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Registered Number: 08608580
England and Wales

 

 

 

GATEWAY DIGITAL UK LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 3    104 
3    104 
Current assets      
Debtors 283,235    235,365 
Cash at bank and in hand 133,030    85,546 
416,265    320,911 
Creditors: amount falling due within one year (345,925)   (233,749)
Net current assets 70,340    87,162 
 
Total assets less current liabilities 70,343    87,266 
Creditors: amount falling due after more than one year (16,518)   (26,531)
Provisions for liabilities 5,301    4,230 
Net assets 59,126    64,965 
 

Capital and reserves
     
Called up share capital 2,500    2,500 
Profit and loss account 56,626    62,465 
Shareholders' funds 59,126    64,965 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 19 September 2024 and were signed on its behalf by:


-------------------------------
S H Covers
Director
1
General Information
Gateway Digital UK Limited is a private company, limited by shares, registered in England and Wales, registration number 08608580, registration address Merlin House Brunel , Theale Reading, Berkshire, RG7 4AB. The trading address of the company is Wyvols House, Basingstoke Road, Swallowfield, Reading, RG7 1WY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
Operating lease rentals
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery              - 33% on cost
Fixtures and fittings                - 33% on cost
Computer equipment             - 33% on cost 




At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
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 subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees


Average number of employees during the year was 5 (2022 : 5).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 January 2023 200    979    1,377    2,556 
Additions      
Disposals      
At 31 December 2023 200    979    1,377    2,556 
Depreciation
At 01 January 2023 200    971    1,281    2,452 
Charge for year   8    93    101 
On disposals      
At 31 December 2023 200    979    1,374    2,553 
Net book values
Closing balance as at 31 December 2023     3    3 
Opening balance as at 01 January 2023   8    96    104 


4.

Director’s loan

.

At the balance sheet date the following balances existed on a loan account with its director:
S H Covers £65 credit (2022 - £65 credit).

The loan is interest free and repayable on demand.
5.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Trade Debtors 276,138  229,813 
Prepayments and Accrued Income 3,137  1,592 
Other Debtors 3,960  3,960 
283,235  235,365 

6.

Creditors: amounts falling due within one year

.   2023
£
  2022
£
Trade Creditors 247,729  181,506 
Bank Loans & Overdrafts 10,098  9,851 
PAYE & Social Security 304  4,147 
Accrued Expenses 4,762  3,766 
Other Creditors 278  344 
Directors 65  65 
VAT 82,689  34,070 
345,925  233,749 

7.

Creditors: amount falling due after more than one year

.   2023
£
  2022
£
Bank loans and Overdrafts 16,518  26,531 
16,518  26,531 

8.

Leasing Agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
.   2023
£
  2022
£
Within one year 5,400 

9.

Ultimate controlling party

Vin Technology Bv (incorporated in Netherlands) is regarded by the directors as being the company's ultimate parent company.
10.

Provisions for liabilities

.   2023
£
  2022
£
Deferred Tax (2,630) (4,230)
(2,630) (4,230)

2