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COMPANY REGISTRATION NUMBER: 05739946
GATEWAY HOMES RENTALS UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
25 March 2024
GATEWAY HOMES RENTALS UK LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 25 MARCH 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
GATEWAY HOMES RENTALS UK LIMITED
STATEMENT OF FINANCIAL POSITION
25 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,147,259
2,637,014
CURRENT ASSETS
Debtors
6
433,191
278,302
Cash at bank and in hand
160,365
39,490
---------
---------
593,556
317,792
CREDITORS: amounts falling due within one year
7
( 114,829)
( 120,659)
---------
---------
NET CURRENT ASSETS
478,727
197,133
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,625,986
2,834,147
CREDITORS: amounts falling due after more than one year
8
( 1,437,679)
( 1,808,759)
PROVISIONS
Taxation including deferred tax
( 114,589)
( 136,797)
------------
------------
NET ASSETS
1,073,718
888,591
------------
------------
CAPITAL AND RESERVES
Called up share capital
300
300
Profit and loss account
1,073,418
888,291
------------
---------
SHAREHOLDERS FUNDS
1,073,718
888,591
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 25 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GATEWAY HOMES RENTALS UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
25 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
N C Statman
Director
Company registration number: 05739946
GATEWAY HOMES RENTALS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 25 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents rents receivable exclusive of value added tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. TAX ON PROFIT/(LOSS)
Major components of tax (income)/expense
Period from
Year to
27 Mar 22 to
25 Mar 24
25 Mar 23
£
£
Current tax:
UK current tax expense
766
Adjustments in respect of prior periods
25
----
----
Total current tax
791
----
----
Deferred tax:
Origination and reversal of timing differences
( 22,208)
19,710
--------
--------
Tax on profit/(loss)
( 22,208)
20,501
--------
--------
5. TANGIBLE ASSETS
Investment properties
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost or valuation
At 26 March 2023
2,636,000
55,057
4,652
2,695,709
Disposals
( 734,000)
( 734,000)
Revaluations
244,500
244,500
------------
--------
-------
------------
At 25 March 2024
2,146,500
55,057
4,652
2,206,209
------------
--------
-------
------------
Depreciation
At 26 March 2023
54,091
4,604
58,695
Charge for the year
242
13
255
------------
--------
-------
------------
At 25 March 2024
54,333
4,617
58,950
------------
--------
-------
------------
Carrying amount
At 25 March 2024
2,146,500
724
35
2,147,259
------------
--------
-------
------------
At 25 March 2023
2,636,000
966
48
2,637,014
------------
--------
-------
------------
6. DEBTORS
2024
2023
£
£
Other debtors
433,191
278,302
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,786
5,786
Trade creditors
557
3,744
Corporation tax
743
35,248
Social security and other taxes
39,771
39,771
Amounts due to related companies
56,806
31,820
Other creditors
11,166
4,290
---------
---------
114,829
120,659
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,346,066
1,684,963
Other creditors
91,613
123,796
------------
------------
1,437,679
1,808,759
------------
------------