Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsefalse22023-04-01No description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02233118 2023-04-01 2024-03-31 02233118 2022-04-01 2023-03-31 02233118 2024-03-31 02233118 2023-03-31 02233118 2022-04-01 02233118 c:Director1 2023-04-01 2024-03-31 02233118 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 02233118 d:FreeholdInvestmentProperty 2024-03-31 02233118 d:FreeholdInvestmentProperty 2023-03-31 02233118 d:CurrentFinancialInstruments 2024-03-31 02233118 d:CurrentFinancialInstruments 2023-03-31 02233118 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02233118 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02233118 d:ShareCapital 2024-03-31 02233118 d:ShareCapital 2023-03-31 02233118 d:ShareCapital 2022-04-01 02233118 d:RevaluationReserve 2023-04-01 2024-03-31 02233118 d:RevaluationReserve 2024-03-31 02233118 d:RevaluationReserve 2023-03-31 02233118 d:RevaluationReserve 2022-04-01 02233118 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02233118 d:RetainedEarningsAccumulatedLosses 2024-03-31 02233118 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02233118 d:RetainedEarningsAccumulatedLosses 2023-03-31 02233118 d:RetainedEarningsAccumulatedLosses 2022-04-01 02233118 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 02233118 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 02233118 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02233118 c:OrdinaryShareClass1 2024-03-31 02233118 c:OrdinaryShareClass1 2023-03-31 02233118 c:OrdinaryShareClass2 2023-04-01 2024-03-31 02233118 c:OrdinaryShareClass2 2024-03-31 02233118 c:OrdinaryShareClass2 2023-03-31 02233118 c:OrdinaryShareClass3 2023-04-01 2024-03-31 02233118 c:OrdinaryShareClass3 2024-03-31 02233118 c:OrdinaryShareClass3 2023-03-31 02233118 c:OrdinaryShareClass4 2023-04-01 2024-03-31 02233118 c:OrdinaryShareClass4 2024-03-31 02233118 c:OrdinaryShareClass4 2023-03-31 02233118 c:FRS102 2023-04-01 2024-03-31 02233118 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02233118 c:FullAccounts 2023-04-01 2024-03-31 02233118 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02233118 d:OtherDeferredTax 2024-03-31 02233118 d:OtherDeferredTax 2023-03-31 02233118 2 2023-04-01 2024-03-31 02233118 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02233118














LASTGATE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024

 
LASTGATE LIMITED
REGISTERED NUMBER:02233118

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023

Fixed assets
  

Investment property
 4 
2,517,686
2,058,636

  
2,517,686
2,058,636

Current assets
  

Debtors: amounts falling due within one year
 5 
855,000
881,984

Cash at bank and in hand
 6 
16,094
24,703

  
871,094
906,687

Creditors: amounts falling due within one year
 7 
(605,697)
(240,573)

Net current assets
  
 
 
265,397
 
 
666,114

Total assets less current liabilities
  
2,783,083
2,724,750

Provisions for liabilities
  

Deferred tax
 9 
323,114
323,114

Net assets
  
£2,459,969
£2,401,636


Capital and reserves
  

Called up share capital 
 10 
4
4

Revaluation reserve
 11 
1,259,793
1,259,793

Profit and loss account
 11 
1,200,172
1,141,839

  
£2,459,969
£2,401,636


Page 1

 
LASTGATE LIMITED
REGISTERED NUMBER:02233118

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider 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 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 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 on 17 September 2024.




___________________________
Mr A J Attfield
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
LASTGATE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

At 1 April 2023
4
1,259,793
1,141,839
2,401,636



Profit for the year
-
-
58,333
58,333


At 31 March 2024
£4
£1,259,793
£1,200,172
£2,459,969


The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
LASTGATE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

At 1 April 2022
4
1,259,793
1,087,863
2,347,660



Profit for the year
-
-
53,976
53,976


At 31 March 2023
£4
£1,259,793
£1,141,839
£2,401,636


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
LASTGATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Lastgate Limited is a private company limited by shares and incorporated in England and Wales. The company resitration number is 02233118. The regisitered office is Caxton Cottage, Ashford Road, Bethersden, Ashford, Kent, TN26 3AP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
LASTGATE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
LASTGATE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
Page 7

 
LASTGATE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 8

 
LASTGATE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property



Valuation


At 1 April 2023
2,058,636


Additions at cost
459,050



At 31 March 2024
2,517,686

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023


Historic cost
£934,779
£475,729


5.


Debtors

2024
2023


Amounts owed by group undertakings
20,000
47,984

Other debtors
835,000
834,000

£855,000
£881,984



6.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
£16,094
£24,703


Page 9

 
LASTGATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023

Trade creditors
630
1,208

Corporation tax
19,421
12,661

Other creditors
175,636
224,894

Accruals and deferred income
10,010
1,810

Other loans
400,000
-

£605,697
£240,573



8.


Financial instruments

2024
2023

Financial assets


Financial assets measured at fair value through profit or loss
£16,094
£24,703




Financial assets measured at fair value through profit or loss comprise bank and cash balances.


9.


Deferred taxation




2024
2023





At beginning of year
323,114
323,114



At end of year
£323,114
£323,114

The provision for deferred taxation is made up as follows:

2024
2023


Revaluation surplus
323,114
323,114

£323,114
£323,114

Page 10

 
LASTGATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
Allotted, called up and fully paid



1 (2023 - 1) Ordinary A share of £1.00
1
1
1 (2023 - 1) Ordinary B share of £1.00
1
1
1 (2023 - 1) Ordinary C share of £1.00
1
1
1 (2023 - 1) Ordinary D share of £1.00
1
1

£4

£4



11.


Reserves

Revaluation reserve

The revaluation reserve represents non-distributable reserves arising on the revaluation of the investment properties net of the associated deferred tax liability.

Profit and loss account

The profit and loss account represents the general surpluses and deficits arising from the company's actvities.  The profit and loss account is fully distributable.


12.
Controlling party / Ultimate parent undertaking and controlling party

Lastgate Limited is wholly owned subsidary of  Bethersden Property Company Limited, a company iincorporated in England and Wales.


Page 11