Acorah Software Products - Accounts Production 18.1.170 false true true false false 2 April 2026 true true 1 February 2024 31 December 2024 31 December 2024 15459154 Ms Maria Saveriadou 31 December 2024 iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 15459154 2024-01-31 15459154 2024-12-31 15459154 2024-02-01 2024-12-31 15459154 frs-core:CurrentFinancialInstruments 2024-12-31 15459154 frs-core:ShareCapital 2024-12-31 15459154 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 15459154 frs-bus:ConsolidatedGroupCompanyAccounts 2024-02-01 2024-12-31 15459154 frs-core:CostValuation 2024-01-31 15459154 frs-core:AdditionsToInvestments 2024-12-31 15459154 frs-core:CostValuation 2024-12-31 15459154 frs-core:ProvisionsForImpairmentInvestments 2024-01-31 15459154 frs-core:ProvisionsForImpairmentInvestments 2024-12-31 15459154 frs-bus:Director1 2024-02-01 2024-12-31 15459154 frs-bus:Consolidated 2024-01-31 15459154 frs-bus:Consolidated 2024-12-31 15459154 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:CurrentFinancialInstruments frs-bus:Consolidated 2024-12-31 15459154 frs-core:Non-currentFinancialInstruments frs-bus:Consolidated 2024-12-31 15459154 frs-core:ComputerEquipment frs-bus:Consolidated 2024-12-31 15459154 frs-core:ComputerEquipment frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:ComputerEquipment frs-bus:Consolidated 2024-01-31 15459154 frs-core:FurnitureFittings frs-bus:Consolidated 2024-12-31 15459154 frs-core:FurnitureFittings frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:FurnitureFittings frs-bus:Consolidated 2024-01-31 15459154 frs-core:ShareCapital frs-bus:Consolidated 2024-01-31 15459154 frs-core:ShareCapital frs-bus:Consolidated 2024-12-31 15459154 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount frs-bus:Consolidated 2024-01-31 15459154 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2024-12-31 15459154 frs-bus:PrivateLimitedCompanyLtd frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:FullAccounts frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:FRS102 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:Audited frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:LargeCompaniesRegimeForAccounts frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:LargeCompaniesRegimeForDirectorsReport frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:OrdinaryShareClass1 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:OrdinaryShareClass1 frs-bus:Consolidated 2024-12-31 15459154 frs-core:CostValuation frs-bus:Consolidated 2024-01-31 15459154 frs-core:AdditionsToInvestments frs-bus:Consolidated 2024-12-31 15459154 frs-core:CostValuation frs-bus:Consolidated 2024-12-31 15459154 frs-core:ProvisionsForImpairmentInvestments frs-bus:Consolidated 2024-01-31 15459154 frs-core:ProvisionsForImpairmentInvestments frs-bus:Consolidated 2024-12-31 15459154 frs-bus:Director1 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-bus:Director1 frs-bus:Consolidated 2024-12-31 15459154 1 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-countries:EnglandWales frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:Subsidiary1 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:Subsidiary1 1 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:Subsidiary2 frs-bus:Consolidated 2024-02-01 2024-12-31 15459154 frs-core:Subsidiary2 2 frs-bus:Consolidated 2024-02-01 2024-12-31
Registered number: 15459154
Gems House Chiltern Street Property Limited
Strategic Report, Director's Report and
Financial Statements
For the Period 1 February 2024 to 31 December 2024
Gems House Chiltern Street Property Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1
Director's Report | 2—3
Independent Auditor's Report | 4—7
Consolidated Profit and Loss Account | 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10
Company Balance Sheet | 11
Consolidated Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13
Notes to the Consolidated Statement of Cash Flows | 14
Notes to the Financial Statements | 15—22

