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COMPANY REGISTRATION NUMBER: 05739946
GATEWAY HOMES RENTALS UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
25 March 2023
GATEWAY HOMES RENTALS UK LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 27 MARCH 2022 TO 25 MARCH 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
GATEWAY HOMES RENTALS UK LIMITED
STATEMENT OF FINANCIAL POSITION
25 March 2023
25 Mar 23
26 Mar 22
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,637,014
3,037,353
CURRENT ASSETS
Debtors
6
278,302
209,169
Cash at bank and in hand
39,490
2,509
---------
---------
317,792
211,678
CREDITORS: amounts falling due within one year
7
( 120,659)
( 86,611)
---------
---------
NET CURRENT ASSETS
197,133
125,067
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,834,147
3,162,420
CREDITORS: amounts falling due after more than one year
8
( 1,808,759)
( 2,044,504)
PROVISIONS
Taxation including deferred tax
( 136,797)
( 117,087)
------------
------------
NET ASSETS
888,591
1,000,829
------------
------------
CAPITAL AND RESERVES
Called up share capital
300
300
Profit and loss account
888,291
1,000,529
---------
------------
SHAREHOLDERS FUNDS
888,591
1,000,829
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 25 March 2023 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GATEWAY HOMES RENTALS UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
25 March 2023
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
N C Statman
Director
Company registration number: 05739946
GATEWAY HOMES RENTALS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 27 MARCH 2022 TO 25 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents rents receivable exclusive of value added tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. TAX ON (LOSS)/PROFIT
Major components of tax expense
Period from
27 Mar 22 to
Year to
25 Mar 23
26 Mar 22
£
£
Current tax:
UK current tax expense
766
11,929
Adjustments in respect of prior periods
25
----
--------
Total current tax
791
11,929
----
--------
Deferred tax:
Origination and reversal of timing differences
19,710
90,639
--------
---------
Tax on (loss)/profit
20,501
102,568
--------
---------
5. TANGIBLE ASSETS
Investment properties
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 27 March 2022
3,036,000
55,057
4,652
3,095,709
Disposals
( 400,000)
( 400,000)
------------
--------
-------
------------
At 25 March 2023
2,636,000
55,057
4,652
2,695,709
------------
--------
-------
------------
Depreciation
At 27 March 2022
53,769
4,587
58,356
Charge for the period
322
17
339
------------
--------
-------
------------
At 25 March 2023
54,091
4,604
58,695
------------
--------
-------
------------
Carrying amount
At 25 March 2023
2,636,000
966
48
2,637,014
------------
--------
-------
------------
At 26 March 2022
3,036,000
1,288
65
3,037,353
------------
--------
-------
------------
6. DEBTORS
25 Mar 23
26 Mar 22
£
£
Other debtors
278,302
209,169
---------
---------
7. CREDITORS: amounts falling due within one year
25 Mar 23
26 Mar 22
£
£
Bank loans and overdrafts
5,786
5,726
Trade creditors
3,744
3,586
Corporation tax
35,248
13,926
Social security and other taxes
39,771
39,771
Amounts due to related companies
31,820
18,086
Other creditors
4,290
5,516
---------
--------
120,659
86,611
---------
--------
8. CREDITORS: amounts falling due after more than one year
25 Mar 23
26 Mar 22
£
£
Bank loans and overdrafts
1,684,963
1,941,048
Other creditors
123,796
103,456
------------
------------
1,808,759
2,044,504
------------
------------