Silverfin false false 31/05/2024 01/06/2023 31/05/2024 I D Fern 04/05/2022 E J Mackelden 16/06/2022 P Nicholls 16/06/2022 27 February 2025 The principal activity of the company during the year continued to be that of property development. 14086176 2024-05-31 14086176 bus:Director1 2024-05-31 14086176 bus:Director2 2024-05-31 14086176 bus:Director3 2024-05-31 14086176 2023-05-31 14086176 core:CurrentFinancialInstruments 2024-05-31 14086176 core:CurrentFinancialInstruments 2023-05-31 14086176 core:ShareCapital 2024-05-31 14086176 core:ShareCapital 2023-05-31 14086176 core:RetainedEarningsAccumulatedLosses 2024-05-31 14086176 core:RetainedEarningsAccumulatedLosses 2023-05-31 14086176 2023-06-01 2024-05-31 14086176 bus:FilletedAccounts 2023-06-01 2024-05-31 14086176 bus:SmallEntities 2023-06-01 2024-05-31 14086176 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 14086176 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 14086176 bus:Director1 2023-06-01 2024-05-31 14086176 bus:Director2 2023-06-01 2024-05-31 14086176 bus:Director3 2023-06-01 2024-05-31 14086176 2022-05-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 14086176 (England and Wales)

SHEPPEY GATEWAY LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

SHEPPEY GATEWAY LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

SHEPPEY GATEWAY LTD

COMPANY INFORMATION

For the financial year ended 31 May 2024
SHEPPEY GATEWAY LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS I D Fern
E J Mackelden
P Nicholls
SECRETARY D Sherlock
REGISTERED OFFICE Tutsham Farm
West Farleigh
Maidstone
ME15 0NE
United Kingdom
COMPANY NUMBER 14086176 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
SHEPPEY GATEWAY LTD

BALANCE SHEET

As at 31 May 2024
SHEPPEY GATEWAY LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 31.05.2024 31.05.2023
£ £
Current assets
Stocks 3 2,055,996 1,916,265
Debtors 4 4,204 7,355
Cash at bank and in hand 224 2,570
2,060,424 1,926,190
Creditors: amounts falling due within one year 5 ( 2,078,763) ( 1,934,519)
Net current liabilities (18,339) (8,329)
Total assets less current liabilities (18,339) (8,329)
Net liabilities ( 18,339) ( 8,329)
Capital and reserves
Called-up share capital 3 3
Profit and loss account ( 18,342 ) ( 8,332 )
Total shareholders' deficit ( 18,339) ( 8,329)

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sheppey Gateway Ltd (registered number: 14086176) were approved and authorised for issue by the Board of Directors on 27 February 2025. They were signed on its behalf by:

I D Fern
Director
SHEPPEY GATEWAY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
SHEPPEY GATEWAY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Sheppey Gateway Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tutsham Farm, West Farleigh, Maidstone, ME15 0NE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Sheppey Gateway Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. Monetary amounts are rounded to the nearest whole £1, except where otherwise indicated.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

The directors have assessed the Balance Sheet and forecasted cash flows covering a period of 12 months from the date of approval these financial statements. The directors note that the Company has net liabilities of £18,339. The Company is supported through loans from directors and companies under common control of the directors of the company. The directors have received a confirmation that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and that they will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 represents the gross proceeds from property sales and is recognised on the completion of a property sale.

Stocks

Properties in stock are valued at the lower of cost and net realisable value. Cost is calculated as the purchase price, together with attributable improvement costs and legal expenses. Net realisable value is based upon estimated selling price less all further costs to complete.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Year ended
31.05.2024
Period from
01.05.2022 to
31.05.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Stocks

31.05.2024 31.05.2023
£ £
Stocks 2,055,996 1,916,265

4. Debtors

31.05.2024 31.05.2023
£ £
Trade debtors 0 660
Prepayments 173 170
VAT recoverable 4,031 6,525
4,204 7,355

5. Creditors: amounts falling due within one year

31.05.2024 31.05.2023
£ £
Trade creditors 13,878 0
Accruals 5,001 5,000
Other creditors 2,059,884 1,929,519
2,078,763 1,934,519

6. Related party transactions

Within Creditors: amounts falling due within one year are three loan balances to companies under common control amounting to £2,059,884 (2023: £1,928,884). The respective lenders are companies held under common control by the respective directors of the Company. These loans are interest free and repayable on demand. The directors have confirmed they have no intention of recalling these loans within the next twelve months.