Fourgate (Cheltenham) Limited 10668810 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is rental property activities Digita Accounts Production Advanced 6.30.9574.0 true 10668810 2022-07-01 2023-06-30 10668810 2023-06-30 10668810 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 10668810 core:CurrentFinancialInstruments 2023-06-30 10668810 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10668810 core:Non-currentFinancialInstruments 2023-06-30 10668810 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 10668810 core:FurnitureFittingsToolsEquipment 2023-06-30 10668810 core:MotorVehicles 2023-06-30 10668810 bus:SmallEntities 2022-07-01 2023-06-30 10668810 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 10668810 bus:FullAccounts 2022-07-01 2023-06-30 10668810 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 10668810 bus:RegisteredOffice 2022-07-01 2023-06-30 10668810 bus:Director1 2022-07-01 2023-06-30 10668810 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10668810 core:FurnitureFittings 2022-07-01 2023-06-30 10668810 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 10668810 core:MotorCars 2022-07-01 2023-06-30 10668810 core:MotorVehicles 2022-07-01 2023-06-30 10668810 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 10668810 countries:EnglandWales 2022-07-01 2023-06-30 10668810 2022-06-30 10668810 core:FurnitureFittingsToolsEquipment 2022-06-30 10668810 core:MotorVehicles 2022-06-30 10668810 2021-07-01 2022-06-30 10668810 2022-06-30 10668810 core:AcceleratedTaxDepreciationDeferredTax 2022-06-30 10668810 core:CurrentFinancialInstruments 2022-06-30 10668810 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 10668810 core:Non-currentFinancialInstruments 2022-06-30 10668810 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 10668810 core:FurnitureFittingsToolsEquipment 2022-06-30 10668810 core:MotorVehicles 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 10668810

Prepared for the registrar

Fourgate (Cheltenham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Fourgate (Cheltenham) Limited

(Registration number: 10668810)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,779

10,413

Investment property

6

7,170,921

7,170,921

 

7,179,700

7,181,334

Current assets

 

Debtors

7

947,256

974,546

Cash at bank and in hand

 

107,835

1,062,191

 

1,055,091

2,036,737

Creditors: Amounts falling due within one year

8

(1,460,682)

(919,386)

Net current (liabilities)/assets

 

(405,591)

1,117,351

Total assets less current liabilities

 

6,774,109

8,298,685

Creditors: Amounts falling due after more than one year

8

(492,000)

(2,250,000)

Deferred tax liabilities

 

(2,195)

(2,603)

Net assets

 

6,279,914

6,046,082

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

6,279,714

6,045,882

Shareholders' funds

 

6,279,914

6,046,082

For the financial year ending 30 June 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 14 March 2024 and signed on its behalf by:
 

J C Gater
Director

   
     
 

Fourgate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 services provided to customers and rental income.

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.

 

Fourgate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Motor vehicles

25% written down value per annum

Plant and machinery

15% written down value per annum

Fixtures and fittings

25% written down value per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors. The directors 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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Fourgate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

2,195

2,195

2022

Liability
£

Fixed asset timing differences

2,603

2,603

 

Fourgate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 July 2022

18,340

1,115

19,455

At 30 June 2023

18,340

1,115

19,455

Depreciation

At 1 July 2022

8,185

857

9,042

Charge for the year

1,569

65

1,634

At 30 June 2023

9,754

922

10,676

Carrying amount

At 30 June 2023

8,586

193

8,779

At 30 June 2022

10,155

258

10,413

 

6

Investment properties

2023
£

At 1 July 2022 and 30 June 2023

7,170,921

The investment properties were not subject to a revaluation by an independent valuer in the year and are considered to reflect a true market value by the directors.

 

7

Debtors

2023
 £

2022
 £

Trade debtors

21,733

63,940

Other debtors

913,442

900,000

Prepayments

12,081

10,606

 

947,256

974,546

 

Fourgate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

964,543

715,888

Trade creditors

 

4,789

649

Amounts due to related parties

11

350,000

-

Social security and other taxes

 

4,298

7,719

Accrued expenses

 

11,694

34,207

Corporation tax liability

64,820

64,664

Deferred income

 

60,538

96,259

 

1,460,682

919,386

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

492,000

2,250,000

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors' loan

964,543

715,888

2023
£

2022
£

Non-current loans and borrowings

Bank loans - secured

492,000

2,250,000

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £18,829 (2022 - £27,867).

 

Fourgate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

11

Related party transactions

Transactions with directors

At 30 June 2023 the company owed the directors, Mr J C Gater and Mrs J B Gater £964,543 (2022: £715,888) in the form of a directors' loan account. The loan is unsecured, repayable on demand and interest is paid on the loan.

Transactions with other related parties

At 30 June 2023 the company was owed £900,000 (2022: £900,000) in the form of a loan to Twogate (Cheltenham) Limited. The loan is unsecured and repayable on demand and no interest was charged in the year.

At the year end the company owed £350,000 (2022: £Nil) in the form of a loan from Twogate (Cheltenham) Limited. Interest is payable on the loan which is unsecured and repayable on demand. The companies are related by virtue of the shareholders.