Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30falseThat of rental of investment properties and agricultural activities.76The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01falsetruefalse 01022413 2023-10-01 2024-09-30 01022413 2022-10-01 2023-09-30 01022413 2024-09-30 01022413 2023-09-30 01022413 2022-10-01 01022413 c:Director1 2023-10-01 2024-09-30 01022413 c:Director2 2023-10-01 2024-09-30 01022413 c:RegisteredOffice 2023-10-01 2024-09-30 01022413 d:Buildings 2023-10-01 2024-09-30 01022413 d:Buildings 2024-09-30 01022413 d:Buildings 2023-09-30 01022413 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01022413 d:PlantMachinery 2023-10-01 2024-09-30 01022413 d:PlantMachinery 2024-09-30 01022413 d:PlantMachinery 2023-09-30 01022413 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01022413 d:MotorVehicles 2023-10-01 2024-09-30 01022413 d:MotorVehicles 2024-09-30 01022413 d:MotorVehicles 2023-09-30 01022413 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01022413 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01022413 d:Goodwill 2024-09-30 01022413 d:Goodwill 2023-09-30 01022413 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 01022413 d:FreeholdInvestmentProperty 2024-09-30 01022413 d:FreeholdInvestmentProperty 2023-09-30 01022413 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 01022413 d:CurrentFinancialInstruments 2024-09-30 01022413 d:CurrentFinancialInstruments 2023-09-30 01022413 d:Non-currentFinancialInstruments 2024-09-30 01022413 d:Non-currentFinancialInstruments 2023-09-30 01022413 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 01022413 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 01022413 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 01022413 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 01022413 d:ShareCapital 2024-09-30 01022413 d:ShareCapital 2023-09-30 01022413 d:RevaluationReserve 2023-10-01 2024-09-30 01022413 d:InvestmentPropertiesRevaluationReserve 2024-09-30 01022413 d:InvestmentPropertiesRevaluationReserve 2023-09-30 01022413 d:OtherMiscellaneousReserve 2024-09-30 01022413 d:OtherMiscellaneousReserve 2023-09-30 01022413 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 01022413 d:RetainedEarningsAccumulatedLosses 2024-09-30 01022413 d:RetainedEarningsAccumulatedLosses 2023-09-30 01022413 c:FRS102 2023-10-01 2024-09-30 01022413 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01022413 c:FullAccounts 2023-10-01 2024-09-30 01022413 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01022413 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-01 2024-09-30 01022413 d:WithinOneYear 2024-09-30 01022413 d:WithinOneYear 2023-09-30 01022413 d:OtherDeferredTax 2024-09-30 01022413 d:OtherDeferredTax 2023-09-30 01022413 4 2023-10-01 2024-09-30 01022413 5 2023-10-01 2024-09-30 01022413 6 2023-10-01 2024-09-30 01022413 d:Goodwill d:OwnedIntangibleAssets 2023-10-01 2024-09-30 01022413 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 01022413










GORGATE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
GORGATE LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs B R Begg 
A J Begg 




Registered number
01022413



Registered office
7 The Close
Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
GORGATE LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 13


 
GORGATE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GORGATE LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gorgate Limited for the year ended 30 September 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Gorgate Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Gorgate Limited and state those matters that we have agreed to state to the Board of Directors of Gorgate Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gorgate Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Gorgate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gorgate Limited. You consider that Gorgate Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Gorgate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
4 March 2025
Page 1

 
GORGATE LIMITED
REGISTERED NUMBER: 01022413

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
5,487
5,720

Tangible assets
 6 
4,643,463
4,568,685

Investments
 7 
10,020
2,520

Investment property
 8 
6,220,000
6,022,500

  
10,878,970
10,599,425

Current assets
  

Stocks
  
19,110
22,575

Debtors
 9 
481,210
645,105

Cash at bank and in hand
  
507,799
359,663

  
1,008,119
1,027,343

Creditors: amounts falling due within one year
 10 
(281,861)
(256,741)

Net current assets
  
 
 
726,258
 
 
770,602

Total assets less current liabilities
  
11,605,228
11,370,027

Creditors: amounts falling due after more than one year
 11 
(192,953)
(226,797)

Provisions for liabilities
  

Deferred tax
 12 
(1,107,935)
(1,079,140)

  
 
 
(1,107,935)
 
 
(1,079,140)

Net assets
  
10,304,340
10,064,090


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Investment property reserve
 13 
2,758,921
2,670,216

Other reserves
 13 
2,029,710
2,029,710

Profit and loss account
 13 
5,514,709
5,363,164

  
10,304,340
10,064,090


Page 2

 
GORGATE LIMITED
REGISTERED NUMBER: 01022413
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.




