Company registration number SC267372 (Scotland)
GATEWAY PFI LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GATEWAY PFI LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
GATEWAY PFI LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R G Jack
Mr D R Spiller
Mr J S Richards
Secretary
Addleshaw Goddard (Scotland) Secreterial Limited
Company number
SC267372
Registered office
Exchange Tower
19 Canning Street
Edinburgh
Midlothian
Scotland
EH3 8EH
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
Pirnhall Business Park
200 Glasgow Road
Stirling
Scotland
FK7 8ES
Solicitors
Addleshaw Goddard (Scotland) Secretarial Limited
Exchange Tower
19 Canning Street
Edinburgh
Midlothian
Scotland
EH3 8EH
GATEWAY PFI LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
833,421
833,421
Current assets
Debtors
4
64,488
58,740
Cash at bank and in hand
50,334
49,574
114,822
108,314
Creditors: amounts falling due within one year
5
(72,433)
(49,070)
Net current assets
42,389
59,244
Net assets
875,810
892,665
Capital and reserves
Called up share capital
6
210,200
210,200
Capital redemption reserve
570,000
570,000
Profit and loss reserves
95,610
112,465
Total equity
875,810
892,665
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Mr D R Spiller
Director
Company Registration No. SC267372
GATEWAY PFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Gateway PFI Limited is a private company limited by shares incorporated in Scotland. The registered office is Addleshaw Godddard (Scotland) Secretarial Limited, Exchange Tower, 19 Canning Street, Edinburgh, Midlothian, Scotland, EH3 8EH. The company's registration number is SC267372.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The Turnover shown in the Profit and Loss account represents the value of all management fees invoiced in the year, exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual obligations to the customer.
1.3
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual agreement.
Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GATEWAY PFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Investments are stated at cost less provisions for impairment, if such a reduction is deemed to be of a permanent nature.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
3
Fixed asset investments
2024
2023
£
£
Other investments
833,421
833,421
Investments comprise shares in unlisted companies of £6,250 and long-term loan notes of £827,171. The loan notes are repayable in 2039.
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
833,421
Carrying amount
At 31 March 2024
833,421
At 31 March 2023
833,421
GATEWAY PFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,980
Other debtors
64,488
56,760
64,488
58,740
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,806
Taxation and social security
55,863
42,004
Other creditors
6,764
7,066
72,433
49,070
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
30,000
30,000
30,000
30,000
Ordinary B of £1 each
180,000
180,000
180,000
180,000
Ordinary C of 1p each
20,000
20,000
200
200
230,000
230,000
210,200
210,200
All classes of ordinary shares rank pari passu in all respects.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Holt
Statutory Auditor:
Consilium Audit Limited
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
GATEWAY PFI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Related party transactions
(Continued)
- 6 -
2024
2023
£
£
Sales to company in which Gateway PFI Limited holds an investment
184,563
168,541
Dividends received from company in which Gateway PFI Limited holds an investment
-
40,250
Interest received on loan notes from company in which Gatweway PFI Limited holds an investment
113,588
111,665
Management fee paid to company under common ownership
41,400
36,980
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
9
Ultimate controlling party
The Company was under the control of the holders of the ordinary shares throughout the current and prior year. No individual shareholder has a controlling interest in the Company.