Registered number
06770553
Gateway Construction Services Limited
Filleted Accounts
31 December 2023
Gateway Construction Services Limited
Registered number: 06770553
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 531,146 266,938
Current assets
Stocks 459,962 149,697
Debtors 4 243,434 431,872
Cash at bank and in hand 2,524 184,665
705,920 766,234
Creditors: amounts falling due within one year 5 (266,726) (281,063)
Net current assets 439,194 485,171
Total assets less current liabilities 970,340 752,109
Creditors: amounts falling due after more than one year 6 (238,521) (105,845)
Net assets 731,819 646,264
Capital and reserves
Called up share capital 900 900
Profit and loss account 730,919 645,364
Shareholders' funds 731,819 646,264
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Cole
Director
Approved by the board on 14 August 2024
Gateway Construction Services Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 251,100 328,540 579,640
Additions 41,017 360,182 401,199
At 31 December 2023 292,117 688,722 980,839
Depreciation
At 1 January 2023 141,221 171,481 312,702
Charge for the year 35,868 101,123 136,991
At 31 December 2023 177,089 272,604 449,693
Net book value
At 31 December 2023 115,028 416,118 531,146
At 31 December 2022 109,879 157,059 266,938
4 Debtors 2023 2022
£ £
Trade debtors 156,792 259,924
Other debtors 86,642 171,948
243,434 431,872
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 45,139 10,806
Obligations under finance lease and hire purchase contracts 95,071 30,534
Trade creditors 67,423 158,355
Taxation and social security costs - 19,722
Other creditors 59,093 61,646
266,726 281,063
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,167 24,167
Obligations under finance lease and hire purchase contracts 224,354 81,678
238,521 105,845
7 Other information
Gateway Construction Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 21
Capstan Centre
Thurrock Park Way
Tilbury
RM18 7HH
Gateway Construction Services Limited 06770553 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Mr T Cole No description of principal activity 06770553 2022-01-01 2022-12-31 06770553 core:WithinOneYear 2022-12-31 06770553 core:AfterOneYear 2022-12-31 06770553 core:ShareCapital 2022-12-31 06770553 core:RetainedEarningsAccumulatedLosses 2022-12-31 06770553 2023-01-01 2023-12-31 06770553 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06770553 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06770553 bus:Director40 2023-01-01 2023-12-31 06770553 1 2023-01-01 2023-12-31 06770553 2 2023-01-01 2023-12-31 06770553 core:PlantMachinery 2023-01-01 2023-12-31 06770553 core:Vehicles 2023-01-01 2023-12-31 06770553 countries:England 2023-01-01 2023-12-31 06770553 bus:FRS102 2023-01-01 2023-12-31 06770553 bus:FilletedAccounts 2023-01-01 2023-12-31 06770553 2023-12-31 06770553 core:WithinOneYear 2023-12-31 06770553 core:AfterOneYear 2023-12-31 06770553 core:ShareCapital 2023-12-31 06770553 core:RetainedEarningsAccumulatedLosses 2023-12-31 06770553 core:PlantMachinery 2023-12-31 06770553 core:Vehicles 2023-12-31 06770553 2022-12-31 06770553 core:PlantMachinery 2022-12-31 06770553 core:Vehicles 2022-12-31 iso4217:GBP xbrli:pure