Silverfin false false 31/03/2025 01/04/2024 31/03/2025 Miss N C Davis 19/02/2014 18 June 2025 The principal activity of the Company during the financial year was property development of residential and commercial properties for resale. Due to the variable property market in recent years suitable projects have been difficult to source, however the company has continued to search for opportunities. The company also rents property for commercial, residential and holiday purposes. 02419949 2025-03-31 02419949 bus:Director1 2025-03-31 02419949 2024-03-31 02419949 core:CurrentFinancialInstruments 2025-03-31 02419949 core:CurrentFinancialInstruments 2024-03-31 02419949 core:Non-currentFinancialInstruments 2025-03-31 02419949 core:Non-currentFinancialInstruments 2024-03-31 02419949 core:ShareCapital 2025-03-31 02419949 core:ShareCapital 2024-03-31 02419949 core:RevaluationReserve 2025-03-31 02419949 core:RevaluationReserve 2024-03-31 02419949 core:RetainedEarningsAccumulatedLosses 2025-03-31 02419949 core:RetainedEarningsAccumulatedLosses 2024-03-31 02419949 core:InvestmentPropertyIncludedWithinPPE 2024-03-31 02419949 core:FurnitureFittings 2024-03-31 02419949 core:ComputerEquipment 2024-03-31 02419949 core:InvestmentPropertyIncludedWithinPPE 2025-03-31 02419949 core:FurnitureFittings 2025-03-31 02419949 core:ComputerEquipment 2025-03-31 02419949 bus:OrdinaryShareClass1 2025-03-31 02419949 2024-04-01 2025-03-31 02419949 bus:FilletedAccounts 2024-04-01 2025-03-31 02419949 bus:SmallEntities 2024-04-01 2025-03-31 02419949 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 02419949 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 02419949 bus:Director1 2024-04-01 2025-03-31 02419949 core:FurnitureFittings 2024-04-01 2025-03-31 02419949 core:ComputerEquipment core:BottomRangeValue 2024-04-01 2025-03-31 02419949 core:ComputerEquipment core:TopRangeValue 2024-04-01 2025-03-31 02419949 2023-04-01 2024-03-31 02419949 core:InvestmentPropertyIncludedWithinPPE 2024-04-01 2025-03-31 02419949 core:ComputerEquipment 2024-04-01 2025-03-31 02419949 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 02419949 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 02419949 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02419949 (England and Wales)

GEMINI MANAGEMENT (CORNWALL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

GEMINI MANAGEMENT (CORNWALL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

GEMINI MANAGEMENT (CORNWALL) LIMITED

BALANCE SHEET

As at 31 March 2025
GEMINI MANAGEMENT (CORNWALL) LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 3,128,390 3,118,335
3,128,390 3,118,335
Current assets
Debtors 4 198,256 58,679
Cash at bank and in hand 61,426 142,585
259,682 201,264
Creditors: amounts falling due within one year 5 ( 133,574) ( 255,633)
Net current assets/(liabilities) 126,108 (54,369)
Total assets less current liabilities 3,254,498 3,063,966
Creditors: amounts falling due after more than one year 6 ( 96,928) ( 6,713)
Provision for liabilities ( 337,043) ( 329,873)
Net assets 2,820,527 2,727,380
Capital and reserves
Called-up share capital 7 2 2
Revaluation reserve 1,240,581 1,240,581
Profit and loss account 1,579,944 1,486,797
Total shareholder's funds 2,820,527 2,727,380

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Gemini Management (Cornwall) Limited (registered number: 02419949) were approved and authorised for issue by the Director on 18 June 2025. They were signed on its behalf by:

Miss N C Davis
Director
GEMINI MANAGEMENT (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
GEMINI MANAGEMENT (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gemini Management (Cornwall) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Fixtures and fittings 0 - 20 % reducing balance
Computer equipment 0 - 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 April 2024 3,116,304 12,405 3,200 3,131,909
Additions 10,642 0 0 10,642
At 31 March 2025 3,126,946 12,405 3,200 3,142,551
Accumulated depreciation
At 01 April 2024 0 10,624 2,950 13,574
Charge for the financial year 0 481 106 587
At 31 March 2025 0 11,105 3,056 14,161
Net book value
At 31 March 2025 3,126,946 1,300 144 3,128,390
At 31 March 2024 3,116,304 1,781 250 3,118,335

The investment properties were revalued by the Director on 31 March 2025.

4. Debtors

2025 2024
£ £
Trade debtors 18,179 48,704
Amounts owed by director 124,730 0
Prepayments 10,051 6,875
Other debtors 45,296 3,100
198,256 58,679

5. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 11,930 114,079
Trade creditors 7,788 5,301
Amounts owed to director 0 2,843
Accruals and deferred income 36,381 88,225
Taxation and social security 77,475 45,185
133,574 255,633

6. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans (secured) 96,928 6,713

The company bankers have charges over some properties of the company.

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Transactions with the entity's director

2025 2024
£ £
N C Davis (124,730) 2,843

N C Davis was advanced £127,777 during the year and repaid £204. Interest is being charged on the loan at 2.25%.