Company registration number 6865255 (England and Wales)
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
COMPANY INFORMATION
Directors
Shane David Teague
Daniel John Teague
Secretary
Daniel John Teague
Company number
6865255
Registered office
1 Queens Parade
Brownlow Road
London
N11 2DN
Auditor
P Spyrou & Co
Chartered Certified Accountants
1 Queens Parade
Brownlow Road
London
N11 2DN
Business address
52-54 Dundas Street
Edinburgh
EH3 6QZ
Bankers
Barclays Bank Plc
1 St Andrew Square
Edinburgh
EH2 2BD
Solicitors
Anderson Strathern LLP
1 Rutland Court
Edinburgh
EH3 8EY
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Fair review of the business

The results for the financial year were considered satisfactory. Following our performance in recent years we are in a very good position with capital to invest in future development opportunities.

 

Our strategy remains to identify suitable site acquisitions for development, obtain effective planning (working closely with local authorities) and design/build quality homes that appeal to our client base. On occasion, we continue to undertake joint ventures to deliver our strategy, with parties that have a similar approach in achieving this as we do, providing the design/build phase of such operations.

 

The company is responsible for the design and build of a site at St Andrews West for which, in the previous year's Scottish Home awards the developer won the Housing Development of the Year (Small, Private Sale).In the current year's Scottish Home Awards, the company was nominated for Apartment Development of the Year (Private Sale) for the development at Temple Park.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are summarised as follows:-

(i) availability of suitable land

(ii) planning delays

(iii) war in Ukraine

(iv) buyer uncertainties and their funding issues

(v) brexit in relation to availability of skilled labour and materials

(vi) global supply chain

(vii) price inflation

(viii) interest rates

 

The directors regularly review the aforementioned risks and uncertainties and they feel that the company is looking into different strategies to mitigate their impact.

 

The company's activities remain Scotland based and therefore susceptible to the UK construction sector market conditions. The war in Ukraine has triggered a surge in energy prices across Europe and the European Union in particular which remains UK's biggest trading partner. The latter and the extra checks at the border because of Brexit have led to a sharp increase in the building materials. Brexit restrictions have affected the labour supply as the recruitment pool has shrunk. We are hopeful that the new trade agreement between the UK and the EU will lay the foundation for further opportunities to benefit the construction industry as well.

 

Despite the above factors we have managed to continue our positive performance by acquiring quality personnel and by improving our information technology functions in key areas of the business in order to sustain our positive outlook for the next twenty four months. We are also hopeful that further drops in the interest rates will revive the housing market.This is supported by the fact that from a traditional housebuilder we now have a proven record in the building of student accommodations and in the most sustainable and efficient way.

 

We maintain regular contact with customers and market specialists and review wider UK indicators adjusting the company's market approach accordingly. This is well supported by the fact that over the years almost all of our developments have been either nominated or won Scottish Home Awards which shows that we recognise the needs of the property market in Edinburgh.

 

We are well aware that from 2025 the Future Homes Standard will require new homes to produce less carbon emissions than the earlier standards applicable through to June 2022. We are also well aware that because of the above our homes must produce 75-80% less carbon emissions than the houses built under the 2013 building regulations.

 

 

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Development and performance

 

Environment, Health & Safety and Compliance with building regulations

 

As mentioned above, our company continuously strives for better performance on all aspects of construction and in particular:

 

 

-On a monthly basis our waste removal contractor produces reports which show that none of our waste goes to landfills.

-Our newer developments are fully electric and using either a combination of Photovoltaic (PV) panels and Air Source Heat Pumps (ASHPs) or Air Source Heat Pumps (ASHPs) only.

-We have a cycle to work scheme

-We have implemented a trial of the first underground waste system in one of our developments, St Andrews, which separates the waste and also reduces emissions from lorries as the sensors ensure are emptied when full.

 

 

-All of our on site staff have access to health & safety training courses as and when each project requires

-All site management have Site Management Safety Training Scheme (SMSTS) and first aid qualifications.

-We have regular audit checks by an independent health & safety organisation across all sites.

-Finally, we maintain fire alarm and detection systems on all of our sites.

 

 

- All of our sites have building warrants

-Building control officers from local councils or end users regularly visit our developments to monitor compliance with building regulations.

