Company Registration No. 11383919 (England and Wales)
GEMINIPI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GEMINIPI LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GEMINIPI LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GEMINIPI LIMITED FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GeminiPI Limited for the year ended 31 December 2022 which comprise, the balance sheet 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of GeminiPI Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GeminiPI Limited and state those matters that we have agreed to state to the Board of Directors of GeminiPI Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GeminiPI Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that GeminiPI 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 GeminiPI Limited. You consider that GeminiPI 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 GeminiPI 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.
Ormerod Rutter Limited
11 August 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
GEMINIPI LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,191
2,738
Investment properties
5
333,000
310,000
335,191
312,738
Current assets
Debtors
6
621
558
Cash at bank and in hand
9,127
5,923
9,748
6,481
Creditors: amounts falling due within one year
7
(124,365)
(123,740)
Net current liabilities
(114,617)
(117,259)
Total assets less current liabilities
220,574
195,479
Creditors: amounts falling due after more than one year
8
(201,828)
(201,828)
Provisions for liabilities
9
(5,105)
(303)
Net assets/(liabilities)
13,641
(6,652)
Capital and reserves
Called up share capital
11
3
3
Profit and loss reserves
13,638
(6,655)
Total equity
13,641
(6,652)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GEMINIPI LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 11 August 2023.
Mr S N Pattni
Director
Company Registration No. 11383919
GEMINIPI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
GeminiPI Limited is a private company limited by shares incorporated in England and Wales. The registered office is 97 Cole Valley Road, Hall Green, West Midlands, B28 0DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration for rents takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on reducing balance
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
GEMINIPI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Exceptional costs/(income)
2022
2021
£
£
Fair value gains on investment properties
(23,000)
(19,956)
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2021 - 1).
GEMINIPI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2022 and 31 December 2022
5,705
Depreciation and impairment
At 1 January 2022
2,967
Depreciation charged in the year
547
At 31 December 2022
3,514
Carrying amount
At 31 December 2022
2,191
At 31 December 2021
2,738
5
Investment property
2022
£
Fair value
At 1 January 2022
310,000
Revaluations
23,000
At 31 December 2022
333,000
The director has assessed the market value of the property and result of the assessment has formed the basis of revaluation at the year end.
Revaluation gains on investment property are recognised as fair value gains through profit and loss, and are included in the movement of the profit and loss reserves within equity.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
621
558
7
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
124,365
123,740
GEMINIPI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
201,828
201,828
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
5,105
303
10
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Bank loans
201,828
201,828
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
11
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
3
3
12
Ultimate controlling party
The ultimate controlling party is Mr S N Pattni.