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REGISTERED NUMBER: 07611374 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

RARE GEM LTD

RARE GEM LTD (REGISTERED NUMBER: 07611374)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RARE GEM LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: A N Latif
M R Williams





REGISTERED OFFICE: Suite 1
Aireside House
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ





REGISTERED NUMBER: 07611374 (England and Wales)





ACCOUNTANTS: Brosnans
Chartered Accountants
Suite 1, Aireside House
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

RARE GEM LTD (REGISTERED NUMBER: 07611374)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £ £
FIXED ASSETS
Investment property 4 2,700,001 3,010,001

CURRENT ASSETS
Debtors 5 4,508 830
Cash at bank and in hand 37,912 136,859
42,420 137,689
CREDITORS
Amounts falling due within one year 6 (86,729 ) (145,347 )
NET CURRENT LIABILITIES (44,309 ) (7,658 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,655,692

3,002,343

CREDITORS
Amounts falling due after more than
one year

7

(1,175,374

)

(1,215,374

)

PROVISIONS FOR LIABILITIES (45,091 ) (103,991 )
NET ASSETS 1,435,227 1,682,978

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 99,203 350,303
Retained earnings 10 1,335,924 1,332,575
SHAREHOLDERS' FUNDS 1,435,227 1,682,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

RARE GEM LTD (REGISTERED NUMBER: 07611374)

BALANCE SHEET - continued
29 FEBRUARY 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 17 October 2024 and were signed on its behalf by:




A N Latif - Director



M R Williams - Director


RARE GEM LTD (REGISTERED NUMBER: 07611374)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Rare Gem Ltd 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.

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


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.

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.

TURNOVER
Turnover represents net rental income received.

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

The methods and significant assumptions used to ascertain the fair value of £2,700,001 and the value movement of £310,000 included in the profit for the year were valued by the directors at market value.

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.


RARE GEM LTD (REGISTERED NUMBER: 07611374)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 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.

Deferred tax on revalued non-depreciable tangible fixed assets and investment properties measured using the rates and allowances that apply to the sale of the asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 March 2023 3,010,001
Revaluations (310,000 )
At 29 February 2024 2,700,001
NET BOOK VALUE
At 29 February 2024 2,700,001
At 28 February 2023 3,010,001


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 3,122 -
Other debtors 1,386 830
4,508 830

RARE GEM LTD (REGISTERED NUMBER: 07611374)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 60,000 60,000
Taxation and social security 854 55,523
Other creditors 25,875 29,824
86,729 145,347

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 1,175,374 1,215,374

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,235,374 1,275,374

The Company's loan facility is secured by way of a fixed and floating charge over all assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

10. RESERVES

Fair value
Reserve

At 1 March 2023350,303

Movement in the year (net of deferred tax)
(251,100)
At 29 February 202499,203