Gems Property Developers Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08062192 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2022

for

Gems Property Developers Limited

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

M Q Purver

REGISTERED OFFICE:

Charter House

Wyvern Court, Stanier Way

Wyvern Business Park

Derby

DE21 6BF

REGISTERED NUMBER:

08062192 (England and Wales)

ACCOUNTANTS:

M. J. Shapcott & Co. Limited

Chartered Accountants

Charter House, Wyvern Court

Stanier Way

Derby

DE21 6BF

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gems Property Developers Limited for the year ended 31 May 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Gems Property Developers Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gems Property Developers Limited and state those matters that we have agreed to state to the director of Gems Property Developers Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gems Property Developers Limited and its director for our work or for this report.

It is your duty to ensure that Gems Property Developers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gems Property Developers Limited. You consider that Gems Property Developers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gems Property Developers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

M. J. Shapcott & Co. Limited

Chartered Accountants

Charter House, Wyvern Court

Stanier Way

Derby

DE21 6BF

28 February 2023

FIXED ASSETS

Tangible assets

4

102

137

Investment property

5

418,323

418,323

418,425

418,460

CURRENT ASSETS

Debtors

6

1,367

-

Prepayments and accrued income

898

328

Cash at bank

14,851

3,484

17,116

3,812

CREDITORS

Amounts falling due within one year

7

359,147

369,552

NET CURRENT LIABILITIES

(342,031

)

(365,740

)

TOTAL ASSETS LESS CURRENT LIABILITIES

76,394

52,720

PROVISIONS FOR LIABILITIES

(11,606

)

(11,617

)

ACCRUALS AND DEFERRED INCOME

(2,330

)

(1,905

)

NET ASSETS

62,458

39,198

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

8

49,415

49,415

Retained earnings

8

12,043

(11,217

)

62,458

39,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 February 2023 and were signed by:

M Q Purver - Director

1.	STATUTORY INFORMATION

Gems Property Developers 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2021

and 31 May 2022

243

DEPRECIATION

At 1 June 2021

106

Charge for year

35

At 31 May 2022

141

NET BOOK VALUE

At 31 May 2022

102

At 31 May 2021

137

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2021

and 31 May 2022

418,323

NET BOOK VALUE

At 31 May 2022

418,323

At 31 May 2021

418,323

Fair value at 31 May 2022 is represented by:

£

Valuation in 2021

61,006

Cost

357,317

418,323

If investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

357,316

-

Aggregate depreciation

(14,293

)

-

Investment property was valued on an open market basis on 31 May 2022 by the Directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,367

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

4,594

-

Other creditors

354,553

369,552

359,147

369,552

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 June 2021

(11,217

)

49,415

38,198

Profit for the year

23,260

23,260

At 31 May 2022

12,043

49,415

61,458