Page 1
Gems House Chiltern Street Property Limited
Strategic Report
For the Period 1 February 2024 to 31 December 2024
Strategic Report
The director presents her strategic report for the period ended 31 December 2024.
Review of the Business
The Group’s principal activity during the period was the acquisition and letting of residential apartments at 76 Chiltern Street, London W1U 5AB.
The Group is in its first period of operation, having been incorporated on 1 February 2024, and during the period it completed the property acquisition of property located at 76 Chiltern Street, London W1U 5AB and commenced letting activities accordingly .
Turnover for the period was £168,743, representing rental income generated following the commencement of letting activities after the acquisition of the property.
The Group reported an operating loss of £379,680, primarily driven by significant one-off legal and professional costs of £424,733 incurred in relation to the acquisition, alongside ongoing property operating expenses.
In addition, finance costs of £667,514 were recognised on funding provided by participating interests to support the property acquisition, contributing to the overall loss for the period.
Principal Risks and Uncertainties
1. Property Market Risk
The Group’s principal asset is a residential investment property carried at a fair value of £15,088,224. Both its valuation and rental income are exposed to fluctuations in the London residential property market, as well as changes in interest rates and wider macroeconomic conditions.
2. Occupancy and Rental Income Risk
The Group’s performance is dependent on maintaining high occupancy levels to generate sufficient rental income. Void periods or tenant defaults could adversely impact income. This risk is mitigated through the engagement of experienced property managers, Belltrend Enterprises Limited, to oversee lettings and tenant relationships.
3. Funding and Liquidity Risk
The Group reported net liabilities of £1,046,894 at the balance sheet date and is primarily funded through amounts owed to participating interests totalling £16,234,198. Continued financial support and the ability to service and repay this funding are critical to the Group’s ongoing operations.
4. Interest Rate Risk
Exposure to variable interest rates may increase finance costs, particularly given the Group’s reliance on external funding.
5. Legislative and Regulatory Risk
The directors have considered the impact of current and anticipated legislative changes on the Group’s operations and have concluded that there are no material adverse effects at present. However, the Group continues to monitor regulatory developments within the property sector.
Future Developments
The Company intends to refurbish the residential properties at 76 Chiltern Street, London W1U 5AB and let them on the open market, subject to the resolution of the legal proceedings referred to in Note to the financial statements. The outcome and timing of those proceedings, including any appeal, will influence the pace at which the Company's operational plans are advanced. The directors remain confident in the Company's position and anticipate that, subject to the above, the business will develop in line with its original investment objectives during the forthcoming period.
On behalf of the board

Ms Maria Saveriadou Director
2 April 2026

Page 1
Page 2
Gems House Chiltern Street Property Limited
Company No. 15459154
Director's Report For the Period 1 February 2024 to 31 December 2024
Director's Report
The director presents her report and the financial statements for the period ended 31 December 2024.
Principal Activity
The group's principal activity during the period was the acquisition and residential letting of apartments.
The parent company, Gems House Chiltern Street Property Limited, acts as the group holding company.
Operating subsidiary, Gems House Residences Headlease Limited, owns the headlease and 8 parking spaces at 76 Chiltern Street, London W1U 5AB.
Operating subsidiary, Gems House Residences Chiltern Street Limited, owns and lets residential apartments at 76 Chiltern Street, London W1U 5AB.
Directors
The director who held office during the period were as follows:

Ms Maria Saveriadou | Appointed | 01/02/2024

Post Balance Sheet Events
Subsequent to the balance sheet date, a judgment was delivered in ongoing legal proceedings to which the Company is a party. The judgment was in the Company's favour. The counterparty has indicated an intention to seek permission to appeal. The matter remains subject to potential further proceedings and, accordingly, the contingent liability described in financial statement continues to apply. This is a non-adjusting post balance sheet event under FRS 102 Section 32. In the directors' assessment, and on the basis of legal advice received, the probability of an adverse outcome on any appeal remains less than probable.
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Page 2
Page 3
Gems House Chiltern Street Property Limited
Director's Report (continued)
For the Period 1 February 2024 to 31 December 2024
Independent Auditors
The auditors, Affinity Associates Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Ms Maria Saveriadou Director
2 April 2026