-All of our developments have the Premier Guarantee warranty which means that all developments will be inspected for defects which in turn will need to be addressed.

Key performance indicators

We are measuring our performance by using financial and quality indicators.

 

Financial performance indicators:

 

Turnover: Our turnover increased significantly and it was mainly supported by the contractor's work done at Temple Park Crescent on behalf of Oilmews Limited, Tynecastle School on behalf of Tynecastle Teague Limited/University Of Edinburgh and St Andrews West on behalf of Headon S1 St Andrews West Limited. Turnover increased by approximately 33%.

 

Profit before tax: Decreased from 4% in 2023 to 3% in 2024, from approximately £0.96 million to £1.2 million mainly because of the inability of the market to absorb the increased costs in the construction industry. The comparative excludes any share of profits from associates and changes in fair values of the investment properties

 

Non - Financial performance indicators:

 

No. of Complaints: During the financial year our company received eight complaints in total, two for the development at St Andrews West and six for the development at Temple Park Crescent. The non-financial indicator is not the number of complaints but the treatment and resolution of those complaints which resulted in a 100% customer satisfaction on all of them.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The position of the Group at the year end

The end of the financial year finds the group in a leading position in the small house builder's market in the area of Edinburgh. We will continue to strive for excellence and work closely with The City of Edinburgh Council to create more sustainable and environmentally friendly buildings and at the same time be as cost effective and efficient as possible.

On behalf of the board

Daniel John Teague
Director
23 June 2025
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the Group continued to be that of building contracting, property developments, property and fixed asset investments.

Results and dividends

The results for the year are set out on Page 9.

Ordinary dividends were paid during the year amounting to £199,670 (2023: £135,680). The directors do not recommend payment of a final dividend. No dividends were paid to the directors in the current and previous years.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Shane David Teague
Daniel John Teague
Post reporting date events

We are responsible for the design and build of two separate sites in Edinburgh Park, one which will provide 397 units in a development called 'The New Village' and another one to provide commercial units, the latter at a later stage. The project commenced in 2025 and we are hopeful that this will be completed in late 2026/early 2027.

 

Auditor

A resolution proposing that P Spyrou & Co be reappointed as auditor of the Group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Daniel John Teague
Director
23 June 2025
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
- 6 -
Opinion

We have audited the financial statements of EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Group Profit And Loss Account, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows, the Company Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
- 8 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Polycarpos Spyrou (Senior Statutory Auditor)
For and on behalf of P Spyrou & Co
23 June 2025
Chartered Certified Accountants
Statutory Auditor
1 Queens Parade
Brownlow Road
London
N11 2DN
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
37,719,055
25,515,306
Cost of sales
(35,811,876)
(23,577,334)
Gross profit
1,907,179
1,937,972
Administrative expenses
(1,025,403)
(960,043)
Other operating income
16,690
3,660
Operating profit
5
898,466
981,589
Share of profits of associates
1,123,892
-
Interest receivable and similar income
8
321,729
146,687
Interest payable and similar expenses
9
(19,693)
(132,320)
Amounts written off investments
10
14,781
(14,640)
Fair value gains and losses on investment properties
13
353,430
-
0
Profit before taxation
2,692,605
981,316
Tax on profit
11
(394,433)
(229,809)
Profit for the financial year
2,298,172
751,507
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
12
505,089
454,913
Investment property
13
1,441,500
1,088,070
Investments
14
1,308,690
131,721
3,255,279
1,674,704
Current assets
Stocks
17
310,881
8,131,133
Debtors
18
20,880,453
12,984,649
Cash at bank and in hand
6,916,091
6,543,211
28,107,425
27,658,993
Creditors: amounts falling due within one year
19
(4,754,166)
(4,877,480)
Net current assets
23,353,259
22,781,513
Total assets less current liabilities
26,608,538
24,456,217
Creditors: amounts falling due after more than one year
20
-
(16,011)
Provisions for liabilities
Deferred tax liability
23
179,298
109,468
(179,298)
(109,468)
Net assets
26,429,240
24,330,738
Capital and reserves
Called up share capital
30
100
100
Share premium account
2,758,123
2,758,123
Profit and loss reserves
23,671,017
21,572,515
Total equity
26,429,240
24,330,738

