Registered number
01166127
Gateshire Limited
Filleted Accounts
30 April 2024
Gateshire Limited
Registered number: 01166127
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 5,107 5,107
Tangible assets 4 522,588 512,144
527,695 517,251
Current assets
Stocks 1,250 1,250
Debtors 5 1,736 1,993
Cash at bank and in hand 9,390 20,156
12,376 23,399
Creditors: amounts falling due within one year 6 (41,212) (50,116)
Net current liabilities (28,836) (26,717)
Net assets 498,859 490,534
Capital and reserves
Called up share capital 500 500
Capital reserve 7 118,950 118,950
Profit and loss account 379,409 371,084
Shareholders' funds 498,859 490,534
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C M Davies
Director
Approved by the board on 20 January 2025
Gateshire Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings Nil.The estimated residual value is greater
than the cost.
Leasehold land and buildings Nil.The estimated residual value is greater
than the cost.
Plant and machinery 10% reducing balance
Boat and motor vehicles 10% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Fishing licence:
Cost
At 1 May 2023 5,107
At 30 April 2024 5,107
Amortisation
At 30 April 2024 -
Net book value
At 30 April 2024 5,107
At 30 April 2023 5,107
4 Tangible fixed assets
Land and buildings Plant and machinery etc Boat and motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 480,357 73,412 49,798 603,567
Additions - 692 13,555 14,247
Disposals - (8,000) - (8,000)
At 30 April 2024 480,357 66,104 63,353 609,814
Depreciation
At 1 May 2023 - 60,513 30,910 91,423
Charge for the year - 559 3,244 3,803
On disposals - (8,000) - (8,000)
At 30 April 2024 - 53,072 34,154 87,226
Net book value
At 30 April 2024 480,357 13,032 29,199 522,588
At 30 April 2023 480,357 12,899 18,888 512,144
5 Debtors 2024 2023
£ £
Other debtors 1,736 1,993
6 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax - 2,614
Other creditors 41,212 47,502
41,212 50,116
7 Capital reserve 2024 2023
£ £
At 1 May 2023 118,950 118,950
At 30 April 2024 118,950 118,950
8 Other information
Gateshire Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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