Page 3
Page 4
Independent Auditor's Report
to the Members of
Gems House Chiltern Street Property Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Gems House Chiltern Street Property Limited (the "parent company") and its subsidiaries (the "group") for the period ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Page 4
Page 5
Independent Auditor's Report (continued)
to the Members of
Gems House Chiltern Street Property Limited
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records or returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 2—3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
Gems House Chiltern Street Property Limited
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the
financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and
regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and
anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of
material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in
compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws
and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of
- non-compliance throughout our audit; and
- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such
as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the
financial statements, including the risk of management override of controls, and determined that the principal risks related to
posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions
in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off
assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or
- alleged fraud;
- Gaining an understanding of the internal controls established to mitigate risks related to fraud;
- Discussing amongst the engagement team the risks of fraud; and
- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and
detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of
irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal
controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
Gems House Chiltern Street Property Limited

Mukund Amin (Senior Statutory Auditor) for and on behalf of Affinity Associates Limited , Statutory Auditor
2 April 2026
Affinity Associates Limited 11/12 Hallmark Trading Centre Fourth Way Wembley Middlesex HA9 0LB

Page 7
Page 8
Gems House Chiltern Street Property Limited
Consolidated Profit and Loss Account
For the Period 1 February 2024 to 31 December 2024
Consolidated Profit and Loss Account

| 31 December 2024
--- | ---
| Notes | £
TURNOVER |  | 168,743
GROSS PROFIT |  | 168,743
Administrative expenses |  | (564,498 )
Other operating income |  | 16,074
OPERATING LOSS | 4 | (379,681 )
Interest payable and similar charges | 7 | (668,044 )
LOSS FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | (1,047,725 )

The notes on pages 14 to 21 form part of these financial statements.
Page 8
Page 9
Gems House Chiltern Street Property Limited
Consolidated Statement of Comprehensive Income
For the Period 1 February 2024 to 31 December 2024
Consolidated Statement of Comprehensive Income

| 31 December 2024
--- | ---
| £
LOSS FOR THE FINANCIAL PERIOD |  | (1,047,725 )
OTHER COMPREHENSIVE INCOME FOR THE PERIOD |  | -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | (1,047,725 )

The statement of comprehensive income relates to continuing operations
Page 9
Page 10
Gems House Chiltern Street Property Limited
Consolidated Balance Sheet
As At 31 December 2024
Consolidated Balance Sheet
Registered number: 15459154

| 31 December 2024
--- | ---
| Notes | £ | £
FIXED ASSETS
Tangible Assets | 9 |  | 2,931
Investment Properties | 10 |  | 15,088,224
Investments | 11 |  | 200
|  |  | 15,091,355
CURRENT ASSETS
Debtors | 12 | 98,037 |
Cash at bank and in hand |  | 84,821 |
|  | 182,858 |
Creditors: Amounts Falling Due Within One Year | 13 | (86,910 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 95,948
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 15,187,303
Creditors: Amounts Falling Due After More Than One Year | 14 |  | (16,234,728 )
NET LIABILITIES |  |  | (1,047,425 )
CAPITAL AND RESERVES
Called up share capital | 15 |  | 300
Profit and Loss Account |  |  | (1,047,725 )
SHAREHOLDERS' FUNDS |  |  | (1,047,425)

On behalf of the board

Ms Maria Saveriadou Director
2 April 2026

The notes on pages 14 to 21 form part of these financial statements.
Page 10
Page 11
Gems House Chiltern Street Property Limited
Company Balance Sheet
As At 31 December 2024
Company Balance Sheet
Registered number: 15459154

| 31 December 2024
--- | ---
| Notes | £ | £
FIXED ASSETS
Investments | 11 |  | 200
|  |  | 200
CURRENT ASSETS
Debtors | 12 | 100 |
|  | 100 |
Creditors: Amounts Falling Due Within One Year | 13 | (20,000 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (19,900 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (19,700 )
NET LIABILITIES |  |  | (19,700 )
CAPITAL AND RESERVES
Called up share capital | 15 |  | 100
Profit and Loss Account |  |  | (19,800 )
SHAREHOLDERS' FUNDS |  |  | (19,700)

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the period was £(19,800 ) .
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

Ms Maria Saveriadou Director
2 April 2026

The notes on pages 14 to 21 form part of these financial statements.
Page 11
Page 12
Gems House Chiltern Street Property Limited
Consolidated Statement of Changes in Equity
For the Period 1 February 2024 to 31 December 2024
Consolidated Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 February 2024 | 300 | - | 300
Loss for the period and total comprehensive income | - | (1,047,725 ) | (1,047,725)
As at 31 December 2024 | 300 | (1,047,725 ) | (1,047,425)

