Twogate (Cheltenham) Limited 10689021 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Investment in property Digita Accounts Production Advanced 6.30.9574.0 true 10689021 2022-04-01 2023-03-31 10689021 2023-03-31 10689021 core:CurrentFinancialInstruments 2023-03-31 10689021 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10689021 core:CurrentFinancialInstruments core:Secured 2023-03-31 10689021 core:FurnitureFittingsToolsEquipment 2023-03-31 10689021 bus:SmallEntities 2022-04-01 2023-03-31 10689021 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10689021 bus:FullAccounts 2022-04-01 2023-03-31 10689021 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10689021 bus:RegisteredOffice 2022-04-01 2023-03-31 10689021 bus:Director2 2022-04-01 2023-03-31 10689021 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10689021 core:OfficeEquipment 2022-04-01 2023-03-31 10689021 countries:EnglandWales 2022-04-01 2023-03-31 10689021 2022-03-31 10689021 core:FurnitureFittingsToolsEquipment 2022-03-31 10689021 2021-04-01 2022-03-31 10689021 2022-03-31 10689021 core:CurrentFinancialInstruments 2022-03-31 10689021 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10689021 core:CurrentFinancialInstruments core:Secured 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 10689021

Prepared for the registrar

Twogate (Cheltenham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Twogate (Cheltenham) Limited

(Registration number: 10689021)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

1,818,148

1,818,148

Current assets

 

Debtors

6

103,814

105,361

Cash at bank and in hand

 

394,417

348,556

 

498,231

453,917

Creditors: Amounts falling due within one year

7

(1,952,472)

(1,979,418)

Net current liabilities

 

(1,454,241)

(1,525,501)

Net assets

 

363,907

292,647

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

363,807

292,547

Shareholders' funds

 

363,907

292,647

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 


Ms S L Gater
Director

 

Twogate (Cheltenham) Limited

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

 

1

General information

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

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Twogate (Cheltenham) Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Over three years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Twogate (Cheltenham) Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 April 2022

2,849

At 31 March 2023

2,849

Depreciation

At 1 April 2022

2,849

At 31 March 2023

2,849

Carrying amount

At 31 March 2023

-

 

5

Investment properties

2023
£

At 1 April 2022 and 31 March 2023

1,818,148

There has been no revaluation of investment property in the year, the directors are satisfied that the market value is reflected at 31 March 2023.

 

Twogate (Cheltenham) Limited

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

 

6

Debtors

2023
 £

2022
 £

Trade debtors

52,233

44,528

Other debtors

45,135

57,092

Prepayments

6,446

3,741

 

103,814

105,361

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

1,889,494

1,912,153

Trade creditors

 

-

70

Social security and other taxes

 

4,295

7,093

Accrued expenses

 

1,938

1,450

Corporation tax liability

21,448

23,107

Deferred income

 

35,297

35,545

 

1,952,472

1,979,418

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other loans - Fourgate (Cheltenham) Limited

900,000

900,000

Directors' loan

989,494

1,012,153

1,889,494

1,912,153

 

9

Related party transactions

Transactions with directors

At 31 March 2023 the company owed £492,982 (2022: £504,311) to the director Mr D J Gater and £496,512 (2022: £507,842) to the director Ms S L Gater in the form of directors' loan accounts. The loans are unsecured, interest free and repayable on demand.

Summary of transactions with other related parties

At 31 March 2023 the company owed £900,000 (2022: £900,000) to Fourgate (Cheltenham) Limited. The companies are related by virtue of the directors Mr D J Gater and Ms S L Gater, who are shareholders in Fourgate (Cheltenham) Limited. The loan is unsecured, interest free and repayable on demand.