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REGISTERED NUMBER: 06265660 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

GATESMEAD PROPERTIES LIMITED

GATESMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 06265660)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GATESMEAD PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: Mr J Aspden
Mrs S Aspden





SECRETARY: Mrs S Aspden





REGISTERED OFFICE: Crook Foot
Crook
Kendal
Cumbria
LA8 8LW





REGISTERED NUMBER: 06265660 (England and Wales)





ACCOUNTANTS: Langricks (Holmfirth) Limited
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GATESMEAD PROPERTIES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gatesmead Properties Limited for the year ended 28 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Gatesmead Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gatesmead Properties Limited and state those matters that we have agreed to state to the Board of Directors of Gatesmead Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gatesmead Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gatesmead Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gatesmead Properties Limited. You consider that Gatesmead Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gatesmead Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Langricks (Holmfirth) Limited
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT


29 July 2024

GATESMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 06265660)

BALANCE SHEET
28 FEBRUARY 2024

28.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 363 485
Investment property 6 1,250,000 1,250,000
1,250,363 1,250,485

CURRENT ASSETS
Debtors 7 8,367 7,772
Cash at bank 13,122 10,387
21,489 18,159
CREDITORS
Amounts falling due within one year 8 877,975 901,811
NET CURRENT LIABILITIES (856,486 ) (883,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

393,877

366,833

PROVISIONS FOR LIABILITIES 38,876 29,569
NET ASSETS 355,001 337,264

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 354,901 337,164
355,001 337,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 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.

GATESMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 06265660)

BALANCE SHEET - continued
28 FEBRUARY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





Mr J Aspden - Director


GATESMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 06265660)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1. STATUTORY INFORMATION

Gatesmead Properties Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

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.

Financial instruments
Financial Instrument

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


GATESMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 06265660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2023
and 28 February 2024 4,222
DEPRECIATION
At 1 March 2023 3,737
Charge for year 122
At 28 February 2024 3,859
NET BOOK VALUE
At 28 February 2024 363
At 28 February 2023 485

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 28 February 2024 1,250,000
NET BOOK VALUE
At 28 February 2024 1,250,000
At 28 February 2023 1,250,000

Fair value at 28 February 2024 is represented by:
£   
Valuation in 2017 155,142
Cost 1,094,858
1,250,000

The investment property was valued on a market value basis on 28 February 2023 by the directors .

GATESMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 06265660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Trade debtors 3,375 -
Other debtors 4,992 7,772
8,367 7,772

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Taxation and social security 6,372 5,506
Other creditors 871,603 896,305
877,975 901,811

9. RELATED PARTY DISCLOSURES

The company is related to the directors of the company, and during the year to 28 February 2024, the directors provided interest free loans to the company amounting to £557 (2023: £NIL) and were repaid £26,200 (2023: £583).
At 28 February 2024, the directors were owed £862,259 (2023: £887,902) by the company, which is included within creditors.

10. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors of the company.