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REGISTERED NUMBER: 04597604 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

GATEWAY AUCTIONS LIMITED

GATEWAY AUCTIONS LIMITED (REGISTERED NUMBER: 04597604)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GATEWAY AUCTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2025







DIRECTORS: D Sunderland
Mrs R C Sunderland





REGISTERED OFFICE: Mitton Road
Whalley
Clitheroe
Lancashire
BB7 9JU





REGISTERED NUMBER: 04597604 (England and Wales)





ACCOUNTANTS: Streets Turner Limited
Chartered Accountants
9 Victoria Rd
Fulwood
Preston
Lancashire
PR2 8ND

GATEWAY AUCTIONS LIMITED (REGISTERED NUMBER: 04597604)

BALANCE SHEET
28 FEBRUARY 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 106,211 141,197

CURRENT ASSETS
Stocks 718,718 670,326
Debtors 5 2,272,063 2,319,827
Cash at bank and in hand 723,959 936,662
3,714,740 3,926,815
CREDITORS
Amounts falling due within one year 6 108,185 164,575
NET CURRENT ASSETS 3,606,555 3,762,240
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,712,766

3,903,437

CREDITORS
Amounts falling due after more than one
year

7

(5,000

)

(35,000

)

PROVISIONS FOR LIABILITIES 8 (26,553 ) (35,438 )
NET ASSETS 3,681,213 3,832,999

CAPITAL AND RESERVES
Called up share capital 9 4 4
Retained earnings 3,681,209 3,832,995
SHAREHOLDERS' FUNDS 3,681,213 3,832,999

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GATEWAY AUCTIONS LIMITED (REGISTERED NUMBER: 04597604)

BALANCE SHEET - continued
28 FEBRUARY 2025


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





D Sunderland - Director


GATEWAY AUCTIONS LIMITED (REGISTERED NUMBER: 04597604)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


1. STATUTORY INFORMATION

Gateway Auctions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GATEWAY AUCTIONS LIMITED (REGISTERED NUMBER: 04597604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2024
and 28 February 2025 335,043
DEPRECIATION
At 1 March 2024 193,846
Charge for year 34,986
At 28 February 2025 228,832
NET BOOK VALUE
At 28 February 2025 106,211
At 29 February 2024 141,197

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Other debtors 2,272,063 2,319,827

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 40,914 30,000
Trade creditors 2,270 2,413
Taxation and social security 58,105 127,015
Other creditors 6,896 5,147
108,185 164,575

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans 5,000 35,000

8. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 26,553 35,438

GATEWAY AUCTIONS LIMITED (REGISTERED NUMBER: 04597604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2024 35,438
Credit to Statement of Income and Retained Earnings during year (8,885 )
Balance at 28 February 2025 26,553

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
4 Ordinary £1 4 4