Gem Property Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10673212 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

GEM PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D K Robertson

REGISTERED OFFICE:

Windover House

St. Ann Street

Salisbury

SP1 2DR

REGISTERED NUMBER:

10673212 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Investment property

4

185,000

145,000

CURRENT ASSETS

Debtors

5

8,308

14,150

Cash at bank

2,536

5,579

10,844

19,729

CREDITORS

Amounts falling due within one year

6

36,198

45,750

NET CURRENT LIABILITIES

(25,354

)

(26,021

)

TOTAL ASSETS LESS CURRENT LIABILITIES

159,646

118,979

CREDITORS

Amounts falling due after more than one
year

7

(65,231

)

(69,903

)

PROVISIONS FOR LIABILITIES

(10,884

)

(3,284

)

NET ASSETS

83,531

45,792

CAPITAL AND RESERVES

Called up share capital

9

100

Fair value reserve

10

46,398

13,998

Retained earnings

10

37,033

31,694

SHAREHOLDERS' FUNDS

83,531

45,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 17 December 2025 and were signed by:

D K Robertson - Director

1.	STATUTORY INFORMATION

Gem Property Limited 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis which is thought to be appropriate because the director intends to provide additional funds to meet the company's liabilities as they fall due. The financial statements do not contain any adjustments that might be necessary if the additional funds were not available.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebate and value added tax.

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.

The company carries its investment property at fair value. Any fair value gains arising are not realised profits

and therefore are transferred to a separately designated non-distributable fair value reserve. The method

and significant assumptions used to determine the fair value of investment property are further explained in

Note 4.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

145,000

Revaluations

40,000

At 31 March 2025

185,000

NET BOOK VALUE

At 31 March 2025

185,000

At 31 March 2024

145,000

The fair value (open market basis) of investment property was assessed by the director and in his opinion is valued at £185,000 at 31 March 2025.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2023

17,282

Valuation in 2025

40,000

Cost

127,718

185,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Other debtors

8,308

14,150

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts (see note 8)

2,525

2,311

Taxation and social security

1,828

1,403

Other creditors

31,845

42,036

36,198

45,750

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans (see note 8)

65,231

69,903

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

52,554

58,304

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

Amounts falling due within one year or on demand:

Bank loans

2,525

2,311

Amounts falling due between one and two years:

Bank loans - 1-2 years

2,760

2,525

Amounts falling due between two and five years:

Bank loans - 2-5 years

9,917

9,074

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

52,554

58,304

Included within bank loans and overdrafts is £72,214 (2023 - £74,991) relating to bank loans. These are secured by a fixed and floating charge on all assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

52

Ordinary A

£1

52

28

Ordinary B

£1

28

10

Ordinary C

£1

10

Ordinary D

£1

10

100

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

At 1 April 2024

31,694

13,998

45,692

Profit for the year

37,739

Reserve transfer

(32,400

)

32,400

-

At 31 March 2025

37,033

46,398

83,431

Retained earnings

This reserve is made up of cumulative profit and loss net of distributions to owners.

Fair value reserve: Investment property

This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record any corresponding deferred tax (charge)/credit on fair value changes in investment property.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

D K Robertson

Balance outstanding at start of year

-

Amounts advanced

8,308

-

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

8,308

-

12.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £nil (2024 - £192) to the director of the company.