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REGISTERED NUMBER: 11593467 (England and Wales)







Unaudited Financial Statements for the Year Ended 31 March 2023

for

Five Gates Properties Ltd

Five Gates Properties Ltd (Registered number: 11593467)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Five Gates Properties Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M P Moore
Mrs S Moore





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY





REGISTERED NUMBER: 11593467 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

Five Gates Properties Ltd (Registered number: 11593467)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 86,378 97,893
Investment property 5 3,409,086 3,361,482
3,495,464 3,459,375

CURRENT ASSETS
Debtors 6 4,667 2,711
Cash at bank 92,089 121,429
96,756 124,140
CREDITORS
Amounts falling due within one year 7 491,112 512,550
NET CURRENT LIABILITIES (394,356 ) (388,410 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,101,108 3,070,965

CREDITORS
Amounts falling due after more than one year 8 (1,737,170 ) (1,857,660 )

PROVISIONS FOR LIABILITIES (169,125 ) (165,078 )
NET ASSETS 1,194,813 1,048,227

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 311,713 268,156
Retained earnings 11 883,000 779,971
SHAREHOLDERS' FUNDS 1,194,813 1,048,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Five Gates Properties Ltd (Registered number: 11593467)

Balance Sheet - continued
31 March 2023


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 Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:




M P Moore - Director



Mrs S Moore - Director


Five Gates Properties Ltd (Registered number: 11593467)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Five Gates Properties Ltd 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.

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 rents received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on cost
Computer equipment - Straight line over 3 years

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Five Gates Properties Ltd (Registered number: 11593467)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 121,117 399 121,516
Additions 7,229 - 7,229
At 31 March 2023 128,346 399 128,745
DEPRECIATION
At 1 April 2022 23,534 89 23,623
Charge for year 18,611 133 18,744
At 31 March 2023 42,145 222 42,367
NET BOOK VALUE
At 31 March 2023 86,201 177 86,378
At 31 March 2022 97,583 310 97,893

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 79,450
DEPRECIATION
At 1 April 2022 6,948
Charge for year 11,912
At 31 March 2023 18,860
NET BOOK VALUE
At 31 March 2023 60,590
At 31 March 2022 72,502

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 3,361,482
Revaluations 47,604
At 31 March 2023 3,409,086
NET BOOK VALUE
At 31 March 2023 3,409,086
At 31 March 2022 3,361,482

Five Gates Properties Ltd (Registered number: 11593467)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2019 607,074
Valuation in 2021 (167,110 )
Valuation in 2022 (23,030 )
Valuation in 2023 47,604
Cost 2,944,548
3,409,086

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 425 -
Prepayments 4,242 2,711
4,667 2,711

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 121,909 121,018
Hire purchase contracts 4,946 4,946
Amounts owed to group undertakings 336,053 345,169
Tax 24,824 -
Other creditors 1,730 2,080
Accrued expenses 1,650 39,337
491,112 512,550

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 124,179 122,433
Bank loans - 2-5 years 355,821 375,792
Bank loans more 5 yr by instal 1,220,487 1,317,806
Hire purchase contracts 36,683 41,629
1,737,170 1,857,660

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,220,487 1,317,806

Five Gates Properties Ltd (Registered number: 11593467)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 1,822,396 1,937,049

A fixed charge exists over some of the investments properties held. A fixed and floating charge exists over the current and future assets and property in the company together with a negative pledge.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 779,971 268,156 1,048,127
Profit for the year 157,158 157,158
Dividends (10,572 ) (10,572 )
Reserves transfer (43,557 ) 43,557 -
At 31 March 2023 883,000 311,713 1,194,713

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.