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Registration number: 10614597

GEMM Property Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

GEMM Property Investments Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

GEMM Property Investments Ltd

(Registration number: 10614597)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

472

663

Investment property

5

1,280,703

1,123,184

 

1,281,175

1,123,847

Current assets

 

Debtors

6

7,453

8,512

Cash at bank and in hand

 

11,669

33,764

 

19,122

42,276

Creditors: Amounts falling due within one year

7

(285,629)

(409,334)

Net current liabilities

 

(266,507)

(367,058)

Total assets less current liabilities

 

1,014,668

756,789

Creditors: Amounts falling due after more than one year

7

(893,726)

(692,296)

Provisions for liabilities

(40,569)

(26,457)

Net assets

 

80,373

38,036

Capital and reserves

 

Called up share capital

8

200

200

Other reserves

273,073

220,412

Profit and loss account

(192,900)

(182,576)

Shareholders' funds

 

80,373

38,036

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 



 

Mr G. W. Taylor
Director

 

GEMM Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lauriston
Main Road
Skirlaugh
Hull
East Yorkshire
HU11 5DT

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

 

GEMM Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

 

GEMM Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 March 2023

765

765

At 29 February 2024

765

765

Depreciation

At 1 March 2023

102

102

Charge for the year

191

191

At 29 February 2024

293

293

Net book value

At 29 February 2024

472

472

At 28 February 2023

663

663

5

Investment property

2024
£

2023
£

At 1 March

1,123,184

844,000

Additions

87,305

211,719

Fair value adjustments

70,214

67,465

At 29 February

1,280,703

1,123,184

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Debtors

2024
£

2023
£

Trade debtors

3,798

2,398

Prepayments

3,655

6,114

7,453

8,512

 

GEMM Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

240

1,590

Other creditors

2,691

96,541

Other loans

279,929

308,389

Accruals

2,769

2,814

285,629

409,334

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

893,726

692,296

893,726

692,296

Creditors include bank loans which are secured by fixed charges and negative pledges against the assets of the company and are repayable after more than 5 years, other than by instalments, in the sum of £893,726 (2023 - £692,296). Within this amount is Diminishing Musharakah financing products in the sum of £87,954 (2023 - £87,968).

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Class A of £1 each

4

4

4

4

Ordinary Class B of £1 each

95

95

95

95

Ordinary Class C of £1 each

4

4

4

4

Ordinary Class D of £1 each

95

95

95

95

Ordinary Class E of £1 each

1

1

1

1

Ordinary Class F of £1 each

1

1

1

1

 

200

200

200

200

9

Related party transactions

Directors’ loan

The directors provided the company with a loan on which no interest was charged.