Gateway Environmental Services Limited |
Notes to the Accounts |
for the period from 1 December 2023 to 28 October 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Fixtures and fittings |
25% on reducing balance |
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Plant and machinery |
25% on reducing balance |
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Motor vehicles |
25% on reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
1 December 2023 to 28 October 2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
30 |
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21 |
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3 |
Taxation |
1 December 2023 to 28 October 2024 |
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2023 |
£ |
£ |
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Corporation tax |
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Current tax on profits for the year |
74,079 |
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49,138 |
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Total current tax |
74,079 |
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49,138 |
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Deferred tax |
6,422 |
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17,036 |
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Total deferred tax |
6,422 |
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17,036 |
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Total tax charge |
80,501 |
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66,174 |
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4 |
Tangible fixed assets |
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Fixtures and fittings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 December 2023 |
6,227 |
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103,469 |
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230,225 |
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339,921 |
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Additions |
1,953 |
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7,040 |
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44,567 |
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53,560 |
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Disposals/write offs |
(6,472) |
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(82,576) |
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(16,755) |
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(105,803) |
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At 28 October 2024 |
1,708 |
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27,933 |
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258,037 |
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287,678 |
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Depreciation |
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At 1 December 2023 |
2,982 |
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70,564 |
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87,032 |
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160,578 |
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Charge for the period |
2,282 |
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4,730 |
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14,969 |
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21,981 |
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On disposals/write offs |
(5,056) |
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(67,088) |
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(16,755) |
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(88,899) |
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At 28 October 2024 |
208 |
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8,206 |
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85,246 |
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93,660 |
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Net book value |
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At 28 October 2024 |
1,500 |
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19,727 |
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172,791 |
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194,018 |
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At 30 November 2023 |
3,245 |
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32,905 |
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143,193 |
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179,343 |
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5 |
Investments |
Other |
investments |
£ |
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Cost |
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At 1 December 2023 |
250 |
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Revaluation |
(250) |
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At 28 October 2024 |
- |
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Historical cost |
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At 1 December 2023 |
250 |
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At 28 October 2024 |
250 |
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Details of investment holdings are as follows: |
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Company |
Activity |
% Ownership |
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Vantage Yorkshire 1 Ltd |
Dissolved |
51% |
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Vantage Commercial Cleaning Limited |
Dissolved |
100% |
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Vantage Industrial Cleaning East Midlands Ltd |
Dissolved |
25% |
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Vantage Industrial Cleaning South East 3 Limited |
Dissolved |
100% |
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As at 28 October 2024, all investments in unlisted companies have been revalued to nil (2023:£250). |
28 October |
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30 November |
6 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
518,463 |
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492,387 |
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Prepayments and accrued income |
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65,270 |
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6,742 |
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Other debtors |
31,898 |
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40,564 |
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615,631 |
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539,693 |
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28 October |
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30 November |
7 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
25,532 |
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25,532 |
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Trade creditors |
42,243 |
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154,940 |
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Taxation and social security costs |
167,887 |
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117,156 |
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Other creditors |
26,106 |
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86,830 |
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261,768 |
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384,458 |
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28 October |
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30 November |
8 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
25,083 |
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48,488 |
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9 |
Provision for liabilities |
28 October |
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30 November |
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2024 |
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2023 |
£ |
£ |
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Deferred tax liabilities |
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Timing differences on accelerated capital allowances |
(27,112) |
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(20,690) |
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(27,112) |
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(20,690) |
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Movement in deferred tax during the period: |
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At beginning of the period |
(20,690) |
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Charged to profit and loss in the period |
(6,422) |
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At end of the period |
(27,112) |
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10 |
Related party transactions |
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The Company has taken advantage of the exemption offered in FRS102, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the same parent undertaking. |
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11 |
Controlling party |
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As at the period end the ultimate controlling party was considered to be M V Cloke by virtue of his ownership of MDLM Pension Scheme No A0092503. |
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As at 28 October 2024, there is no group for which consolidated financial statements are prepared that include the Company. |
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As at 29 October 2024 (refer note 10), the Company's immediate parent undertaking is Churchill Contract Services Limited. The registered office of the controlling party is Cedar House, Parkland Square, 750a Capability Green. Luton, LU1 3LU. |
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12 |
Events after the reporting date |
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On 29th October 2024 the entire share capital of the Company was acquired by Churchill Contract Services Limited, a company registered in the UK (registered number 03762020). |
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13 |
Other information |
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Gateway Environmental Services Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Cedar House |
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Parkland Square |
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750a Capability Green |
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Luton |
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LU1 3LU |