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Registered number: 15459860
Gems House Residences Chiltern Street Limited
Strategic Report, Director's Report and
Financial Statements
For the Period 1 February 2024 to 31 December 2024
Gems House Residences Chiltern Street Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2
Director's Report | 3—4
Independent Auditor's Report | 5—8
Profit and Loss Account | 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Cash Flow Statement | 13
Notes to the Cash Flow Statement | 14
Notes to the Financial Statements | 15—20

Page 1
Gems House Residences Chiltern Street Limited
Company Information
For the Period 1 February 2024 to 31 December 2024
Company Information

Director | Ms Maria Saveriadou
Company Number | 15459860
Registered Office | Holiday Inn London Heathrow M4 J4
| Sipson Road
| West Drayton
| UB7 0JU
Business | Holiday Inn London Heathrow M4 J4 Sipson Road
| West Drayton
| UB7 0JU
Accountants | Affinity Associates Limited
| Accountants and Statutory Auditors
| Unit 11-12 Hallmark Trading Centre Fourth Way
| Wembley
| HA9 0LB
Auditors | Affinity Associates Limited
| Affinity 11-12 Fourth Way
| Wembley
| HA9 0LB

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Gems House Residences Chiltern Street 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.
Principal Activity
The company's principal activity is that of other letting and operating of own or leased real estate.
Review of the Business
The company’s key performance indicators during the year were as follows:
Turnover for the period was £168,743, representing rental income generated following the commencement of letting activities after the acquisition of the property.
Operating loss of current year £359,880
Net Loss after tax of current year £958,804
Principal Risks and Uncertainties
The principal risks and uncertainties facing the company are broadly grouped as competitive, legislative and financial risk.
1. Property Market Risk
The company principal asset is a residential investment property carried at a fair value of £13,572,363. 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 company 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 company reported net liabilities of £958,704 at the balance sheet date and is primarily funded through amounts owed to
participating interests totalling £14,649,746. 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
During the current year, the board will be concentrating on strengthening its existing business, whilst improving overall
efficiency through further innovation & developments wherever required.
Post Balance Sheet Events
Refer note 16 to the financial statements for disclosure on Post Balance sheet events.
On behalf of the board

Ms Maria Saveriadou Director
2 April 2026

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Gems House Residences Chiltern Street Limited
Company No. 15459860
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.
Change of Company Name
On the company changed its name from to Gems House Residences Chiltern Street Limited .
Dividends
The value of dividends paid amounted to £NIL .
The director recommended a final dividend of £NIL .
Political Donations and Expenditure
Political donations amounted to £NIL .
Political expenditure amounted to £NIL .
Financial Instruments
Directors
The director who held office during the period were as follows:

Ms Maria Saveriadou | Appointed | 01/02/2024

Qualifying Third-party and Pension Scheme Indemnity Provision
Research and Development
Employees
Employee Engagement Statement
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Company
Branches Outside the UK
Streamlined Energy and Carbon Reporting
Additional note to the Report of the Directors
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.
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 of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
...CONTINUED
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Gems House Residences Chiltern Street Limited
Director's Report (continued)
For the Period 1 February 2024 to 31 December 2024
Statement of Director's Responsibilities - continued

- 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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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'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's auditors are aware of that information.

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 March 2026

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Independent Auditor's Report
to the Members of
Gems House Residences Chiltern Street Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Gems House Residences Chiltern Street Limited for the period ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, 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 company's affairs as at 31 December 2024 and of its 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 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 entity'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.

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Independent Auditor's Report (continued)
to the Members of
Gems House Residences Chiltern Street Limited
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 3—4, 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 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 company or to cease operations, or have no realistic alternative but to do so.
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Independent Auditor's Report (continued)
to the Members of
Gems House Residences Chiltern Street 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 enquires of the directors and management on wheter 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.
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Independent Auditor's Report (continued)
to the Members of
Gems House Residences Chiltern Street Limited

Mr Mukund Amin (Senior Statutory Auditor) for and on behalf of Affinity Associates Limited , Statutory Auditor
2 April 2026
Affinity Associates Limited Affinity 11-12 Fourth Way Wembley HA9 0LB

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Gems House Residences Chiltern Street Limited
Profit and Loss Account
For the Period 1 February 2024 to 31 December 2024
Profit and Loss Account

| 31 December 2024
--- | ---
| Notes | £
TURNOVER | 3 | 168,743
GROSS PROFIT |  | 168,743
Administrative expenses |  | (544,697 )
Other operating income |  | 16,074
OPERATING LOSS | 5 | (359,880 )
Interest payable and similar charges | 7 | (598,924 )
LOSS BEFORE TAXATION |  | (958,804 )
Tax on Loss |  | -
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL PERIOD |  | (958,804 )

The notes on pages 14 to 20 form part of these financial statements.
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Gems House Residences Chiltern Street Limited
Statement of Comprehensive Income
For the Period 1 February 2024 to 31 December 2024
Statement of Comprehensive Income

| 31 December 2024
--- | ---
| £
LOSS FOR THE FINANCIAL PERIOD |  | (958,804 )
OTHER COMPREHENSIVE INCOME FOR THE PERIOD |  | -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |  | (958,804 )