Page 12
Page 13
Gems House Chiltern Street Property Limited
Consolidated Statement of Cash Flows
For the Period 1 February 2024 to 31 December 2024
Consolidated Statement of Cash Flows

| 31 December 2024
--- | ---
| Notes | £
Cash flows from operating activities
Net cash generated from operations | 1 | 15,844,533
Interest paid |  | (668,044 )
Net cash generated from operating activities |  | 15,176,489
Cash flows from investing activities
Purchase of tangible assets |  | (15,091,768 )
Purchase of investment in subsidiary undertaking |  | (200 )
Net cash used in investing activities |  | (15,091,968 )
Cash flows from financing activities
Proceeds from issue of share capital |  | 300
Increase in cash and cash equivalents |  | 84,821
Cash and cash equivalents at beginning of period | 2 | -
Cash and cash equivalents at end of period | 2 | 84,821

Page 13
Page 14
Gems House Chiltern Street Property Limited
Notes to the Consolidated Statement of Cash Flows
For the Period 1 February 2024 to 31 December 2024
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of loss for the financial period to cash generated from operations

| 31 December 2024
--- | ---
| £
Loss for the financial period | (1,047,725 )
Adjustments for:
Interest expense | 668,044
Depreciation of tangible assets | 613
Movements in working capital:
Increase in trade and other debtors | (98,037 )
Increase in trade and other creditors | 16,321,638
Net cash generated from operations | 15,844,533

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 31 December 2024
--- | ---
| £
Cash at bank and in hand | 84,821

3. Analysis of changes in net funds

| As at 1 February 2024 | Cash flows | As at 31 December 2024
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | - | 84,821 | 84,821

Page 14
Page 15
Gems House Chiltern Street Property Limited
Notes to the Financial Statements
For the Period 1 February 2024 to 31 December 2024
Notes to the Financial Statements
1. General Information
Gems House Chiltern Street Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15459154 . The registered office is Holiday Inn London Heathrow M4 J4 Sipson Road, West Drayton, UB7 0JU.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 15
Page 16
Gems House Chiltern Street Property Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
2.4. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the director has considered the following:
The group has net liabilities of £1,046,894 as at 31 December 2024 and recorded a loss of £1,047,194 for the period. The loss is primarily attributable to legal and professional costs of £424,733 incurred in connection with the property acquisition, and finance charges of £667,514 on acquisition funding advanced by Dorota Limited. These charges are largely non-recurring in nature. The group's primary asset is the investment property at 76 Chiltern Street, London W1U 5AB, held at fair value of £15,088,224. The group generates rental income from the residential apartments at this property. The group is funded by Dorota Limited, which has confirmed in writing its intention to continue to support the group for a period of not less than 12 months from the date of approval of these financial statements. Based on current rental income levels and the confirmed funding support, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis of accounting continues to be appropriate
2.5. 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.
Turnover represents rental income receivable from residential lettings, net of value added tax (where applicable). Rental income from operating leases is recognised on a straight-line basis over the lease term. Where rental income is received in advance, it is deferred and recognised in the period to which it relates. Rental income is stated gross of property management fees and other operating costs, which are presented separately as administrative expenses. Service charge income and insurance recharges to tenants, where the group acts as principal, are recognised as other operating income on an accruals basis.
2.6. 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 | 15% wdv
Computer Equipment | 33.33% on cost