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
23 June 2025
Shane David Teague
Director
Company registration number 6865255 (England and Wales)
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
13
1,441,500
1,088,070
Investments
14
3,758,325
3,758,325
5,199,825
4,846,395
Current assets
Debtors
18
425,726
425,145
Cash at bank and in hand
5,137
4,013
430,863
429,158
Creditors: amounts falling due within one year
19
(4,438,656)
(4,255,637)
Net current liabilities
(4,007,793)
(3,826,479)
Total assets less current liabilities
1,192,032
1,019,916
Provisions for liabilities
Deferred tax liability
23
95,481
5,699
(95,481)
(5,699)
Net assets
1,096,551
1,014,217
Capital and reserves
Called up share capital
30
100
100
Profit and loss reserves
1,096,451
1,014,117
Total equity
1,096,551
1,014,217

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
23 June 2025
Shane David Teague
Director
Company registration number 6865255 (England and Wales)
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
100
2,758,123
20,956,688
23,714,911
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
751,507
751,507
Dividends
-
-
(135,680)
(135,680)
Balance at 30 September 2023
100
2,758,123
21,572,515
24,330,738
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
2,298,172
2,298,172
Dividends
-
-
(199,670)
(199,670)
Balance at 30 September 2024
100
2,758,123
23,671,017
26,429,240
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
100
1,127,291
1,127,391
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
22,506
22,506
Dividends
-
(135,680)
(135,680)
Balance at 30 September 2023
100
1,014,117
1,014,217
Year ended 30 September 2024:
Profit and total comprehensive income
-
282,004
282,004
Dividends
-
(199,670)
(199,670)
Balance at 30 September 2024
100
1,096,451
1,096,551
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
589,647
(126,599)
Interest paid
(19,693)
(26,847)
Income taxes paid
(60,207)
(833,659)
Net cash inflow/(outflow) from operating activities
509,747
(987,105)
Investing activities
Purchase of tangible fixed assets
(199,779)
(486,452)
Proceeds on disposal of tangible fixed assets
36,130
138,500
Proceeds on disposal of subsidiaries
2,262
-
Purchase of investments
(40,558)
(46,573)
Interest received
321,729
146,687
Net cash generated from/(used in) investing activities
119,784
(247,838)
Financing activities
Repayment of borrowings
-
(105,473)
Repayment of bank loans
-
(3,742,579)
Payment of finance leases obligations
(44,774)
(33,363)
Dividends paid to equity shareholders
(199,670)
(135,680)
Net cash used in financing activities
(244,444)
(4,017,095)
Net increase/(decrease) in cash and cash equivalents
385,087
(5,252,038)
Cash and cash equivalents at beginning of year
6,494,961
11,746,999
Cash and cash equivalents at end of year
6,880,048
6,494,961
Relating to:
Cash at bank and in hand
6,916,091
6,543,211
Bank overdrafts and credit cards included in creditors payable within one year
(36,043)
(48,250)
6,880,048
6,494,961
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
207,145
139,431
Income taxes paid
(6,351)
(3,479)
Net cash inflow from operating activities
200,794
135,952
Financing activities
Dividends paid to equity shareholders
(199,670)
(135,680)
Net cash used in financing activities
(199,670)
(135,680)
Net increase in cash and cash equivalents
1,124
272
Cash and cash equivalents at beginning of year
4,013
3,741
Cash and cash equivalents at end of year
5,137
4,013
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is 52-54 Dundas Street, Edinburgh, EH3 6QZ.

 

The group consists of Eugate Investments Limited and its wholly owned subsidiaries.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Eugate Investments Limited and its wholly owned subsidiaries.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Rental income is recognised on a straight line basis over the term of the relevant lease.

 

Turnover represents amounts receivable for contracting work done and it represents the value of work invoiced and accrued during the year. Any work done not invoiced is included in accrued income. Work done and accrued income are recognised by reference to the stage of completion.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost and net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
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. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.8
Fixed asset investments

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. In the parent company's financial statements, investment in subsidiary is measured at cost.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.9
Stocks

Work in progress is valued at the lower of cost and net realisable value, whichever is lower. The cost of work in progress comprises raw materials, direct labour, other direct costs and related overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and section 9 'Consolidated and Separate Financial Statements' of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

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

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
1.14
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.

 

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.

