Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-312022-09-011falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11996484 2022-09-01 2023-08-31 11996484 2021-09-01 2022-08-31 11996484 2023-08-31 11996484 2022-08-31 11996484 c:Director1 2022-09-01 2023-08-31 11996484 d:LeaseholdInvestmentProperty 2023-08-31 11996484 d:LeaseholdInvestmentProperty 2022-08-31 11996484 d:CurrentFinancialInstruments 2023-08-31 11996484 d:CurrentFinancialInstruments 2022-08-31 11996484 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 11996484 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 11996484 d:ShareCapital 2023-08-31 11996484 d:ShareCapital 2022-08-31 11996484 d:RetainedEarningsAccumulatedLosses 2023-08-31 11996484 d:RetainedEarningsAccumulatedLosses 2022-08-31 11996484 c:FRS102 2022-09-01 2023-08-31 11996484 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 11996484 c:FullAccounts 2022-09-01 2023-08-31 11996484 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 11996484









GATEWAY TOWER LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
GATEWAY TOWER LIMITED
REGISTERED NUMBER: 11996484

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
3,195,000
3,195,000

  
3,195,000
3,195,000

Current assets
  

Debtors
 6 
327,048
270,605

  
327,048
270,605

Creditors: amounts falling due within one year
 7 
(3,276,357)
(3,286,230)

Net current liabilities
  
 
 
(2,949,309)
 
 
(3,015,625)

  

Net assets
  
245,691
179,375


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
245,690
179,374

  
245,691
179,375


Page 1

 
GATEWAY TOWER LIMITED
REGISTERED NUMBER: 11996484
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Gary Hilton Sacks
Director

Date: 19 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GATEWAY TOWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Gateway Tower Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Financial and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

 
2.4

Going concern

In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the director has reviewed the Company’s principal and emerging risks, recent levels of rent collection, existing loan facilities, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance following the balance sheet date. 
Based on his assessment, the director at the time of approving the financial statements has a reasonable expectation that the Company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
 
Page 3

 
GATEWAY TOWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.4
Going concern (continued)

While there will always remain inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.

 
2.5

Revenue

Revenue relates to rental income receivable by the Company in respect of investment properties held by the Company leased to tenants under operating leases (i.e. leases in which the risks and rewards of ownership of the underlying asset have not been transferred to the lessee).
Rental income receivable is recognised through profit and loss on a straight line basis over the term of the lease. Any rent-free period, where applicable, is spread over the term of the lease.

 
2.6

Taxation

Taxation comprises of corporate taxation ("current taxation") which is recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
As outlined in the 2020 Budget delivered to Parliament by the Chancellor of the Exchequer on 11 March 2020, commencing from 1 April 2023, the corporation tax rate would be 25% (i.e. main rate) for annual taxable profits above £250,000 and 19% (i.e. small profits rate) for annual taxable profits below £50,000. Where annual taxable profits fall between £50,000 and £250,000, corporation tax at the main rate as reduced by marginal relief will apply.
The Company is subject to taxation at the rate enacted by HM Revenue & Customs in respect of property investment activities undertaken in the United Kingdom. All such liabilities in respect of UK current taxation payable are provided for as soon as there is a reasonable certainty that a liability will crystallise. The Company did not undertake any other activities in any other country.

 
2.7

Investment property

Investment property comprises of property held by the Company to earn income or for capital appreciation, or both.
Investment property is initially recognised at purchase cost plus directly attributable acquisition expenses and subsequently measured at fair value. Investment properties are not depreciated
Gains and losses arising from changes in fair value are recognised in profit or loss during the period in which they arise.
Purchases and sales of investment property are recognised when contracts have been unconditionally exchanged and the significant risks and rewards of ownership have been transferred.
An investment property is derecognised for accounting purposes upon disposal or when no future
Page 4

 
GATEWAY TOWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.7
Investment property (continued)

economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value) is recognised in profit or loss in the period the asset is derecognised.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon the Company becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined below:
Debtors
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors
Creditors are initially measured and subsequently held at transaction price.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
 
Page 5

 
GATEWAY TOWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.Judgments in applying accounting policies (continued)

In the opinion of the directors, those judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported were as follows:
Investment property valuation
Investment properties valuations are performed by either the director or, where considered necessary, independent external valuers on an open market basis based on active market prices taking into account:
 
market evidence of transaction prices for similar properties;
adjustments for any differences in the nature, location or condition of the specified asset such as plot size, encumbrances and current use; and
assumptions including future rental income, anticipated maintenance costs and appropriate discount rates.

Where relevant information is not available, alternative valuation methods are used such as recent prices on less active markets or discounted cash flow projections. 
The significant unobservable input is the adjustment for factors specific to the properties in question.  The extent and direction of this adjustment depends on the number and characteristics of the observable market transactions in similar properties that are used as the starting point for the valuation. Although this input is a subjective judgment, the director considers that the overall valuation would not be materially altered by any reasonable alternative assumptions.
The fair value of an investment property reflects, among other things, rental income from current leases and assumptions about future rental lease income based on current market conditions and anticipated plans for the property.


4.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
GATEWAY TOWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 September 2022
3,195,000



At 31 August 2023
3,195,000

The 2023 valuations were made by the director, on an open market value for existing use basis.
Based on the valuation exercise performed, the director is of the opinion that the movement in fair value as at 31 August 2023 from that as at 1 September 2022 is immaterial and does not warrant an adjustment for re-valuation to be recognised as at the balance sheet date.
The director's valuation at the balance sheet date is reported as not being subject to ‘material valuation uncertainty’ as defined by VPS 3 and VPGA 10 of the RICS Valuation – Global Standards.





6.


Debtors

2023
2022
£
£

Falling due within one year

Trade debtors
3,081
1,540

Other debtors
323,451
259,067

Prepayments and accrued income
516
9,998

327,048
270,605


Trade and other debtors falling due within one year are interest free and, in the opinion of the director, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil.

Page 7

 
GATEWAY TOWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
43,418
61,494

Amounts owed to group undertakings
3,211,791
3,211,791

Corporation tax
16,848
12,945

Accruals and deferred income
4,300
-

3,276,357
3,286,230


Amounts owed to group undertakings are interest free, unsecured and repayable on demand with no fixed date of repayment.


8.


Financial instruments

The Company held no financial instruments during either the current or preceding financial reporting periods that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.


9.


Contingent liabilities

The Company is party to an intercompany guarantee in which security has been provided in the form of a debenture over its investment property held and a fixed and/or floating charge over all of its present and future assets towards loan finance borrowed by certain fellow group undertakings and companies connected by virtue of having directors in common.


10.


Related party transactions

Wholly owned group undertakings
The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
Other related parties
At the balance sheet date, £323,451 (2022: £259,067) was owed to the Company by City & Docklands Management Limited, a company under common control. Amounts owed are unsecured, interest-free and repayable on demand.
There were no further related party transactions and/or period end balances to report in accordance with the UK Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.

Page 8

 
GATEWAY TOWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Controlling party

The immediate parent undertaking is WE8 LLP, a Limited Liability Partnership incorporated under the Limited Liability Partnership Act 2000, which holds a 100% interest in the issued share capital of the Company.
WE8 LLP is the parent undertaking of the smallest group to consolidate these financial statements. The registered office of WE8 LLP is located at Regina House, 124 Finchley Road, London, NW3 5JS.
Copies of consolidated financial statements for WE8 LLP are not publicly available on the grounds of exemptions available under sections 383 and 399 of the Companies Act 2006 as WE8 LLP and its group undertakings, both individually and on consolidation, are subject to the small companies regime.

 
Page 9