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Gemma Homes Limited
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02854579
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 661,292 661,292
661,292 661,292
CURRENT ASSETS
Debtors 6 124,330 95,330
Cash at bank and in hand 3,684 9,308
128,014 104,638
Creditors: Amounts Falling Due Within One Year 7 (7,041 ) (4,060 )
NET CURRENT ASSETS (LIABILITIES) 120,973 100,578
TOTAL ASSETS LESS CURRENT LIABILITIES 782,265 761,870
Creditors: Amounts Falling Due After More Than One Year 8 (944 ) (959 )
NET ASSETS 781,321 760,911
CAPITAL AND RESERVES
Called up share capital 9 100 100
Other reserves 484,327 484,327
Profit and Loss Account 296,894 276,484
SHAREHOLDERS' FUNDS 781,321 760,911
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gerald Matty
Director
4 April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gemma Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02854579 . The registered office is 52 Osmaston Road, Derby, DE1 2HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 October 2023 2,514
As at 30 September 2024 2,514
Depreciation
As at 1 October 2023 2,514
As at 30 September 2024 2,514
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 October 2023 and 30 September 2024 661,292
6. Debtors
2024 2023
£ £
Due within one year
Amount due from Gemma Property 67,930 71,680
Number 2 account 400 400
Amount due from GJP Ltd 56,000 23,250
124,330 95,330
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 831 490
Corporation tax 5,658 3,003
Director's loan account 552 567
7,041 4,060
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Accruals and deferred income 944 959
Page 4
Page 5
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5