GIEMGI RESEARCH LIMITED - Period Ending 2022-11-30

GIEMGI RESEARCH LIMITED

Contents

Company Information	1
Director's Report	2
Profit and Loss Account	3
Statement of Comprehensive Income	4
Balance Sheet	5
Statement of Changes in Equity	6
Notes to the Unaudited Financial Statements	7 to 10

GIEMGI RESEARCH LIMITED

Company Information

Director

Mr Oleksandr Cherkashyn

Registered office

5/6 The Shrubberies George Lane South Woodford London E18 1BG

Accountants

ACCOUNTING 2 TREND LTD 3 The Shrubberies George Lane London E18 1BD

GIEMGI RESEARCH LIMITED

Director's Report for the Year Ended 30 November 2022

The director presents his report and the financial statements for the year ended 30 November 2022.

Director of the company

The director who held office during the year was as follows:

Mr Oleksandr Cherkashyn

Principal activity

The principal activity of the company is that of operating through a branch in Switzerland. The Branch ceased its activity during 2021.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 October 2023
 

......................................... Mr Oleksandr Cherkashyn Director

GIEMGI RESEARCH LIMITED

Profit and Loss Account for the Year Ended 30 November 2022

	Note	2022 CHF	2021 CHF
Turnover		-	-
Gross profit/(loss)		-	-
Administrative expenses		(9,989)	(37,764)
Operating loss		(9,989)	(37,764)
Interest payable and similar expenses		(88,253)	13,212
Loss before tax		(98,242)	(24,552)
Tax on loss		-	(19,558)
Loss for the financial year		(98,242)	(44,110)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

GIEMGI RESEARCH LIMITED

Statement of Comprehensive Income for the Year Ended 30 November 2022

	2022 CHF	2021 CHF
Loss for the year	(98,242)	(44,110)
Total comprehensive income for the year	(98,242)	(44,110)

GIEMGI RESEARCH LIMITED

(Registration number: 07851469)
Balance Sheet as at 30 November 2022

	Note	2022 CHF	2021 CHF
Current assets
Debtors	4	5,667	5,667
Cash at bank and in hand		1,007,870	1,135,325
		1,013,537	1,140,992
Creditors: Amounts falling due within one year	5	(7,930)	(1,271)
Total assets less current liabilities		1,005,607	1,139,721
Creditors: Amounts falling due after more than one year	5	(171,523)	(207,395)
Net assets		834,084	932,326
Capital and reserves
Called up share capital	6	15,167	15,167
Retained earnings		818,917	917,159
Shareholders' funds		834,084	932,326

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 October 2023
 

......................................... Mr Oleksandr Cherkashyn Director

GIEMGI RESEARCH LIMITED

Statement of Changes in Equity for the Year Ended 30 November 2022

	Share capital CHF	Profit and loss account CHF	Total CHF
At 1 December 2021	15,167	917,159	932,326
Loss for the year	-	(98,242)	(98,242)
Total comprehensive income	-	(98,242)	(98,242)
At 30 November 2022	15,167	818,917	834,084

	Share capital CHF	Retained earnings CHF	Total CHF
At 1 December 2020	15,167	961,269	976,436
Loss for the year	-	(44,110)	(44,110)
At 30 November 2021	15,167	917,159	932,326

GIEMGI RESEARCH LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5/6 The Shrubberies
George Lane
South Woodford
London
E18 1BG
England

These financial statements were authorised for issue by the director on 19 October 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

GIEMGI RESEARCH LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Debtors

Current	2022 CHF	2021 CHF
Prepayments	5,667	5,667

GIEMGI RESEARCH LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

5

Creditors

Creditors: amounts falling due within one year

	2022 CHF	2021 CHF
Due within one year
Accruals and deferred income	1,130	1,271
Other creditors	6,800	-
	7,930	1,271

Creditors: amounts falling due after more than one year

	2022 CHF	2021 CHF
Due after one year
Other non-current financial liabilities	171,523	207,395

6	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	CHF	No.	CHF
Ordinary shares of CHF1.51 each	10,000	15,100	10,000	15,100

7	Related party transactions

Loans from related parties

2022	Other related parties CHF	Total CHF
At start of period	207,395	207,395
Repaid	(35,872)	(35,872)
At end of period	171,523	171,523

2021	Other related parties CHF	Total CHF
At start of period	182,030	182,030
Advanced	32,165	32,165
Repaid	(6,800)	(6,800)
At end of period	207,395	207,395

GIEMGI RESEARCH LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Terms of loans from related parties

Shareholders loan, interest bearing.