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COMPANY REGISTRATION NUMBER: 11309438
Gateway Procurement Services Limited
Filleted Unaudited Financial Statements
Year ended
30 April 2024
Gateway Procurement Services Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Gateway Procurement Services Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
107,108
66,170
Tangible assets
6
6,360
5,733
----------
--------
113,468
71,903
Current assets
Debtors
7
13,011
16,363
Cash at bank and in hand
902
9,165
--------
--------
13,913
25,528
Creditors: amounts falling due within one year
8
120,712
107,605
----------
----------
Net current liabilities
106,799
82,077
----------
--------
Total assets less current liabilities
6,669
( 10,174)
Creditors: amounts falling due after more than one year
9
350,500
217,300
----------
----------
Net liabilities
( 343,831)
( 227,474)
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 343,931)
( 227,574)
----------
----------
Shareholders deficit
( 343,831)
( 227,474)
----------
----------
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 year ending 30 April 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gateway Procurement Services Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 8 August 2024 , and are signed on behalf of the board by:
Mr D J Usifoh
Mr J P Oughtred
Director
Director
Company registration number: 11309438
Gateway Procurement Services Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 - 14 Carlisle Street, Goole, East Yorkshire, DN14 5DX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and 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. The financial statements show a loss for the year of £141,874. The company has net liabilities at the Balance Sheet date of £343,831. The directors have confirmed that they are willing to support the company for the foreseeable future. Therefore the going concern basis is applicable. Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the invoice for the services provided is issued to the customer. Current & deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and fittings
-
25% reducing balance
Government grants
With regard to the Coronavirus Job Retention Scheme grant, under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. An amount of £18,908 was received in the year to 30 April 2021 which is shown in other income.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 3 ).
5. Intangible assets
Developm't costs
£
Cost
At 1 May 2023
66,170
Additions
40,938
----------
At 30 April 2024
107,108
----------
Amortisation
At 1 May 2023 and 30 April 2024
----------
Carrying amount
At 30 April 2024
107,108
----------
At 30 April 2023
66,170
----------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 May 2023
13,360
Additions
2,624
--------
At 30 April 2024
15,984
--------
Depreciation
At 1 May 2023
7,627
Charge for the year
1,997
--------
At 30 April 2024
9,624
--------
Carrying amount
At 30 April 2024
6,360
--------
At 30 April 2023
5,733
--------
7. Debtors
2024
2023
£
£
Trade debtors
13,011
16,363
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,348
12,872
Social security and other taxes
5,334
4,728
Directors loan account
87,480
87,480
Other creditors
2,550
2,525
----------
----------
120,712
107,605
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
350,500
217,300
----------
----------
10. Related party transactions
During the year the directors , who are also shareholders, had a loan account with the company. At the year end the balance due to one director was £ 87,480 , (2023 £87,480).