Registered number:
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
COMPANY INFORMATION
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GATESTOCK EAST MIDLANDS LIMITED
CONTENTS
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GATESTOCK EAST MIDLANDS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2023
The Directors are pleased to present their Strategic Report for Gatestock East Midlands Limited.
holding company. Its direct investments comprise of one primary active trading subsidiary, Maypine Construction Limited, which is principally engaged in the construction of groundworks and infrastructure for housing developments and has a client base of major house builders and developers, and Gatestock Holdings Limited, which is involved in plant and machinery hire and maintenance. The Groups profit mainly derives from the operations of Maypine Construction Limited.
Interest rate risk
The Company’s exposure to market risk for the changes in interest rates relates primarily to the Company’s overdraft facility. The Company’s policy is to manage its interest cost by the use of floating facilities, which will fluctuate according to levels of working capital required. Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Company policy has been to have sufficient facilities available to maintain short term flexibility. Credit risk The Company’s principal financial assets are cash and trade debtors. Risks associated with cash are limited as the bank has high credit ratings assigned by international credit rating agencies. The principal risk lies with trade debtors. In order to manage credit risk the directors set limits for customers based on payment history. Credit limits are reviewed on a regular basis in conjunction with ageing and collection history.
The key performance indicators of the subsidiaries are as follows:
Maypine Construction Limited Overall profit is a key indicator of the company’s performance. The profit before tax for the year was £8,887 (2022 - £173,101). Company EBITDA was £62,983 (2022: £192,715), a decrease of £129,732 in the year. Working capital management is seen as an important target for the business. At the year end, the net current asset level was £1,212,080 with the working capital ratio of 1.38 (2022 - £1,781,074 ratio 1.31). Gatestock Holdings Limited Overall profit is a key indicator of the company’s performance. The profit before tax for the year was £263,208 (2022 - £246,756). Company EBITDA was £904,454 (2022: £857,081), an increase of £47,373 in the year.
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GATESTOCK EAST MIDLANDS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
The subsidiary companies retain healthy workbooks, and we anticipate the turnover to remain steady although we expect to see a recessional slowdown in 2024.
We continue to invest in our health and safety programmes and training working towards ISO 45001 accreditation committing to our staff and labour for a safe working environment We continue to work closely with housing developers in the region and to maintain our reputation of excellent performance and project delivery. In doing so we will be well placed to grow as house builders and undertake larger and more ambitious projects. Continued development of our IT systems, together with significant investment in capital expenditure and the continued investment training programme to our workforce will allow us to cement our place as a valued and trusted partner to our customers.
This report was approved by the board and signed on its behalf.
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GATESTOCK EAST MIDLANDS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2023
The Directors present their report and the financial statements for the period ended 30 April 2023.
The Company was incorporated on 05 March 2022.
On 4 May 2022, Gatestock East Midlands Limited acquired 100% of the issued share capital of Gatestock Group Limited, the 100% shareholder directly or indirectly of: Gatestock Enterprises Limited, Gatestock Holdings Limited, Maypine Construction Limited.
The profit for the period, after taxation, amounted to £193,232.
Dividends of £114,919 were declared and paid during the period.
The Directors who served during the period were:
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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GATESTOCK EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
Future developments are addressed within the Group Strategic Report.
There have been no significant events affecting the Group since the year end.
Following a rebranding exercise on 15 May 2023 the trading name of the Company's independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor, in accordance with section 485 of the Companies Act 2006, will be proposed at the next Annual General Meeting.
This report was approved by the board and signed on its behalf.
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GATESTOCK EAST MIDLANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GATESTOCK EAST MIDLANDS LIMITED
We have audited the financial statements of Gatestock East Midlands Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2023, which comprise the Group Statement of Income and Retained Earnings, the Group and Company Balance Sheets, the Group Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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GATESTOCK EAST MIDLANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GATESTOCK EAST MIDLANDS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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GATESTOCK EAST MIDLANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GATESTOCK EAST MIDLANDS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management and those charged with governance around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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GATESTOCK EAST MIDLANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GATESTOCK EAST MIDLANDS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Northampton, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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GATESTOCK EAST MIDLANDS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
REGISTERED NUMBER: 13957723
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
REGISTERED NUMBER: 13957723
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 34 form part of these financial statements.
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GATESTOCK EAST MIDLANDS LIMITED
REGISTERED NUMBER: 13957723
COMPANY BALANCE SHEET
AS AT 30 APRIL 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 34 form part of these financial statements.
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GATESTOCK EAST MIDLANDS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
Gatestock East Midlands Limited is a private company limited by shares, registered in England and Wales, registered number 13957723.
The principal activity of the Company is that of a holding company. The Company was incorporated on 05 March 2022 and financial statements are made for the first period to 30 April 2023. The Company's registered office and principal place of business is Enterprise Road, Raunds, Wellingborough, Northamptonshire, NN9 6JE. On 4 May 2022, Gatestock East Midlands Limited acquired 100% of the issued share capital of Gatestock Group Limited, the 100% shareholder directly or indirectly of: Gatestock Enterprises Limited, Gatestock Holdings Limited, Maypine Construction Limited.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 05 March 2022.
Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
2.Accounting policies (continued)
The amount of profit recognised ia a proportion of the total forecast profit on the contract by reference to the stage of completion at the balance sheet date, taking accounts of agreed claims.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life, which has been assessed as a period of 5 years by the Directors.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Income and Retained Earnings includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognided in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements There are no judgements (apart from those involving estimates) that have had a significant effect of amounts recognised in the Financial Statements. Estimates The critical accounting estimates or judgements relevant to the financial statements are embedded within the relevant notes to the financial statements. Revenue and profit recognition on long term contracts Profit recognition on long term contracts is deemed to be significant judgement open to uncertainty that would have a material impact on the financial statements. The amount recognised each year is a proportion of the total forecast profit by reference to the stage of completion at the balance sheet date. Useful economic lives of tangible fixed assets The useful economic lives used by the Group in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 30 April 2023 was £2,205,568 after a depreciation charge of £587,876. Useful economic life of goodwill The useful economic life used by the Group in respect of Goodwill arising on business combinations is set out in the accounting policies. This estimate is the best estimate based on Directors experiences and has been benchmarked against the useful economic lives of the non-current assets acquired as part of the business combination. The net book value of intangible fixed assets as at 30 April 2023 was £96,889 after an amortisation charge of £24,222.
The whole of the turnover is attributable to civil engineering, being the Group's sole business activity.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
10.Taxation (continued)
On 24 May 2021, the UK Government substantively enacted the increase in the Corporation Tax rate from
19% to 25% with effect from 1 April 2023.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
Subsidiary undertakings (continued)
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
Bank loans of £500,000 (2022: £700,000) are government-backed as a result of the COVID-19 pandemic. This loan accrues interest at a rate of 3.32% over the Bank of England Base Rate. This loan is secured by debenture across the whole Gatestock Group Limited group.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
22.Deferred taxation (continued)
The Company was incorporated on 5 March 2022 through the issuance of 1 Ordinary Share of £1.00.
On 4 May 2022, 189 Ordinary Shares of £1.00 were issued as part of a share for share exchange, and remain unpaid at the period end.
Merger Relief Reserve
Profit and loss account
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
25.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £127,370. Contributions totalling £8,890 were payable to the fund at the balance sheet date and are included in creditors.
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GATESTOCK EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
In the opinion of the directors the ultimate controlling party is
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