Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.1falsetrue1trading in freehold properties2023-04-01true 08044494 2023-04-01 2024-03-31 08044494 2022-04-01 2023-03-31 08044494 2024-03-31 08044494 2023-03-31 08044494 c:Director1 2023-04-01 2024-03-31 08044494 d:CurrentFinancialInstruments 2024-03-31 08044494 d:CurrentFinancialInstruments 2023-03-31 08044494 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08044494 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08044494 d:ShareCapital 2024-03-31 08044494 d:ShareCapital 2023-03-31 08044494 d:RetainedEarningsAccumulatedLosses 2024-03-31 08044494 d:RetainedEarningsAccumulatedLosses 2023-03-31 08044494 c:FRS102 2023-04-01 2024-03-31 08044494 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08044494 c:FullAccounts 2023-04-01 2024-03-31 08044494 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 08044494






GATEWAY PROPERTIES (SOUTH EAST) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024









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GATEWAY PROPERTIES (SOUTH EAST) LIMITED
REGISTERED NUMBER:08044494

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
901,481
860,632

Debtors: amounts falling due within one year
 4 
301,236
339,706

Cash at bank and in hand
 5 
43,219
2,924

  
1,245,936
1,203,262

Creditors: amounts falling due within one year
 6 
(905,650)
(897,696)

Net current assets
  
 
 
340,286
 
 
305,566

Total assets less current liabilities
  
340,286
305,566

  

Net assets
  
340,286
305,566


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
340,284
305,564

  
340,286
305,566


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GATEWAY PROPERTIES (SOUTH EAST) LIMITED
REGISTERED NUMBER:08044494
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A J Dean
Director

Date: 29 January 2025

Page 2

 
GATEWAY PROPERTIES (SOUTH EAST) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Gateway Properties (South East) Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Gateway House, 10 Coopers Way, Southend on Sea, Essex, SS2 5TE.
The principal activity of the company continued to be that of trading in freehold properties.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and other sales taxes. 
Revenue is recognised upon the sale of properties held as stock when the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually    associated with ownership nor effective control over the property sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Other operating income is recognised as ground rent receivable and other associated fees or premiums. It is recognised in accordance with the terms of the lease agreement. Income is recognised at the fair value of the consideration received or receivable for ground rent income and other associated fees or premiums charged to external tenants in the ordinary nature of the business. 

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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GATEWAY PROPERTIES (SOUTH EAST) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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GATEWAY PROPERTIES (SOUTH EAST) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Debtors

2024
2023
£
£


Trade debtors
2,529
2,411

Other debtors
298,707
337,295

301,236
339,706



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
43,219
2,924

43,219
2,924



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
873,280
867,061

Other creditors
26,795
27,648

Accruals and deferred income
5,575
2,987

905,650
897,696



7.


Related party transactions

At the balance sheet date the company was owed £298,707 (2023: £337,295) by a company under common control in respect of an interest free loan repayable on demand.
At the balance sheet date the company owed £26,795 (2023: £26,795) to companies under common control in respect of interest free loans repayable on demand.
The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

 
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