Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity11truetrue 09437393 2023-04-01 2024-03-31 09437393 2022-04-01 2023-03-31 09437393 2024-03-31 09437393 2023-03-31 09437393 2022-04-01 09437393 1 2022-04-01 2023-03-31 09437393 2 2022-04-01 2023-03-31 09437393 3 2023-04-01 2024-03-31 09437393 3 2022-04-01 2023-03-31 09437393 d:Director1 2023-04-01 2024-03-31 09437393 e:FreeholdInvestmentProperty 2023-04-01 2024-03-31 09437393 e:FreeholdInvestmentProperty 2024-03-31 09437393 e:FreeholdInvestmentProperty 2023-03-31 09437393 e:CurrentFinancialInstruments 2024-03-31 09437393 e:CurrentFinancialInstruments 2023-03-31 09437393 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 09437393 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 09437393 e:ShareCapital 2023-04-01 2024-03-31 09437393 e:ShareCapital 2024-03-31 09437393 e:ShareCapital 2022-04-01 2023-03-31 09437393 e:ShareCapital 2023-03-31 09437393 e:ShareCapital 2022-04-01 09437393 e:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 09437393 e:InvestmentPropertiesRevaluationReserve 2024-03-31 09437393 e:InvestmentPropertiesRevaluationReserve 3 2023-04-01 2024-03-31 09437393 e:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 09437393 e:InvestmentPropertiesRevaluationReserve 2023-03-31 09437393 e:InvestmentPropertiesRevaluationReserve 2022-04-01 09437393 e:InvestmentPropertiesRevaluationReserve 1 2022-04-01 2023-03-31 09437393 e:InvestmentPropertiesRevaluationReserve 2 2022-04-01 2023-03-31 09437393 e:InvestmentPropertiesRevaluationReserve 3 2022-04-01 2023-03-31 09437393 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 09437393 e:RetainedEarningsAccumulatedLosses 2024-03-31 09437393 e:RetainedEarningsAccumulatedLosses 3 2023-04-01 2024-03-31 09437393 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09437393 e:RetainedEarningsAccumulatedLosses 2023-03-31 09437393 e:RetainedEarningsAccumulatedLosses 2022-04-01 09437393 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 09437393 e:RetainedEarningsAccumulatedLosses 3 2022-04-01 2023-03-31 09437393 d:FRS102 2023-04-01 2024-03-31 09437393 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09437393 d:FullAccounts 2023-04-01 2024-03-31 09437393 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09437393 e:ShareCapital 3 2023-04-01 2024-03-31 09437393 e:ShareCapital 2 2022-04-01 2023-03-31 09437393 e:ShareCapital 3 2022-04-01 2023-03-31 09437393 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09437393 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 09437393






GATEWAY COMMERCIAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










img42ca.png

 
GATEWAY COMMERCIAL LIMITED
REGISTERED NUMBER:09437393

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,051,099
2,040,000

  
2,051,099
2,040,000

Current assets
  

Debtors: amounts falling due within one year
 5 
158,991
21,408

Cash at bank and in hand
 6 
221
38

  
159,212
21,446

Creditors: amounts falling due within one year
 7 
(634,980)
(592,180)

Net current liabilities
  
 
 
(475,768)
 
 
(570,734)

Total assets less current liabilities
  
1,575,331
1,469,266

Provisions for liabilities
  

Deferred tax
 8 
(321,037)
(243,988)

  
 
 
(321,037)
 
 
(243,988)

Net assets
  
1,254,294
1,225,278


Capital and reserves
  

Called up share capital 
  
1
1

Investment property reserve
 9 
1,031,442
1,108,491

Profit and loss account
 9 
222,851
116,786

  
1,254,294
1,225,278


Page 1

 
GATEWAY COMMERCIAL LIMITED
REGISTERED NUMBER:09437393
    
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 comprehensive income 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 COMMERCIAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
1
397,303
340
397,644


Comprehensive income for the year

Profit for the year
-
-
827,634
827,634


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
827,634
827,634

Investment property revaluation
-
-
-
-

Deferred tax on revaluation
-
-
-
-

Investment property revaluation
-
878,010
(878,010)
-

Deferred tax on revaluation
-
(166,822)
166,822
-


Total transactions with owners
-
711,188
(711,188)
-



At 1 April 2023
1
1,108,491
116,786
1,225,278


Comprehensive income for the year

Profit for the year
-
-
29,016
29,016


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
29,016
29,016

Other movement type 2
-
(77,049)
77,049
-


Total transactions with owners
-
(77,049)
77,049
-


At 31 March 2024
1
1,031,442
222,851
1,254,294


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
GATEWAY COMMERCIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Gateway Commercial 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 the letting of its investment property.

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, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
GATEWAY COMMERCIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 5

 
GATEWAY COMMERCIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.10

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.

Page 6

 
GATEWAY COMMERCIAL 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.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,040,000


Additions at cost
11,099



At 31 March 2024
2,051,099


Comprising


Cost
729,020

Annual revaluation surplus/(deficit):


2018
284,069

2022
160,000

2023
878,010

At 31 March 2024
2,051,099

The 2024 valuations were made by A J Dean, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 April 2023
1,108,491
397,303

Net surplus/(deficit) in movement properties
-
878,010

At 31 March 2024
1,108,491
1,275,313



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
729,020
717,921

729,020
717,921

Page 7

 
GATEWAY COMMERCIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
158,991
21,408

158,991
21,408



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
221
38

221
38



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
682

Corporation tax
63,949
37,111

Other creditors
569,968
553,367

Accruals and deferred income
1,063
1,020

634,980
592,180


Page 8

 
GATEWAY COMMERCIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024
2023


£

£






At beginning of year
(243,988)
(77,166)


Charged to profit or loss
(77,049)
(166,822)



At end of year
(321,037)
(243,988)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property revaluation
321,037
243,988

321,037
243,988


9.


Reserves

Investment property revaluation reserve

This reserve forms part of the profit and loss reserve representing the non-distributable element arising from the revaluation of investment property net of deferred tax.

Profit and loss account

All reserves in respect of profit and loss are distributable reserves.


10.


Prior year adjustment

The comparatives have been re-stated to correctly reflect the revaluation of the investment property and associated deferred tax.  The change has resulted in the profit and loss reserve as at 31 March 2023 increasing from £(50,036) to £116,786.


11.


Related party transactions

At the balance sheet date the company owed £569,953 (2023: £553,353) to a company under common control.  Interest is payable at 3% and amounted to £16,601 (2023: £16,117).
At the balance sheet date the company was owed £158,652 (2023: £21,297) by a company under common control in respect of an interest free loan repayable on demand.

 
Page 9