1.15
Retirement benefits

The Group operates two defined contribution schemes. One for the benefit of its directors and another one for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Government grants

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements 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 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue Recognition

To assess revenue,accrued expenses and profit recognition in relation to work done, the Company needs to make reasonable estimates in connection to construction costs (mainly building and professional costs) and other finance costs. The directors review the outcome of the projects regularly by way of cashflows, work programmes and cost plans. Revenue recognition is recognised only when a valuation is provided, outgoings are susceptible to significant fluctuations given the current economic climate. Therefore, the Directors appraise whether there have been significant changes to market conditions and the general economic environment as a whole at the balance sheet date.

Work in progress

Land and work in progress are valued at the lower of cost and net realisable value. Calculation of these provisions require judgements to be made, which include forecast of costs and value of acquired land in relation to the current and future economic environment.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rent receivable
23,062
53,878
Work done
37,605,447
10,572,307
Management fees
-
75,000
Unit sales
-
14,814,121
Other income
90,546
-
37,719,055
25,515,306
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
37,719,055
25,515,306
2024
2023
£
£
Other revenue
Interest income
321,729
146,687
Grants received
9,433
2,920
331,162
149,607
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,000
9,600
Audit of the financial statements of the company's subsidiaries
23,500
16,500
32,500
26,100
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(9,433)
(2,920)
Depreciation of owned tangible fixed assets
110,710
78,808
Loss/(profit) on disposal of tangible fixed assets
2,763
(9,600)
Operating lease charges
39,001
65,018
143,041
131,306
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
731,942
753,238
Company pension contributions to defined contribution schemes
20,000
28,000
751,942
781,238
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
378,186
391,781
Company pension contributions to defined contribution schemes
10,000
14,000

During the current and previous accounting periods, no dividends were paid to any of the directors.

7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
48
35
-
-

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,402,457
2,051,403
-
0
-
0
Social security costs
269,198
124,475
-
-
Pension costs
105,152
87,266
-
0
-
0
2,776,807
2,263,144
-
0
-
0
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
309,443
130,708
Other interest income
12,286
15,979
Total income
321,729
146,687
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
4,154
5,027
Interest payable on bank loans and overdrafts
-
0
105,473
Other interest
15,539
21,820
Total finance costs
19,693
132,320
10
Fair value gains/(losses) on financial instruments
2024
2023
£
£
Gain/(loss) on financial assets held at fair value through profit or loss
12,519
(14,640)
Other gains/(losses)
Other gains and losses
2,262
-
14,781
(14,640)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
417,948
164,083
Adjustments in respect of prior periods
-
0
(621)
Total current tax
417,948
163,462
Deferred tax
Origination and reversal of timing differences
(19,953)
66,347
Adjustment in respect of prior periods
(3,562)
-
0
Total deferred tax
(23,515)
66,347
Total tax charge
394,433
229,809
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,692,605
981,316
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
673,151
215,890
Tax effect of expenses that are not deductible in determining taxable profit
9,671
4,866
Tax effect of income not taxable in determining taxable profit
(1,931)
-
0
Adjustments in respect of prior years
(3,562)
-
0
Group relief
(219)
(1,244)
Adjustments in respect of financial assets
(284,103)
3,222
Effect of revaluations of investments
1,425
-
0
Under/(over) provided in prior years
-
0
(621)
Depreciation add back
27,678
17,346
Capital allowances
(8,415)
(73,884)
Chargeable disposals
691
(2,113)
Deferred tax charge for the year
(19,953)
66,347
Taxation charge
394,433
229,809
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
12
Tangible fixed assets
Group
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
546,732
141,817
96,519
785,068
Additions
1,500
6,892
191,387
199,779
Disposals
-
0
(4,480)
(38,893)
(43,373)
At 30 September 2024
548,232
144,229
249,013
941,474
Depreciation and impairment
At 1 October 2023
189,036
110,375
30,744
330,155
Depreciation charged in the year
44,290
11,853
54,567
110,710
Eliminated in respect of disposals
-
0
(4,480)
-
0
(4,480)
At 30 September 2024
233,326
117,748
85,311
436,385
Carrying amount
At 30 September 2024
314,906
26,481
163,702
505,089
At 30 September 2023
357,696
31,442
65,775
454,913
Company
Fixtures, fittings & equipment
£
Cost
At 1 October 2023
4,480
Disposals
(4,480)
At 30 September 2024
-
0
Depreciation and impairment
At 1 October 2023
4,480
Eliminated in respect of disposals
(4,480)
At 30 September 2024
-
0
Carrying amount
At 30 September 2024
-
0
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
-
0
108,950
-
0
-
0
13
Investment property
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
At 1 October
1,088,070
1,088,070
1,088,070
1,088,070
Net gains or losses through fair value adjustments
353,430
-
353,430
-
At 30 September
1,441,500
1,088,070
1,441,500
1,088,070

