REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2023 TO 30 DECEMBER 2023 |
FOR |
GEM HEART LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 5 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
At 30 December 2023 |
NET BOOK VALUE |
At 30 December 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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 |
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: | £ | £ |
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. |