REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
BULLGATE LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
BULLGATE LTD |
BULLGATE LTD (REGISTERED NUMBER: 11397946) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BULLGATE LTD |
COMPANY INFORMATION |
for the Year Ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
BULLGATE LTD (REGISTERED NUMBER: 11397946) |
BALANCE SHEET |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
BULLGATE LTD (REGISTERED NUMBER: 11397946) |
BALANCE SHEET - continued |
31st December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BULLGATE LTD (REGISTERED NUMBER: 11397946) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Bullgate Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 11397946 . The address of the registered office and principal place of business is 44 Hythe Road, White City, London, NW10 6RS. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measure as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Rental Income |
The company holds properties that are leased to tenants under operating leases. The rental income receivable under these leases is recognised through profit or loss on a straight-line basis over the term of the lease. Since the risks and rewards of ownership have not been transferred to the lessee, the assets held under the leases continue to be recognised in the company's financial statements. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Plant and machinery | - | 20% on cost |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Investment property |
Investment property is carried at fair value 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 profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 balance sheet date. |
BULLGATE LTD (REGISTERED NUMBER: 11397946) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Financial instruments |
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 other third parties and loans from related parties. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
BULLGATE LTD (REGISTERED NUMBER: 11397946) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2023 |
Additions |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Fair value at 31st December 2023 is represented by: |
£ |
Valuation in 2021 | 25,742,506 |
Cost | 15,613,979 |
41,356,485 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
VAT | 97,328 | 80,514 |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors | 13,650,000 | 13,900,000 |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 6,435,626 | 6,435,626 |
BULLGATE LTD (REGISTERED NUMBER: 11397946) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Balance at 31st December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 1,000 | 1,000 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st January 2023 |
and 31st December 2023 |
12. | RELATED PARTY DISCLOSURES |
At the reporting date, £nil (2022: £10,200,000) was due to the ultimate controlling party by way of an unsecured loan on which the Company pays interest.The interest payable in respect of this loan was £240,983 (2022: £665,801) and £138,827 (2022: £22,438) was unpaid at the reporting date. |
At the reporting date £13,650,000 (2022: £3,700,000) was due to Car Giant Limited, a company under common control, by way of an unsecured loan on which the Company pays interest. The interest payable in respect of this loan was £763,849 (2022: £51,474). During the period, the Company was charged management and payroll fees of £371,883 (2022: £439,700) by Car Giant Limited. Car Giant Limited also paid expenses on the Company's behalf during the period. At the reporting date, £33,969 (2022: £361,855) was due to Car Giant Limited. |