REGISTERED NUMBER: 01914159 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GEMVIEW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Margolis

Clermont Directors Limited

SECRETARY:

Clermont Secretaries Limited

REGISTERED OFFICE:

Regent House

Allum Gate

Theobald Street

Borehamwood

Hertfordshire

WD6 4RS

REGISTERED NUMBER:

01914159 (England and Wales)

ACCOUNTANTS:

Orcom Civvals Limited

Accountants

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

69,337,576

42,199,278

Investments

5

2,380,445

1,954,792

71,718,021

44,154,070

CURRENT ASSETS

Debtors

6

1,885,971

2,081,423

Cash at bank

3,400,903

65,966

5,286,874

2,147,389

CREDITORS

Amounts falling due within one year

7

(58,088,079

)

(11,171,436

)

NET CURRENT LIABILITIES

(52,801,205

)

(9,024,047

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,916,816

35,130,023

CREDITORS

Amounts falling due after more than one year

8

(12,294,727

)

(28,738,744

)

NET ASSETS

6,622,089

6,391,279

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

6,622,086

6,391,276

SHAREHOLDERS' FUNDS

6,622,089

6,391,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

J H Margolis - Director

1.	STATUTORY INFORMATION

Gemview 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.

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.

Foreign currencies

The Financial Statements are expressed in US dollars. Additions to fixed assets in foreign currencies are translated into US dollars at the date of the transaction. Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Revenue transactions in foreign currencies are translated into US dollars at the average rate of exchange in the accounting year. Exchange differences are taken into account in arriving at the operating result.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company which represents rent receivable.

Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Industrial buildings 4% straight line

Land Nil

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

$

COST

At 1 January 2024

44,512,595

Additions

27,474,215

At 31 December 2024

71,986,810

DEPRECIATION

At 1 January 2024

2,313,317

Charge for year

335,917

At 31 December 2024

2,649,234

NET BOOK VALUE

At 31 December 2024

69,337,576

At 31 December 2023

42,199,278

5.	FIXED ASSET INVESTMENTS

2024

2023

$

$

Loans to undertakings in which the company has a participating interest

1,717,444

1,345,168

Other investments not loans

663,001

609,624

2,380,445

1,954,792

Additional information is as follows:

Other

investments

$

COST OR VALUATION

At 1 January 2024

609,624

Revaluations

53,377

At 31 December 2024

663,001

NET BOOK VALUE

At 31 December 2024

663,001

At 31 December 2023

609,624

Cost or valuation at 31 December 2024 is represented by:

Other

investments

$

Valuation in 2018

59,970

Valuation in 2019

344,364

Valuation in 2020

291,330

Valuation in 2021

122,595

Valuation in 2022

(476,215

)

Valuation in 2023

(199,793

)

Valuation in 2024

53,377

Cost

467,373

663,001

Loans to

associates

$

At 1 January 2024

1,345,168

Movement

372,276

At 31 December 2024

1,717,444

Included in the fixed asset investments are listed investments of $663,000 (2023:$609,624) loans granted of $1,717,444 (2023:$1,345,168)..

The loans were granted to Lagova properties Limited (related party) and bear interest according to the terms of the short-term bank loans received, with no financial repayment schedule.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Trade debtors

141,542

275,030

Other debtors

1,707,133

1,770,472

Prepayments

37,296

35,921

1,885,971

2,081,423

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Trade creditors

35,267

32,542

Other creditors

58,048,985

11,121,783

Accrued expenses

3,827

17,111

58,088,079

11,171,436

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

$

$

Other loans - 1-2 years

12,294,727

28,738,744

9.	CONTINGENT LIABILITIES

1. According to the declaration of the company's representatives in Israel who are also the directors of the company "Lagova Properties Limited" (hereinafter - "Lagova").

The company had signed agreements with Lagova Properties Limited as follows:

a) To take bank loans in the name of the company for the use of Lagova. The terms of the loan are 'back to back' with the terms of the bank loan.The balance of the loans are presented in note 6.

b) If Lagova does not repay the bank loan, the annual management fee will be reduced to 0% until all commitments are fulfilled.

c) In addition, Lagova is committed to pledge its assets in favour of the company, if needed as collateral for financing of future development or construction at the "Intersection of food".

2. Liens - The Company's real estate is pledged as security to the loans.

3. To secure the Branch obligations to Bank Hapoalim, the Company registers a mortgage on real estate property known as Parcel 153, Block 3946 in Rishon Lezion including the Insurance rights in favour of the bank.

10.	POST BALANCE SHEET EVENTS

On 6th February 2023 an agreement was signed for the sale of approximately 31% of the area of the WETUBE project to Kupat Holim Meuhedet and on 5 March 2024 an addendum to the aforementioned agreement was signed whereby Kupat Holim Meuhedet increased it's holding to approximately 40% of the area of the WETUBE project.

The total consideration paid for the acquisition as detailed above was NIS 253,718,000. This transaction remains a work in progress and will only be accounted for upon it's completion

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by EMES Trust resident in Isle of Man.

12.	ENGAGEMENTS

The company signed an asset management agreement with Lagova (related party) and a general management agreement with Sackstein Management Limited (related party). The directors of those companies mentioned above are the company's representatives in Israel.