Investment properties were revalued on an open market basis by Murray and Currie Estate Agents ANAEA (Associate National Association of Estate Agents) and their fair value has been amended and reflected in the accounts as at 30 September 2024.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,758,325
3,758,325
Investments in associates
16
1,123,941
49
-
0
-
0
Unlisted investments
184,749
131,672
-
0
-
0
1,308,690
131,721
3,758,325
3,758,325

Unlisted investments mainly consist of investments made in private markets during the year.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Shares in associates
Other investments
Other
Total
£
£
£
£
Cost or valuation
At 1 October 2023
49
131,672
-
131,721
Additions
-
41,300
(11,777)
29,523
Valuation changes
2,247,784
11,777
11,777
2,271,338
At 30 September 2024
2,247,833
184,749
-
2,432,582
Carrying amount
At 30 September 2024
2,247,833
184,749
-
2,432,582
At 30 September 2023
49
131,672
-
0
131,721
Error! Does not agree to TB:
1,123,941
184,749
-
0
1,308,690
Difference
1,123,892
-
-
1,123,892
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
3,758,325
Carrying amount
At 30 September 2024
3,758,325
At 30 September 2023
3,758,325
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Lincam Pentland Limited
Scotland
Property Development
Ordinary
100
S1 Developments Limited
England & Wales
Building, contracting and property development
Ordinary
100
St Andrews Teague Limited
England & Wales
Property Development
Ordinary
100
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Subsidiaries
(Continued)
- 27 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Lincam Pentland Limited
13,219,000
(63)
0
S1 Developments Limited
14,754,015
890,951
St Andrews Teague Limited
1,117,999
1,123,018

On the 27 October 2023 the Group disposed the entire share capital of Skyliner Teague Limited and was included prior to the disposal in this year's consolidated accounts.

 

On the 8 April 2025 Lincam Pentland Limited, a subsidiary of this Group, was dissolved via voluntary strike-off, after certain declarations and resolutions were passed on the 19th December 2024, which can be found on Companies House website.

Exemption from Audit

The following subsidiary is exempt from the requirements of the Act relating to the audit of individual accounts by parent guarantee:

Name of undertaking

Company numbers:

St Andrews Teague Limited
13451992
The above subsidiary has been included in these consolidated accounts as highlighted in the 'Basis of Consolidation' in the accounting policies.
16
Associates

Details of associates at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Headon S1 St Andrews West Limited
C/O Turcan Connell Princes Exchange, 1 Earl Grey Street, Edinburgh, Midlothian, Scotland, EH3 9EE
B Ordinary
0
49

The group is using the equity method to value its investment in the associate and it has been disclosed separately in the accounts, both in the profit or loss and balance sheet.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Site acquisition costs
251,000
-
-
-
Work in progress
59,881
8,131,133
-
-
310,881
8,131,133
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,069,471
492,521
-
0
-
0
Amounts owed by group undertakings
-
-
420,980
420,980
Connected parties (note 32)
15,821,460
12,042,751
-
-
Other debtors
3,961,147
416,976
-
0
-
0
Prepayments
28,375
32,401
4,746
4,165
20,880,453
12,984,649
425,726
425,145
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
36,043
48,250
-
0
-
0
Obligations under finance leases
22
4,600
33,363
-
0
-
0
Trade creditors
1,681,454
1,641,812
3,185
3,665
Retention amounts
240,405
154,644
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,083,871
3,067,955
Corporation tax payable
312,003
47,607
6,119
6,351
Other taxation and social security
157,270
118,932
-
-
Connected parties (note 32)
1,878,925
1,587,034
-
-
Other creditors
329,596
1,162,102
329,547
1,162,053
Accruals and deferred income
113,870
83,736
15,934
15,613
4,754,166
4,877,480
4,438,656
4,255,637
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
22
-
0
16,011
-
0
-
0
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Creditors: amounts falling due after more than one year
(Continued)
- 29 -