Mrs B R Begg
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The place of business is Hall Farm, Church Lane, Gressenhall, Dereham, Norfolk, NR19 2QF.
The company's principal activities continue to be those of farming, property development and management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
1. Property management rental income is recognised on an accruals basis.
2. Farm revenue is recognised when crops are supplied.

 
2.3

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings
-
2%-10% straight line
Plant and equipment
-
10%-20% straight line
Motor vehicles
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

The Company has elected not to adopt a policy of revaluation of tangible fixed assets. The Company will retain the book value of land and buildings previously revalued at 30 September 2015 and will not update that valuation. 

 
2.10

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out
basis. Net realisable value represents estimated selling price less costs to sell. Provision is made for
slow moving, obsolete or damaged stock where the net realisable value is less than cost.
Work in progress is valued at cost, based on expenses incurred to date including the purchase of
land, legal and professional fees and disbursements.

Page 6

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments


The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are 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 those estimates. The estimates  and underlying assumptions are reviewed on an ongoing basis.


4.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 6).


5.


Intangible assets




Energy

£



Cost


At 1 October 2023
5,837



At 30 September 2024

5,837



Amortisation


At 1 October 2023
117


Charge for the year on owned assets
233



At 30 September 2024

350



Net book value



At 30 September 2024
5,487



At 30 September 2023
5,720



Page 8

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2023
4,495,341
720,061
49,072
5,264,474


Additions
-
116,835
41,841
158,676


Disposals
-
(43,500)
-
(43,500)



At 30 September 2024

4,495,341
793,396
90,913
5,379,650



Depreciation


At 1 October 2023
37,964
613,701
44,125
695,790


Charge for the year on owned assets
4,059
32,885
4,178
41,122


Disposals
-
(725)
-
(725)



At 30 September 2024

42,023
645,861
48,303
736,187



Net book value



At 30 September 2024
4,453,318
147,535
42,610
4,643,463



At 30 September 2023
4,457,377
106,361
4,947
4,568,685


7.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2023
2,520


Additions
7,500



At 30 September 2024
10,020




Page 9

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
6,022,500


Additions at cost
80,000


Surplus on revaluation
117,500



At 30 September 2024
6,220,000

The 2024 valuations were made by B R Begg, a director, on an open market value for existing use basis.





9.


Debtors

2024
2023
£
£



Trade debtors
84,128
247,584

Other debtors
288,357
318,011

Prepayments and accrued income
108,725
79,510

481,210
645,105


Page 10

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
33,844
33,148

Trade creditors
128,756
107,132

Amounts owed to group undertakings
1,500
1,500

Corporation tax
-
52,108

Other taxation and social security
-
1,369

Other creditors
94,622
42,333

Accruals and deferred income
23,139
19,151

281,861
256,741


The following liabilities were secured:

2024
2023
£
£



Bank Loans
33,844
35,247

33,844
35,247

Details of security provided:

The bank loan is secured by legal charges over freehold investment properties.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
192,953
226,797

192,953
226,797


The bank loan is secured by legal charges over freehold investment properties.

Page 11

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,079,140)
(1,079,140)


Charged to profit or loss
(28,795)
-



At end of year
(1,107,935)
(1,079,140)

The deferred tax balance is made up as follows:

2024
2023
£
£


Revaluation of investment property
529,155
500,360

Revaluation of freehold property
578,780
578,780

1,107,935
1,079,140

Comprising:

Liability
1,107,935
1,079,140

1,107,935
1,079,140



13.


Reserves

Fair value reserve
The fair value reserve represents the cumulative value of revaluations of the Company's investment property to fair value, net of deferred tax. Deferred tax has been provided for on these fair value adjustments.

Revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of the Company's freehold property to fair value. Deferred tax has been provided for on these revaluations. 

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 12

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,506
2,506

2,506
2,506


15.


Related party transactions

As at 30 September 2024, a balance of £3,187 (2023: £Nil) was due by a director. The balance is interest free, repayable on demand and is shown within other debtors in note 9 to the financial statements. 

Page 13