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REGISTERED NUMBER: 12429200 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

HERITAGE GATEWAY LTD

HERITAGE GATEWAY LTD (REGISTERED NUMBER: 12429200)

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










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


HERITAGE GATEWAY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: F Ertun
Mrs A Ertun





REGISTERED OFFICE: 15 Kent Drive
Cockfosters
Barnet
EN4 0AP





REGISTERED NUMBER: 12429200 (England and Wales)





ACCOUNTANTS: UCS Accountants
266-268 High Street
Waltham Cross
Hertfordshire
EN8 7EA

HERITAGE GATEWAY LTD (REGISTERED NUMBER: 12429200)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 886,725 886,725

CURRENT ASSETS
Cash at bank and in hand 20,193 83,520

CREDITORS
Amounts falling due within one year 5 3,398 5,652
NET CURRENT ASSETS 16,795 77,868
TOTAL ASSETS LESS CURRENT
LIABILITIES

903,520

964,593

CREDITORS
Amounts falling due after more than one
year

6

842,277

912,720
NET ASSETS 61,243 51,873

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 61,143 51,773
SHAREHOLDERS' FUNDS 61,243 51,873

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

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

HERITAGE GATEWAY LTD (REGISTERED NUMBER: 12429200)

BALANCE SHEET - continued
31 JULY 2024


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 6 December 2024 and were signed on its behalf by:





F Ertun - Director


HERITAGE GATEWAY LTD (REGISTERED NUMBER: 12429200)

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


1. STATUTORY INFORMATION

Heritage Gateway Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are presented in pounds sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgement and estimates have been made include:

a - Critical judgements in applying accounting policies
There are no critical judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

b - Key accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows;

i- Investment property valuation
The valuation of Company's property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the Company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

The investment property valuations contains a number of assumptions upon which the Company's valuers have based their valuation of the Company's properties as at the balance sheet date. The assumptions on which the property valuation reports have been based include, but not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market yields and comparable market transactions. These assumptions are market standard and accord with the Royal Institution of Chartered Surveyors (RICS).

TURNOVER
Revenue relates to property rental income within the UK.

INVESTMENT PROPERTY
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Revaluations are carried out by the director, who have experience in the location and class of the investment property being valued.


HERITAGE GATEWAY LTD (REGISTERED NUMBER: 12429200)

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


2. ACCOUNTING POLICIES - continued
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 balance sheet date.

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.

GOING CONCERN
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 886,725
NET BOOK VALUE
At 31 July 2024 886,725
At 31 July 2023 886,725

The investment properties are shown at current market value. The valuation has been made by Mr F Ertun,
the director of the company.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Tax 2,198 4,512
Accrued expenses 1,200 1,140
3,398 5,652

HERITAGE GATEWAY LTD (REGISTERED NUMBER: 12429200)

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


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans (see note 7) 692,544 362,987
Directors' loan accounts 149,733 549,733
842,277 912,720

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 692,544 362,987

7. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 692,544 362,987

8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
West Bromich BS. 362,987 362,987
Fleet Mortgages. 329,562 -
692,549 362,987

Bank loans are secured by a first legal charge over investment properties.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

HERITAGE GATEWAY LTD (REGISTERED NUMBER: 12429200)

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


10. RESERVES
Retained
earnings
£   

At 1 August 2023 51,773
Profit for the year 9,370
At 31 July 2024 61,143

11. RELATED PARTY DISCLOSURES

Directors loan account under creditors falling due after more than one year is an interest free loan made
available to the company. Mr Ertun and Mrs Ertun who are the directors and shareholders of the company, will not seek repayment of this loan until the company is in a position to repay this loan without detriment to its financial position.

12. ULTIMATE CONTROLLING PARTY

The controlling party is F Ertun.