2.7. Investment Properties
Investment properties are properties held to earn rental income and/or for capital appreciation rather than for use in the production or supply of goods or services or for administrative purposes. Investment properties are initially recognised at cost, including directly attributable acquisition costs. After initial recognition, investment properties are carried at fair value, determined annually by reference to market evidence of transaction prices for similar properties. Changes in fair value are recognised in profit or loss in the period in which they arise. No depreciation is provided on investment properties. Changes in fair value are recognised in the profit and loss account.
2.8. Investments
Investments in subsidiary undertakings are stated in the parent company balance sheet at cost less any provision for impairment. Where there is objective evidence that an investment is impaired, the carrying amount is reduced to its recoverable amount and the difference is recognised as an impairment loss in the profit and loss account. Investments are eliminated on consolidation in accordance with the group's accounting policy for business combinations.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
The group does not hold a bank account in its own name. All cash balances are held in regulated client accounts operated by the group's property managers on its behalf as follows: - PayProp (UK) Limited represents rental management client account (PayProp Belltrend Client Account) amounting to £1,747.00 and Belltrend Enterprises Limited representes property management client account amounting to £83,073.63. Notwithstanding the third-party custody arrangements, the group retains the beneficial ownership of these balances and has the right to demand payment at any time. The group classifies these balances as 'cash at bank and in hand' in accordance with the substance of the arrangements under FRS 102 Sections 2 and 11.
Page 16
Page 17
Gems House Chiltern Street Property Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
3. Other Operating Income

| 31 December 2024
--- | ---
| £
Other operating income | 16,074
| 16,074

4. Operating Loss
The operating loss is stated after charging:

| 31 December 2024
--- | ---
| £
Bad debts | 10,427
Depreciation of tangible fixed assets | 613

5. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the period was as follows:

| 31 December 2024
--- | ---
| £
Audit Services
Audit of the company's financial statements | 17,400

6. Average Number of Employees
Group
Average number of employees, including directors, during the period was as follows:

| 31 December 2024
--- | ---
| 1

Company
Average number of employees, including directors, during the period was: 1
1
Page 17
Page 18
Gems House Chiltern Street Property Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
7. Interest Payable and Similar Charges

| 31 December 2024
--- | ---
| £
Bank loans and overdrafts | 51
Interest payable to group undertakings | 667,993
| 668,044

8. Tax on Profit

The tax (credit)/charge on the loss for the period was as follows:
| 31 December 2024
--- | ---
| £
Current tax
UK Corporation Tax | -
The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the loss and the standard rate of corporation tax as follows:
| 31 December 2024
| £
Profit before tax | (1,047,725)
Tax on profit at 0% (UK standard rate) | -
Total tax charge for the period | -

9. Tangible Assets
Group

| Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 February 2024 | - | - | -
Additions | 2,795 | 749 | 3,544
As at 31 December 2024 | 2,795 | 749 | 3,544
Depreciation
As at 1 February 2024 | - | - | -
Provided during the period | 384 | 229 | 613
As at 31 December 2024 | 384 | 229 | 613

...CONTINUED
Page 18
Page 19
Gems House Chiltern Street Property Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024

Net Book Value
As at 31 December 2024 | 2,411 | 520 | 2,931
As at 1 February 2024 | - | - | -

Company
The company had no tangible fixed assets as at 31 December 2024.
10. Investment Property
Group

| 31 December 2024
--- | ---
| £
Fair Value
As at 1 February 2024 | -
Additions | 15,088,224
As at 31 December 2024 | 15,088,224

The property comprises the residential apartment building and parking at 76 Chiltern Street, London W1U 5AB. The fair value is considered to approximate the acquisition cost given the short time elapsed between acquisition and the period end date.
Company
The company had no investment property as at 31 December 2024.
11. Investments
Group

| Subsidiaries
--- | ---
| £
Cost or Valuation
As at 1 February 2024 | -
Additions | 200
As at 31 December 2024 | 200
Provision
As at 1 February 2024 | -
As at 31 December 2024 | -
Net Book Value
As at 31 December 2024 | 200
As at 1 February 2024 | -

Page 19
Page 20
Gems House Chiltern Street Property Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
Company

| Subsidiaries
--- | ---
| £
Cost or Valuation
As at 1 February 2024 | -
Additions | 200
As at 31 December 2024 | 200
Provision
As at 1 February 2024 | -
As at 31 December 2024 | -
Net Book Value
As at 31 December 2024 | 200
As at 1 February 2024 | -

Subsidiaries
Details of the group's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
Gems House Residences Chiltern Street Limited | Holiday Inn London Heathrow M4 J4, Sipson Road, West Drayton, United Kingdom, UB7 0JU | Ordinary | 100.00% | -
Gems House Chiltern Street Head Lease LImited | Holiday Inn London Heathrow M4 J4, Sipson Road, West Drayton, United Kingdom, UB7 0JU | Ordinary | 100.00% | -

