Gateway Developments (York) Limited
Company Registration No. 10934687 (England And Wales)
Unaudited Financial Statements
Year Ended 31 December 2023
GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GATEWAY DEVELOPMENTS (YORK) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gateway Developments (York) Limited for the year ended 31 December 2023 which comprise, the 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 at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Gateway Developments (York) Limited, as a body, in accordance with the terms of our engagement letter dated 24 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Gateway Developments (York) Limited and state those matters that we have agreed to state to the board of directors of Gateway Developments (York) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gateway Developments (York) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Gateway Developments (York) 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 loss of Gateway Developments (York) Limited. You consider that Gateway Developments (York) 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 Gateway Developments (York) 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.

WR Partners
19 August 2024
Chartered Accountants
Drake House
Gadbrook Park
Northwich
Cheshire
CW9 7RA
GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
225,599
116,727
Debtors
2
7,829
541
Cash at bank and in hand
18,719
22,405
252,147
139,673
Creditors: amounts falling due within one year
3
(274,892)
(160,398)
Net current liabilities
(22,745)
(20,725)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(22,747)
(20,727)
Total equity
(22,745)
(20,725)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
B M Ward
Director
Company registration number 10934687 (England and Wales)
GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Gateway Developments (York) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ottersway House Top Street, Bawtry, Doncaster, England, DN10 6JY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors consider that, notwithstanding the current year operating loss of £2,020 and net liabilities of £22,745 the company's financial statements should be prepared on a going concern basis. This opinion is based on the grounds that current and future sources of funding or support from the directors and shareholders will be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these financial statements. true

1.3
Turnover

Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Revenue from the sale of land and properties is recognised at the point of legal completion and where title has passed.

 

When the company is acting as an agent on behalf of the customer turnover is recognised based upon the stage of completion of the contract.

GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Work in progress comprises of developments in progress and land held for development or sale. Deposit payments to acquire land are included in prepayments. Property developments in progress include properties being developed for onward sale. Land held for development or sale, is land owned by the company this is promoted through the planning process in order to gain planning permission, adding value to the land.

 

Work in progress is valued at the cost of third party supplies incurred on ongoing contracts at the balance sheet date. The value of work in progress excludes any profit element and any allocation of staff costs.

 

Impairment reviews are considered on a site by site basis or individual development basis by management at each reporting date. Write downs or revaluations are then made to ensure that work in progress is stated at lower of cost and net realisable value.

 

Net realisable value is considered in the light of progress made in the planning process, feedback from local planning officers, development appraisals and other external factors that might be considered likely to influence the eventual outcome. Where it is considered that no future benefit will arise, costs are written off the profit and loss account.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
7,684
541
Prepayments and accrued income
145
-
0
7,829
541
GATEWAY DEVELOPMENTS (YORK) LIMITED
Gateway Developments (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,727
-
0
Other creditors
260,693
158,998
Accruals and deferred income
1,472
1,400
274,892
160,398
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