Registered number: 03072593
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Durham Gate Limited
Financial statements
Information for filing with the registrar
31 December 2023
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Balance sheet
At 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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1
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Balance sheet (continued)
At 31 December 2023
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 16 September 2024.
Registered number: 03072593
The notes on pages 4 to 6 form part of these financial statements.
2
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Statement of changes in equity
Year ended 31 December 2023
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Total comprehensive income for the year
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Total comprehensive income for the year
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3
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Notes to the financial statements
Year ended 31 December 2023
Durham Gate Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is given in the company information page of this annual report.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdon and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The following principal accounting policies have been applied:
Income from the sale of developments is recognised in the profit and loss accounts once a binding contract of sale exists. Income is recognised to the extent that the company has obtained the right to consideration through its performance.
Other income includes rent receivable from certain properties held in stock and development land.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of works done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion once the outcome can be forseen with reasonable certainty.
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.
Negative goodwill as a result of business combinations where the consideration is less than the fair value of the net identifiable assets of the joint venture acquired. The difference is recognised as negative goodwill and amortised based upon when the economic benefit is due to the company.
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Stocks and work in progress
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Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
4
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Notes to the financial statements
Year ended 31 December 2023
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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At 31 December 2023 the directors consider the realisable value of work in progress to be £4,500,000.
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5
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Notes to the financial statements
Year ended 31 December 2023
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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Other loans are secured by a fixed charge on freehold land and properties included within work in progress as development land.
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Related party transactions
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During the year under review the company loaned money to C3 Property Consulting LLP, an LLP in which A Cook, N Cook and J Cook have an interest. The balance outstanding as at 31 December 2023 was £427,075 (2022 - £40,000). The loan is interest free and there are no fixed terms of repayment agreed.
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6
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