12. Debtors

| Group |  | Company
--- | --- | --- | ---
| 31 December 2024 |  | 31 December 2024
| £ |  | £
Due within one year
Other debtors | 98,037 |  | 100

13. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 31 December 2024 |  | 31 December 2024
| £ |  | £
Trade creditors | 55,566 |  | -
Other creditors | 11,544 |  | 200
Accruals and deferred income | 19,800 |  | 19,800
| 86,910 |  | 20,000

Page 20
Page 21
Gems House Chiltern Street Property Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
14. Creditors: Amounts Falling Due After More Than One Year

| Group |
--- | --- | ---
| 31 December 2024
| £
Amounts owed to participating interests | 16,234,728

15. Share Capital

| 31 December 2024
--- | ---
Allotted, called up but not fully paid | £
300 Ordinary Shares of £ 1.00 each | 300

16. Contingent Liabilities
The Company is a defendant in legal proceedings brought by Westminster City Council in connection with planning obligations relating to 16 residential properties held by the Company. The proceedings concern whether the Company is bound by affordable housing restrictions under a Section 106 agreement. At the balance sheet date the outcome was uncertain and proceedings were ongoing.No provision has been recognised as the directors assessed an adverse outcome as less than probable, on the basis of legal advice received. A post balance sheet event in connection with these proceedings is disclosed.
17. Post Balance Sheet Events
Subsequent to the balance sheet date, a judgment was delivered in ongoing legal proceedings to which the Company is a party. The judgment was in the Company's favour. The counterparty has indicated an intention to seek permission to appeal. The matter remains subject to potential further proceedings and, accordingly, the contingent liability described in financial statement continues to apply. This is a non-adjusting post balance sheet event under FRS 102 Section 32. In the directors' assessment, and on the basis of legal advice received, the probability of an adverse outcome on any appeal remains less than probable.
18. Related Party Disclosures
The group has identified the following related party relationships and transactions during the period:
(a) Participating interest :
Funding to Gems House Residences Chiltern Street Limited
Dorota Limited (the 'Lender') is the immediate parent entity. During the period, the Lender advanced funds of £13,267,334.48 to Gems House Residences Chiltern Street Limited in connection with the acquisition of the investment property at 76 Chiltern Street, London W1U 5AB. The balance outstanding at 31 December 2024 was £13,267,334.48 (2023: nil). The loan bears interest at 5% per annum. Interest charged during the period amounted to £578,180.29 (see Note 7). This amount was accrued during the period.
Dorota Limited advanced additional funds of £783,538.60 to Gems House Residences Chiltern Street Limited in connection with the legal matter. The balance outstanding at 31 December 2024 was £783,538.60 (2023: nil). The loan bears interest at 5.25% per annum. Interest charged during the period amounted to £20,692.87(see Note 7). This amount was accrued during the period.
Funding to Gems House Chiltern Street Head Lease Limited
Dorota Limited (the 'Lender') is the immediate parent entity. During the period, the Lender advanced funds of £1,515,861.24 to Gems House Chiltern Street Head Lease Limited in connection with the acquisition of the investment property at 76 Chiltern Street, London W1U 5AB. The balance outstanding at 31 December 2024 was £1,515,861.24 (2023: nil). The loan bears interest at 5% per annum. Interest charged during the period amounted to £69,120.18 (see Note 7). This amount was accrued during the period.
(b) Key management personnel: The sole director of the group is Ms Maria Saveriadou. No remuneration was paid to the director during the period (2023: nil).
...CONTINUED
Page 21
Page 22
Gems House Chiltern Street Property Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
18. Related Party Disclosures - continued
(c) Intra-group transactions: Transactions between Gems House Chiltern Street Property Limited and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in the consolidated financial statements.
(d) The immediate parent of Gems House Chiltern Street Property Limited is Dorota Limited, a company incorporatedin Cyprus. Registered address is 106 Ayias Faneromenis Avenue, Office 101-102, Larnaka (CY-03), 6031, CYPRUS. The utimate parent and controlling company is Turanco Investment Limited, registered at 101-102, Larnaka (CY-03), 6031, CYPRUS.
Page 22