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REGISTERED NUMBER: 13086194 (England and Wales)














ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2023 TO 30 DECEMBER 2023

FOR

GEM HEART LTD

GEM HEART LTD (REGISTERED NUMBER: 13086194)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


GEM HEART LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023







DIRECTOR: Dr Nader Golesorkhi





REGISTERED OFFICE: c/o Michael Filiou Ltd
Salisbury House
81 High Street
Potters Bar
Hertfordshire
EN6 5AS





REGISTERED NUMBER: 13086194 (England and Wales)





ACCOUNTANTS: Michael Filiou Ltd
Chartered Certified Accountants
www.michaelfiliou.com
Salisbury House
81 High Street
Potters Bar
Hertfordshire
EN6 5AS

GEM HEART LTD (REGISTERED NUMBER: 13086194)

ABRIDGED STATEMENT OF FINANCIAL POSITION
30 DECEMBER 2023

2023 2022
Notes £    £    £   
FIXED ASSETS
Investment property 4 26,903,591 -

CURRENT ASSETS
Debtors - 10
Cash at bank and in hand 3,784,705 -
3,784,705 10
CREDITORS
Amounts falling due within one year 176,541 -
NET CURRENT ASSETS 3,608,164 10
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,511,755

10

CREDITORS
Amounts falling due after more than one year 5 15,946,485 -
NET ASSETS 14,565,270 10

CAPITAL AND RESERVES
Called up share capital 8 1,000 10
Share premium 14,550,010 -
Retained earnings 14,260 -
SHAREHOLDERS' FUNDS 14,565,270 10

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

GEM HEART LTD (REGISTERED NUMBER: 13086194)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
30 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the period ended 30 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 8 April 2025 and were signed by:





Dr Nader Golesorkhi - Director


GEM HEART LTD (REGISTERED NUMBER: 13086194)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


1. STATUTORY INFORMATION

Gem Heart 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.

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

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

Taxation
Taxation for the period 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.

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 period 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 period was 2 (2022 - NIL ) .

GEM HEART LTD (REGISTERED NUMBER: 13086194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 26,903,591
At 30 December 2023 26,903,591
NET BOOK VALUE
At 30 December 2023 26,903,591

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 12,209,002 -

Repayable by instalments
Bank loans more 5 yr by instal 3,737,483 -

6. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 12,209,002 -

Repayable by instalments
Bank loans more 5 yr by instal 3,737,483 -

GEM HEART LTD (REGISTERED NUMBER: 13086194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 15,946,485 -

Hampshire Trust Bank Loan
The bank loan is secured against the investment properties of the company in favour of the lender. The loan is repayable over the period 10 years from January 2023. Interest is chargeable on the amounts drawn under the facility at a fixed interest rate of 4.75% for first 60 months then a variable rate which will be confirmed by the lender once fixed rate period ends.

Monument Bank Loan
The bank loan is secured against the investment properties of the company in favour of the lender. The loan is repayable over the period 5 years from June 2023. Interest is chargeable on the amounts drawn under the facility at a fixed interest rate of 5.36%.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 10

On 30 January 2023, the company issued 990 ordinary shares of £1 each in exchange for the assets and liabilities of a property investment business that was acquired as a going concern.

9. RELATED PARTY DISCLOSURES

On 30 January 2023, the company acquired the assets and liabilities of a property investment business as a going concern. The transferors were persons who are shareholders in the company.

10. ULTIMATE CONTROLLING PARTY

The controlling party is the director, Mr Nader Golesorkhi by virtue of the fact that he holds 60% of the issued share capital of the company.