Registered number
08084281
Gates and Fences UK Ltd
Report and Unaudited Accounts
31 May 2024
Gates and Fences UK Ltd
Registered number: 08084281
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 206,325 241,188
Current assets
Stocks 237,814 232,814
Debtors 4 981,873 1,040,434
Cash at bank and in hand 94,848 65,936
1,314,535 1,339,184
Creditors: amounts falling due within one year 5 (820,693) (636,353)
Net current assets 493,842 702,831
Total assets less current liabilities 700,167 944,019
Creditors: amounts falling due after more than one year 6 (551,729) (638,323)
Net assets 148,438 305,696
Capital and reserves
Called up share capital 100 100
Profit and loss account 148,338 305,596
Shareholders' funds 148,438 305,696
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.
Mr Paul Thresher
Director
Approved by the board on 26 February 2025
Gates and Fences UK Ltd
Notes to the Accounts
for the year ended 31 May 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:
Property improvements 25% straight line
Plant and machinery 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 26 26
3 Tangible fixed assets
Property improvements Plant and machinery etc Other assets Total
£ £ £ £
Cost
At 1 June 2023 7,159 389,165 68,589 464,913
Additions 4,443 11,120 6,509 22,072
At 31 May 2024 11,602 400,285 75,098 486,985
Depreciation
At 1 June 2023 4,990 160,043 58,692 223,725
Charge for the year 1,091 50,622 5,222 56,935
At 31 May 2024 6,081 210,665 63,914 280,660
Net book value
At 31 May 2024 5,521 189,620 11,184 206,325
At 31 May 2023 2,169 229,122 9,897 241,188
4 Debtors 2024 2023
£ £
Trade debtors 12,129 3,099
Other debtors 969,744 1,037,335
981,873 1,040,434
Amounts due after more than one year included above 946,457 946,457
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 111,057 150,552
Obligations under finance lease and hire purchase contracts 46,371 44,976
Trade creditors 362,100 244,679
Taxation and social security costs 175,844 126,563
Other creditors 125,321 69,583
820,693 636,353
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 97,299 91,972
Obligations under finance lease and hire purchase contracts 2,826 57,747
Other creditors 451,604 488,604
551,729 638,323
7 Related party transactions
Included in cost of sales is £396,233 due to PDP Licencing Limited, a company also under the control of the three directors. These transactions are considered by the directors to be carried out at arms length under normal trading conditions.
Included in other debtors due after one year at the year end are amounts owed by Gates and Fences (Holdings) Limited of £80,414 (2023: £80,414), G&F Partners LLP of £866,043 (2023: £866,043). The directors of Gates and Fences UK Limited are also directors of these companies.
Included in other creditors due over one year at the year end are amounts owed to G&F Partners LLP of £451,604 (2023: £451,604).
8 Controlling party
The company is 100% owned by Gates and Fences (Holdings) Ltd. It is controlled by Mr D Lavender, Mr P Lavender and Mr P Thresher, who are all directors of both companies.
9 Other information
Gates and Fences UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C/o Bridge Street
Duke Court
Bridge Street
Kingsbridge
TQ7 1HX
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