Company registration number 02828941 (England and Wales)
GATES INVESTMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GATES INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr S. A. Hill
Mrs E. M. Hill
Mrs K. E. Goodhart
Mrs C. M. Peterson
Secretary
HH Secretarial Services Limited
Company number
02828941
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
GATES INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of comprehensive income
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 11
GATES INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of property investment. During the period the company also became a holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S. A. Hill
Mrs E. M. Hill
Mrs K. E. Goodhart
Mrs C. M. Peterson
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S. A. Hill
Director
23 September 2024
GATES INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GATES INVESTMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gates Investments Limited for the year ended 31 December 2023 set out on pages 3 to 11 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 Gates Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gates Investments Limited and state those matters that we have agreed to state to the Board of Directors of Gates Investments 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 Gates Investments Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Gates Investments 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 profit of Gates Investments Limited. You consider that Gates Investments 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 Gates Investments 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.

Evelyn Partners (Thames Valley) Limited
23 September 2024
Chartered Accountants
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
GATES INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Administrative expenses
(36,392)
(50,289)
Other operating income
87,355
90,565
Operating profit
50,963
40,276
Interest receivable and similar income
3
32,689
1,129
Interest payable and similar expenses
(58,179)
(57,007)
Surplus on part sale of investment property
12,019
26,753
Profit before taxation
37,492
11,151
Tax on profit
(5,467)
(2,002)
Profit for the financial year
32,025
9,149
GATES INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
1,772,126
1,790,403
Investments
5
201
1
1,772,327
1,790,404
Current assets
Debtors
6
17,456
7,199
Cash at bank and in hand
244,315
218,466
261,771
225,665
Creditors: amounts falling due within one year
7
(497,810)
(485,682)
Net current liabilities
(236,039)
(260,017)
Total assets less current liabilities
1,536,288
1,530,387
Creditors: amounts falling due after more than one year
8
(300,000)
(300,000)
Provisions for liabilities
(11,253)
(7,577)
Net assets
1,225,035
1,222,810
Capital and reserves
Called up share capital
9
300
100
Non-distributable profits reserve
10
986,091
994,573
Distributable profit and loss reserves
238,644
228,137
Total equity
1,225,035
1,222,810

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 in accordance with the provisions applicable to companies subject to the small companies regime.

GATES INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr S. A. Hill
Director
Company registration number 02828941 (England and Wales)
GATES INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
998,385
215,176
1,213,661
Year ended 31 December 2022:
Profit and total comprehensive income
-
(3,812)
12,961
9,149
Balance at 31 December 2022
100
994,573
228,137
1,222,810
Year ended 31 December 2023:
Profit and total comprehensive income
-
(8,482)
40,507
32,025
Issue of share capital
9
200
-
-
200
Dividends
-
-
(30,000)
(30,000)
Balance at 31 December 2023
300
986,091
238,644
1,225,035
GATES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Company information

Gates Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Basic financial assets

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

Basic financial liabilities

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

GATES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Interest receivable and similar income
2023
2022
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
30,000
-
0
4
Investment property
2023
£
Fair value
At 1 January 2023
1,790,403
Disposals
(13,471)
Revaluations
(4,806)
At 31 December 2023
1,772,126
GATES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 9 -

Under FRS 102, investment property is required to be measured at its fair value (where this can be ascertained) with any change being recognised in profit and loss. The fair value of the investment property has been arrived at on the basis of professional valuations carried out by third parties. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

On a historical cost basis, investment properties would have been held at £774,782 (2022 - £788,252).

 

The recently passed Leasehold & Freehold Reform Act 2024 creates a material uncertainty in respect of certain of the properties held by the company.  The directors do not believe that any potential loss of value will seriously undermine the financial position of the company, but significant losses compared to existing balance sheet values may arise.

 

 

 

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
201
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1
Additions
200
At 31 December 2023
201
Carrying amount
At 31 December 2023
201
At 31 December 2022
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,951
5,753
Other debtors
11,505
1,446
17,456
7,199
GATES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
851
1
Taxation and social security
9,825
12,824
Other creditors
487,134
472,857
497,810
485,682
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other loans
300,000
300,000

Other loans totalling £300,000 (2022 - £300,000) are secured by way of a legal charge over investment properties.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
100
300
100
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
994,573
998,385
Non distributable profits in the year
(8,482)
(3,812)
At the end of the year
986,091
994,573
GATES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
11
Related party transactions

The company has taken advantage of the exemptions permitted by FRS 102 section 1.AC.35 not to provide disclosures of transactions entered into with other wholly-owned members of the group.

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