IRIS Accounts Production v24.3.0.553 SC702590 Board of Directors Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC7025902023-07-31SC7025902024-07-31SC7025902023-08-012024-07-31SC7025902022-06-30SC7025902022-07-012023-07-31SC7025902023-07-31SC702590ns15:Scotland2023-08-012024-07-31SC702590ns14:PoundSterling2023-08-012024-07-31SC702590ns10:Director12023-08-012024-07-31SC702590ns10:Director22023-08-012024-07-31SC702590ns10:PrivateLimitedCompanyLtd2023-08-012024-07-31SC702590ns10:SmallEntities2023-08-012024-07-31SC702590ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-31SC702590ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-31SC702590ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-31SC702590ns10:FullAccounts2023-08-012024-07-31SC702590ns10:RegisteredOffice2023-08-012024-07-31SC702590ns5:CurrentFinancialInstruments2024-07-31SC702590ns5:CurrentFinancialInstruments2023-07-31SC702590ns5:Non-currentFinancialInstruments2024-07-31SC702590ns5:Non-currentFinancialInstruments2023-07-31SC702590ns5:ShareCapital2024-07-31SC702590ns5:ShareCapital2023-07-31SC702590ns5:RevaluationReserve2024-07-31SC702590ns5:RevaluationReserve2023-07-31SC702590ns5:RetainedEarningsAccumulatedLosses2024-07-31SC702590ns5:RetainedEarningsAccumulatedLosses2023-07-31SC702590ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-31SC702590ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-31
REGISTERED NUMBER: SC702590 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

GEMINI PROPERTIES SCOT LTD

GEMINI PROPERTIES SCOT LTD (REGISTERED NUMBER: SC702590)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEMINI PROPERTIES SCOT LTD

COMPANY INFORMATION
for the year ended 31 July 2024







DIRECTORS: S Gemmell
Mrs V M Gemmell



REGISTERED OFFICE: 43 Louisville Avenue
Wishaw
Lanarkshire
ML2 8XU



REGISTERED NUMBER: SC702590 (Scotland)



ACCOUNTANTS: Mitchell Edwards
Chartered Certified Accountants
24A Ainslie Place
Edinburgh
EH3 6AJ



BANKERS: Royal Bank of Scotland
Glasgow City Branch
10 Gordon Street
Glasgow
G1 3PL



SOLICITORS: Lindsays
19A Canning Street
Edinburgh
EH3 8HE

GEMINI PROPERTIES SCOT LTD (REGISTERED NUMBER: SC702590)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 399,197 376,844

CURRENT ASSETS
Debtors 5 84 106
Cash at bank and in hand 3,620 15,181
3,704 15,287
CREDITORS
Amounts falling due within one year 6 74,660 72,689
NET CURRENT LIABILITIES (70,956 ) (57,402 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

328,241

319,442

CREDITORS
Amounts falling due after more than one year 7 (259,587 ) (289,439 )

PROVISIONS FOR LIABILITIES (5,588 ) -
NET ASSETS 63,066 30,003

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 16,765 -
Retained earnings 46,299 30,001
63,066 30,003

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

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

GEMINI PROPERTIES SCOT LTD (REGISTERED NUMBER: SC702590)

BALANCE SHEET - continued
31 July 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 10 March 2025 and were signed on its behalf by:




S Gemmell - Director



Mrs V M Gemmell - Director


GEMINI PROPERTIES SCOT LTD (REGISTERED NUMBER: SC702590)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2024


1. STATUTORY INFORMATION

Gemini Properties Scot Ltd is a private company, limited by shares , registered in Scotland. 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 (£), rounded to the nearest £.

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 the total of rent and other income receivable by the company for the rental of own property for the period.

Investment property
The company carries investment property at fair value with changes in fair value being recognised in the Income Statement. Any such changes together with the related deferred tax are transferred to a Fair Value Reserve.

Financial instruments
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method.

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.

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.

3. EMPLOYEES AND DIRECTORS

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

GEMINI PROPERTIES SCOT LTD (REGISTERED NUMBER: SC702590)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 376,844
Revaluations 22,353
At 31 July 2024 399,197
NET BOOK VALUE
At 31 July 2024 399,197
At 31 July 2023 376,844

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2024 22,353
Cost 376,844
399,197

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 84 106

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,065 28,184
Taxation and social security 6,075 6,006
Other creditors 38,520 38,499
74,660 72,689

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 259,587 289,439

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 114,691 154,200

8. SECURED DEBTS

Bank Loan is secured by standard securities over the company's investment property and a property held by a company under common control.