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REGISTERED NUMBER: 01335968 (England and Wales)













GATEGLOW LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






GATEGLOW LIMITED (REGISTERED NUMBER: 01335968)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GATEGLOW LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr W G R Nelhams
Mrs B Nelhams





SECRETARY: Mrs B Nelhams





REGISTERED OFFICE: 707a Finchley Road
London
NW2 2JN





REGISTERED NUMBER: 01335968 (England and Wales)





ACCOUNTANTS: Sinclairs Bartrum Lerner
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

GATEGLOW LIMITED (REGISTERED NUMBER: 01335968)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 119 140
Investments 5 15,100 15,100
Investment properties 6 6,018,667 6,018,667
6,033,886 6,033,907

CURRENT ASSETS
Debtors 7 211,438 205,741
Cash at bank and in hand 944,854 914,205
1,156,292 1,119,946
CREDITORS
Amounts falling due within one year 8 115,901 215,229
NET CURRENT ASSETS 1,040,391 904,717
TOTAL ASSETS LESS CURRENT LIABILITIES 7,074,277 6,938,624

PROVISIONS FOR LIABILITIES 750,783 570,595
NET ASSETS 6,323,494 6,368,029

CAPITAL AND RESERVES
Called up share capital 200 200
Other reserves 2,892,036 3,072,224
Retained earnings 3,431,258 3,295,605
SHAREHOLDERS' FUNDS 6,323,494 6,368,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




Mr W G R Nelhams - Director


GATEGLOW LIMITED (REGISTERED NUMBER: 01335968)

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


1. STATUTORY INFORMATION

Gateglow Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number, registered office address and place of business can be found on the Company Information page.

The financial statements are presented in pound sterling, which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of the financial statements are set out below and have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents rents and service charges received and net sale proceeds from the sale of trading properties and lease extensions. These are recongised when received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Furniture and Equipment - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment properties
Investment properties are shown at their fair value. Any adjustment to the fair value of the investment properties is recognised in the Income Statement for the year. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

In accordance with the FRS 102 Section 1a no depreciation is provided in respect of freehold and leasehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax
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 end 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.

GATEGLOW LIMITED (REGISTERED NUMBER: 01335968)

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


2. ACCOUNTING POLICIES - continued

Investment in subsidiary
Investment held in subsidiary is stated at cost.

Basic financial instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs.
Subsequent to initial recognition, they are measured at transaction price less any impairment losses.
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and deposits.

Other reserves
Other reserve is a non-distributable reserve and represents the net balance between the adjustment to the fair value of tangible assets and its related deferred tax provision.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Office
Furniture
and
Equipment
£
COST
At 1 April 2023
and 31 March 2024 3,305
DEPRECIATION
At 1 April 2023 3,165
Charge for year 21
At 31 March 2024 3,186
NET BOOK VALUE
At 31 March 2024 119
At 31 March 2023 140


5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£ £ £
COST OR VALUATION
At 1 April 2023
and 31 March 2024 100 15,000 15,100
NET BOOK VALUE
At 31 March 2024 100 15,000 15,100
At 31 March 2023 100 15,000 15,100

GATEGLOW LIMITED (REGISTERED NUMBER: 01335968)

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


5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£ £ £
Valuation in 2016 - 500 500
Cost 100 14,500 14,600
100 15,000 15,100

6. INVESTMENT PROPERTIES
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 6,018,667
NET BOOK VALUE
At 31 March 2024 6,018,667
At 31 March 2023 6,018,667

Fair value at 31 March 2024 is represented by:
£
Valuation in 2020 (271,805 )
Valuation in 2019 (105,000 )
Valuation in 2018 (89,481 )
Valuation in 2017 389,488
Valuation in 2016 35,000
Valuation in 2015 186,207
Valuation in 2014 636,959
Valuation in 2013 567,631
Valuation in 2012 (11,884 )
Valuation in 2011 2,315,273
Cost 2,366,279
6,018,667

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed by group undertakings 169,685 173,185
Other debtors 41,753 32,556
211,438 205,741

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Taxation and social security 61,891 58,937
Other creditors 54,010 156,292
115,901 215,229