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Gems House Residences Chiltern Street Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 15459860

| 31 December 2024
--- | ---
| Notes | £ | £
FIXED ASSETS
Tangible Assets | 9 |  | 2,931
Investment Properties | 10 |  | 13,572,363
|  |  | 13,575,294
CURRENT ASSETS
Debtors | 11 | 97,837 |
Cash at bank and in hand |  | 84,821 |
|  | 182,658 |
Creditors: Amounts Falling Due Within One Year | 12 | (66,910 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 115,748
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 13,691,042
Creditors: Amounts Falling Due After More Than One Year | 13 |  | (14,649,746 )
NET LIABILITIES |  |  | (958,704 )
CAPITAL AND RESERVES
Called up share capital | 14 |  | 100
Profit and Loss Account |  |  | (958,804 )
SHAREHOLDERS' FUNDS |  |  | (958,704)

Ms Maria Saveriadou Director
2 April 2026

The notes on pages 14 to 20 form part of these financial statements.
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Gems House Residences Chiltern Street Limited
Statement of Changes in Equity
For the Period 1 February 2024 to 31 December 2024
Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 February 2024 | 100 | - | 100
Loss for the period and total comprehensive income | - | (958,804 ) | (958,804)
As at 31 December 2024 | 100 | (958,804 ) | (958,704)

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Gems House Residences Chiltern Street Limited
Cash Flow Statement
For the Period 1 February 2024 to 31 December 2024
Cash Flow Statement

| 31 December 2024
--- | ---
| Notes | £
Cash flows from operating activities
Net cash generated from operations | 1 | 14,259,552
Interest paid |  | (598,924 )
Net cash generated from operating activities |  | 13,660,628
Cash flows from investing activities
Purchase of tangible assets |  | (13,575,907 )
Cash flows from financing activities
Proceeds from issue of share capital |  | 100
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

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Gems House Residences Chiltern Street Limited
Notes to the Cash Flow Statement
For the Period 1 February 2024 to 31 December 2024
Notes to the Cash Flow Statement
1. Reconciliation of loss for the financial period to cash generated from operations

| 31 December 2024
--- | ---
| £
Loss for the financial period | (958,804 )
Adjustments for:
Interest expense | 598,924
Depreciation of tangible assets | 613
Movements in working capital:
Increase in trade and other debtors | (97,837 )
Increase in trade and other creditors | 14,716,656
Net cash generated from operations | 14,259,552

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

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Gems House Residences Chiltern Street 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 Residences Chiltern Street Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15459860 . 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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the director is required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and future periods.
2.4. 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 basi
2.5. 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% at WDV
Computer Equipment | 33.33 % at cost

2.6. 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.
2.7. 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.
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Gems House Residences Chiltern Street Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other
Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a
legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
including transaction costs and are subsequently carried at amortised cost using the effective interest method unless
the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not
amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after
deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that
are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing
transaction, where the debt instrument is measured at the present value of the future payments discounted at a
market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not,
they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and
subsequently measured at amortised cost using the effective interest method.
2.9. 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 period, 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.
2.10. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
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Gems House Residences Chiltern Street Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
2.11. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends
payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.12. Presentation Currency
The Financial statements are presented in Sterling £.
3. Turnover
Analysis of turnover by geographical market is as follows:

| 31 December 2024
--- | ---
| £
United Kingdom | 168,743
| 168,743

4. Other Operating Income

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

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

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

6. Average Number of Employees
Average number of employees, including directors, during the period was: 1
1
7. Interest Payable and Similar Charges

| 31 December 2024
--- | ---
| £
Bank loans and overdrafts | 51
Interest payable to group undertakings | 598,873
| 598,924

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Gems House Residences Chiltern Street Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
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 | -
Total tax charge for the period | -
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 | (958,804)
Tax on profit at 0% (UK standard rate) | -
Total tax charge for the period | -

9. Tangible Assets

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

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Gems House Residences Chiltern Street Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
10. Investment Property

| 31 December 2024
--- | ---
| £
Fair Value
As at 1 February 2024 | -
Additions | 13,572,363
As at 31 December 2024 | 13,572,363

11. Debtors

| 31 December 2024
--- | ---
| £
Due within one year
Prepayments and accrued income | 21,114
Other debtors - Shareholder - GHCS Property Ltd. | 100
Other Debtors - Dorota Ltd- Drawdown funds | 70,260
Other debtors - Rent Arrears | 6,363
| 97,837

12. Creditors: Amounts Falling Due Within One Year

| 31 December 2024
--- | ---
| £
Trade creditors | 55,566
Other creditors | 11,344
| 66,910

13. Creditors: Amounts Falling Due After More Than One Year

| 31 December 2024
--- | ---
| £
Amounts owed to parent undertaking- Dorota Ltd | 14,649,746

14. Share Capital

| 31 December 2024
--- | ---
Allotted, called up and fully paid | £
100 Ordinary Shares of £ 1.00 each | 100

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Gems House Residences Chiltern Street Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
15. 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.
16. 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
17. Related Party Disclosures
During the period, the Lender (Dorota Limited) advanced funds of £13,267,334.48 to Gems House Residences Chiltern Street Limited in connection with the acquisition of the investmentproperty 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 connectionwith 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.
18. Controlling Parties
The company's immediate parent undertaking is Gems House Chiltern Street Property Limited .
The ultimate parent undertaking is Turanco Investment Limited (incorporated in Cyprus). Its registered office is 101-102, Larnaka (CY-03), 6031, CYPRUS. .
Copies of the group accounts may be obtained from the company's registered office.
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