IRIS Accounts Production v24.2.0.383 11397946 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113979462022-12-31113979462023-12-31113979462023-01-012023-12-31113979462021-12-31113979462022-01-012022-12-31113979462022-12-3111397946ns15:EnglandWales2023-01-012023-12-3111397946ns14:PoundSterling2023-01-012023-12-3111397946ns10:Director12023-01-012023-12-3111397946ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3111397946ns10:SmallEntities2023-01-012023-12-3111397946ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3111397946ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3111397946ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111397946ns10:FullAccounts2023-01-012023-12-3111397946ns10:OrdinaryShareClass12023-01-012023-12-3111397946ns10:Director22023-01-012023-12-3111397946ns10:RegisteredOffice2023-01-012023-12-3111397946ns5:CurrentFinancialInstruments2023-12-3111397946ns5:CurrentFinancialInstruments2022-12-3111397946ns5:Non-currentFinancialInstruments2023-12-3111397946ns5:Non-currentFinancialInstruments2022-12-3111397946ns5:ShareCapital2023-12-3111397946ns5:ShareCapital2022-12-3111397946ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3111397946ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3111397946ns5:RetainedEarningsAccumulatedLosses2023-12-3111397946ns5:RetainedEarningsAccumulatedLosses2022-12-3111397946ns5:PlantMachinery2022-12-3111397946ns5:PlantMachinery2023-12-3111397946ns5:PlantMachinery2022-12-3111397946ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111397946ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3111397946ns5:DeferredTaxation2022-12-3111397946ns5:DeferredTaxation2023-12-3111397946ns10:OrdinaryShareClass12023-12-3111397946ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31
REGISTERED NUMBER: 11397946 (England and Wales)















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: Ms C I C Da Silva
Mr A M R Mendes





REGISTERED OFFICE: 44 Hythe Road
White City
London
NW10 6RS





REGISTERED NUMBER: 11397946 (England and Wales)





ACCOUNTANTS: Xeinadin
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 41,356,485 41,288,025
41,356,485 41,288,025

CURRENT ASSETS
Debtors 6 249,477 237,023
Cash at bank 74,288 93,989
323,765 331,012
CREDITORS
Amounts falling due within one year 7 (712,647 ) (887,758 )
NET CURRENT LIABILITIES (388,882 ) (556,746 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,967,603

40,731,279

CREDITORS
Amounts falling due after more than one
year

8

(13,650,000

)

(13,900,000

)

PROVISIONS FOR LIABILITIES 9 (6,435,626 ) (6,435,626 )
NET ASSETS 20,881,977 20,395,653

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Fair value reserve 11 19,306,880 19,306,880
Retained earnings 1,574,097 1,087,773
SHAREHOLDERS' FUNDS 20,881,977 20,395,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

BULLGATE LTD (REGISTERED NUMBER: 11397946)

BALANCE SHEET - continued
31st December 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2024 and were signed on its behalf by:





Mr A M R Mendes - Director


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
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.

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 15,575
DEPRECIATION
At 1st January 2023
and 31st December 2023 15,575
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 41,288,025
Additions 68,460
At 31st December 2023 41,356,485
NET BOOK VALUE
At 31st December 2023 41,356,485
At 31st December 2022 41,288,025

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 210,880 182,410
Prepayments and accrued income 38,597 54,613
249,477 237,023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 168,361 98,279
VAT 97,328 80,514
Other creditors 44,009 442,004
Accruals and deferred income 402,949 266,961
712,647 887,758

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 6,435,626
Balance at 31st December 2023 6,435,626

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1.00 1,000 1,000

11. RESERVES
Fair
value
reserve
£   
At 1st January 2023
and 31st December 2023 19,306,880

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.