150