Company registration number 12015427 (England and Wales)
SHORTGATE HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SHORTGATE HOMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
SHORTGATE HOMES LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
2,056,635
1,109,000
Current assets
Debtors
5
200,000
96,380
Cash at bank and in hand
146,989
111,603
346,989
207,983
Creditors: amounts falling due within one year
6
(390,061)
(80,381)
Net current (liabilities)/assets
(43,072)
127,602
Total assets less current liabilities
2,013,563
1,236,602
Creditors: amounts falling due after more than one year
7
(1,321,638)
(661,909)
Provisions for liabilities
(40,694)
(40,694)
Net assets
651,231
533,999
Capital and reserves
Called up share capital
1
1
Revaluation reserve
124,634
122,082
Profit and loss reserves
526,596
411,916
Total equity
651,231
533,999
SHORTGATE HOMES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 7 April 2025
D Carter
Director
Company registration number 12015427 (England and Wales)
SHORTGATE HOMES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
1
-
0
339,161
339,162
Year ended 31 May 2023:
Profit
-
-
74,755
74,755
Other comprehensive income:
Revaluation of tangible fixed assets
-
162,776
-
162,776
Tax relating to other comprehensive income
-
(40,694)
-
0
(40,694)
Total comprehensive income
-
122,082
74,755
196,837
Dividends
-
-
(2,000)
(2,000)
Balance at 31 May 2023
1
122,082
411,916
533,999
Year ended 31 May 2024:
Profit
-
-
115,180
115,180
Other comprehensive income:
Gains reclassified to profit or loss
-
2,552
-
2,552
Total comprehensive income
-
2,552
115,180
117,732
Dividends
-
-
(500)
(500)
Balance at 31 May 2024
1
124,634
526,596
651,231
SHORTGATE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Shortgate Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Gallery Court, 28 Arcadia Avenue, London, N3 2FG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent receivable on an accruals basis.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

 

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SHORTGATE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 June 2023
1,109,000
Additions
1,006,635
Disposals
(59,000)
At 31 May 2024
2,056,635
SHORTGATE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Investment property
(Continued)
- 6 -

The year ending 2024 valuations were made by the director on an open market value for existing use basis with reference to similar properties.

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
8,395
Other debtors
200,000
87,985
200,000
96,380
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,351
10,174
Trade creditors
-
0
3,327
Corporation tax
36,425
32,110
Other taxation and social security
6,776
6,359
Other creditors
336,509
28,411
390,061
80,381
SHORTGATE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,321,638
661,909
2024-05-312023-06-01falsefalsefalse07 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityD CarterD Carter120154272023-06-012024-05-31120154272024-05-31120154272023-05-3112015427core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3112015427core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3112015427core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3112015427core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3112015427core:CurrentFinancialInstruments2024-05-3112015427core:CurrentFinancialInstruments2023-05-3112015427core:ShareCapital2024-05-3112015427core:ShareCapital2023-05-3112015427core:RevaluationReserve2024-05-3112015427core:RevaluationReserve2023-05-3112015427core:RetainedEarningsAccumulatedLosses2024-05-3112015427core:RetainedEarningsAccumulatedLosses2023-05-3112015427core:ShareCapital2022-05-3112015427core:RevaluationReserve2022-05-3112015427core:RetainedEarningsAccumulatedLosses2022-05-3112015427bus:CompanySecretaryDirector12023-06-012024-05-3112015427core:RetainedEarningsAccumulatedLosses2022-06-012023-05-31120154272022-06-012023-05-3112015427core:RetainedEarningsAccumulatedLosses2023-06-012024-05-3112015427core:RevaluationReserve2022-06-012023-05-3112015427core:RevenueReservesInvestmentFundsOnly2022-06-012023-05-311201542712023-06-012024-05-31120154272023-05-3112015427core:WithinOneYear2024-05-3112015427core:WithinOneYear2023-05-3112015427core:Non-currentFinancialInstruments2024-05-3112015427core:Non-currentFinancialInstruments2023-05-3112015427bus:PrivateLimitedCompanyLtd2023-06-012024-05-3112015427bus:FRS1022023-06-012024-05-3112015427bus:AuditExemptWithAccountantsReport2023-06-012024-05-3112015427bus:Director12023-06-012024-05-3112015427bus:CompanySecretary12023-06-012024-05-3112015427bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3112015427bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP