IRIS Accounts Production v24.3.2.46 NI051221 director 31.7.23 30.7.24 30.7.24 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0512212023-07-30NI0512212024-07-30NI0512212023-07-312024-07-30NI0512212022-07-30NI0512212022-07-312023-07-30NI0512212023-07-30NI051221ns15:NorthernIreland2023-07-312024-07-30NI051221ns14:PoundSterling2023-07-312024-07-30NI051221ns10:Director12023-07-312024-07-30NI051221ns10:PrivateLimitedCompanyLtd2023-07-312024-07-30NI051221ns10:SmallEntities2023-07-312024-07-30NI051221ns10:AuditExempt-NoAccountantsReport2023-07-312024-07-30NI051221ns10:SmallCompaniesRegimeForDirectorsReport2023-07-312024-07-30NI051221ns10:SmallCompaniesRegimeForAccounts2023-07-312024-07-30NI051221ns10:FullAccounts2023-07-312024-07-30NI051221ns10:OrdinaryShareClass12023-07-312024-07-30NI051221ns10:RegisteredOffice2023-07-312024-07-30NI051221ns5:CurrentFinancialInstruments2024-07-30NI051221ns5:CurrentFinancialInstruments2023-07-30NI051221ns5:Non-currentFinancialInstruments2024-07-30NI051221ns5:Non-currentFinancialInstruments2023-07-30NI051221ns5:ShareCapital2024-07-30NI051221ns5:ShareCapital2023-07-30NI051221ns5:RetainedEarningsAccumulatedLosses2024-07-30NI051221ns5:RetainedEarningsAccumulatedLosses2023-07-30NI051221ns5:FurnitureFittings2023-07-30NI051221ns5:FurnitureFittings2023-07-312024-07-30NI051221ns5:FurnitureFittings2024-07-30NI051221ns5:FurnitureFittings2023-07-30NI051221ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-30NI051221ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-30NI051221ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-07-30NI051221ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-07-30NI051221ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-07-30NI051221ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-07-30NI051221ns10:OrdinaryShareClass12024-07-30
REGISTERED NUMBER: NI051221 (Northern Ireland)















GEMIN PROPERTIES LTD

Unaudited Financial Statements for the Year Ended 30 July 2024






GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 JULY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GEMIN PROPERTIES LTD

Company Information
FOR THE YEAR ENDED 30 JULY 2024







DIRECTOR: Gareth Macklin



REGISTERED OFFICE: 26 Wellington Park
Belfast
Co. Antrim
BT9 6DL



REGISTERED NUMBER: NI051221 (Northern Ireland)



ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Bank of Ireland
364 Lisburn Road
Belfast
Co. Antrim
BT9 6GL

GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)

Statement of Financial Position
30 JULY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 390 519
Investment property 6 848,397 848,397
848,787 848,916

CURRENT ASSETS
Receivables: amounts falling due within
one year

7

10,457

16,369
Cash at bank 197,562 119,003
208,019 135,372
PAYABLES
Amounts falling due within one year 8 (261,130 ) (210,011 )
NET CURRENT LIABILITIES (53,111 ) (74,639 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

795,676

774,277

PAYABLES
Amounts falling due after more than
one year

9

(271,707

)

(299,872

)

PROVISIONS FOR LIABILITIES (97 ) (130 )
NET ASSETS 523,872 474,275

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 523,871 474,274
SHAREHOLDERS' FUNDS 523,872 474,275

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)

Statement of Financial Position - continued
30 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 director and authorised for issue on 24 January 2025 and were signed by:





Gareth Macklin - Director


GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JULY 2024

1. STATUTORY INFORMATION

Gemin Properties Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" including the providions of Section 1A "Small Entities" and the Companies Act 2006, issued by the Financial Reporting Council. These financial statements have been prepared on Going Concern basis.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue
Revenue is recognised for rents received from property held as investment property. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a rental agreement is recognised in the period to which the rent relates. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment 25% Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Directors. The valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Statement of Financial Activities.

GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JULY 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JULY 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£
COST
At 31 July 2023
and 30 July 2024 13,545
DEPRECIATION
At 31 July 2023 13,026
Charge for year 129
At 30 July 2024 13,155
NET BOOK VALUE
At 30 July 2024 390
At 30 July 2023 519

GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JULY 2024

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 31 July 2023
and 30 July 2024 848,397
NET BOOK VALUE
At 30 July 2024 848,397
At 30 July 2023 848,397

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other receivables 10,457 10,457
Prepayments and accrued income - 5,912
10,457 16,369

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 10)
49,260

49,260
Taxation and social security 13,175 2,095
Other payables 198,695 158,656
261,130 210,011

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans (see note 10) 271,707 299,872

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 74,667 102,832

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 49,260 49,260

Amounts falling due between one and two years:
Bank loans - 1-2 years 49,260 49,260

Amounts falling due between two and five years:
Bank loans - 2-5 years 147,780 147,780

Amounts falling due in more than five years:

GEMIN PROPERTIES LTD (REGISTERED NUMBER: NI051221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JULY 2024

10. LOANS - continued
2024 2023
£ £
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 74,667 102,832

The bank loan is secured by way of an all monies debenture incorporating a fixed and floating charge over all company assets present and future.

The bank loans include £74,667 (2023: £102,832) which fall due after five years and which are repayable by instalments of £805 per month and £3,300 per month with interest charged at 1% above Bank of England Base Rate per annum.

11. CALLED UP SHARE CAPITAL

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

12. CAPITAL COMMITMENTS

The company has no material capital commitments at the year ended 30 July 2024.