Registered number
03860256
GATESVILLA PROPERTIES LIMITED
Filleted Accounts
31 October 2024
GATESVILLA PROPERTIES LIMITED
Registered number: 03860256
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 240,000 220,000
Current assets
Debtors 4 13,319 275
Cash at bank and in hand 16,007 27,663
29,326 27,938
Creditors: amounts falling due within one year 5 (1,618) (2,368)
Net current assets 27,708 25,570
Total assets less current liabilities 267,708 245,570
Provisions for liabilities (34,675) (30,071)
Net assets 233,033 215,499
Capital and reserves
Called up share capital 5 5
Non-distributable reserve 6 143,699 128,303
Profit and loss account 89,329 87,191
Shareholders' funds 233,033 215,499
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.
J.L. Royle
Director
Approved by the board on 7 April 2025
GATESVILLA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 October 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 represents the rent receivable from tenants.
Investment properties
Investment properties are revalued annually and any surplus or deficit is dealt with through the non-distributable reserve. No depreciation is provided in respect of investment properties.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 November 2023 220,000
Surplus on revaluation 20,000
At 31 October 2024 240,000
Depreciation
At 31 October 2024 -
Net book value
At 31 October 2024 240,000
At 31 October 2023 220,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 61,626 61,626
Cumulative depreciation based on historical cost - -
61,626 61,626
4 Debtors 2024 2023
£ £
Other debtors 13,319 275
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 601 1,376
Other creditors 1,017 992
1,618 2,368
6 Non-distributable reserve 2024 2023
£ £
At 1 November 2023 128,303 135,520
Gain on revaluation of land and buildings 20,000 -
Deferred taxation arising on the revaluation of land and buildings (4,604) (7,217)
At 31 October 2024 143,699 128,303
7 Controlling party
The company is controlled by the directors.
8 Other information
GATESVILLA PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Dale House
Tewitfield
Carnforth
Lancashire
LA6 1JH
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