REGISTERED NUMBER: 13086194 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2024

FOR

GEM HEART LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Investment property

4

26,986,391

26,903,591

CURRENT ASSETS

Debtors

3,374,624

-

Cash at bank and in hand

239,728

3,784,705

3,614,352

3,784,705

CREDITORS

Amounts falling due within one year

139,511

176,541

NET CURRENT ASSETS

3,474,841

3,608,164

TOTAL ASSETS LESS CURRENT LIABILITIES

30,461,232

30,511,755

CREDITORS

Amounts falling due after more than one year

5

15,898,106

15,946,485

NET ASSETS

14,563,126

14,565,270

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Share premium

14,550,010

14,550,010

Retained earnings

12,116

14,260

SHAREHOLDERS' FUNDS

14,563,126

14,565,270

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 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.

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 year ended 30 December 2024 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 12 December 2025 and were signed by:

Dr Nader Golesorkhi - Director

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 represents rental income from investment properties owned by company.

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 year 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 year 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 year was 2 (2023 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 December 2023

26,903,591

Additions

82,800

At 30 December 2024

26,986,391

NET BOOK VALUE

At 30 December 2024

26,986,391

At 30 December 2023

26,903,591

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2024

2023

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

12,160,623

12,209,002

Repayable by instalments

Bank loans more 5 yr by instal

3,737,483

3,737,483

6.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

12,160,623

12,209,002

Repayable by instalments

Bank loans more 5 yr by instal

3,737,483

3,737,483

7.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

15,898,106

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

2024

2023

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

9.	RELATED PARTY DISCLOSURES

Brightsam Limited

At the balance sheet date, the amount due from Brightsam Limited, a company controlled and owned by the shareholders Dr Nader Golesorkhi and Sona Lotfikaribozorg was £2,332,838 (2023: £Nil). The loan is unsecured interest-free and payable on demand.

Charles One Ltd

At the balance sheet date, the amount due from Brightsam Limited, a company controlled and owned by the shareholders Dr Nader Golesorkhi and Sona Lotfikaribozorg was £1,031,436 (2023:£Nil). The loan is unsecured interest-free and payable on demand.

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.