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
36,043
48,250
-
0
-
0
Payable within one year
36,043
48,250
-
0
-
0
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,600
33,363
-
0
-
0
In two to five years
-
0
16,011
-
0
-
0
4,600
49,374
-
-

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

23
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
83,817
103,769
Fair value gains and losses on investment properties
95,481
5,699
179,298
109,468
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
2024
2023
Company
£
£
Fair value gains and losses on investment properties
95,481
5,699
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
109,468
5,699
Charge to profit or loss
69,830
89,782
Liability at 30 September 2024
179,298
95,481
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
105,152
87,266

Two defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
25
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
2,298,172
751,507
Adjustments for:
Share of results of associates and joint ventures
(1,123,892)
-
Taxation charged
394,433
229,809
Finance costs
19,693
132,320
Investment income
(321,729)
(146,687)
Loss/(gain) on disposal of tangible fixed assets
2,763
(9,600)
Fair value gain on investment properties
(353,430)
-
0
Depreciation and impairment of tangible fixed assets
110,710
78,808
Other gains and losses
(14,781)
14,640
Movements in working capital:
Decrease in stocks
7,820,252
4,252,103
Increase in debtors
(7,895,804)
(4,918,053)
Decrease in creditors
(346,740)
(511,446)
Cash generated from/(absorbed by) operations
589,647
(126,599)
26
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
282,004
22,506
Adjustments for:
Taxation charged
95,901
6,351
Fair value gain on investment properties
(353,430)
-
0
Movements in working capital:
Increase in debtors
(581)
(2,994)
Increase in creditors
183,251
113,568
Cash generated from operations
207,145
139,431
EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
27
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
6,543,211
372,880
6,916,091
Bank overdrafts & credit cards
(48,250)
12,207
(36,043)
6,494,961
385,087
6,880,048
Obligations under finance leases
(49,374)
44,774
(4,600)
6,445,587
429,861
6,875,448
28
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
4,013
1,124
5,137
29
Events after the reporting date

See 'Post reporting date events' section included in the Directors' Report and 'Subsidiaries' (note15).

30
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
98 Ordinary shares of £1 each
98
98
2 B' Ordinary shares of £1 each
2
2
100
100
31
Controlling party

The company was controlled throughout the current and previous years by the two directors, Shane David Teague and Daniel John Teague, by virtue of the fact that they own 98% (2023: 98%) of the issued share capital of the company. The remaining 2% of the shares is owned by James Francis Teague, Daniel John Teague and Shane David Teague as Trustees of the James Francis Teague Trust for Grandchildren.

EUGATE INVESTMENTS LIMITED AND ITS WHOLLY OWNED SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
32
Related party transactions

Debtors - amounts due from connected parties (note18)

Skyliner Teague Limited: £5,637,660 (2023: £Nil).Skyliner Teague Limited was a fellow subsidiary up until the 2nd November 2023 and is still controlled by both Shane David Teague and Daniel John Teague.

 

Mining Teague Limited: £259,387 (2023:£254,202) both Shane David Teague and Daniel John Teague are the only directors and shareholders.

 

S1West Ltd: £595,649 (2023:£573,649) both Shane David Teague and Daniel John Teague are the only directors and shareholders.

 

Key Teague Investments Limited: £1,126,441 (2023:£1,125,108) both Shane David Teague and Daniel John Teague are the only directors and shareholders.

 

Teague Holdings Limited: £5,160 (2023:£4,144) both Shane David Teague and Daniel John Teague are the directors and shareholders.

 

Oilmews Limited: £2,712,819 (2023901,288) both Shane David Teague and Daniel John Teague are the only directors and shareholders.

 

Headon S1 St Andrews West Limited: £2,776,283 (2023:£2,070,412) both Shane David Teague and Daniel John Teague are the directors and indirect shareholders of this company.

 

Beat Street (Edinburgh) Limited: £1,081,283, company was incorporated 28th November 2023 and both Shane David Teague and Daniel John Teague are the directors and indirect shareholders of this company.

 

Tynecastle Teague Limited: £1,626,778 (2023:£7,113,938) both Shane David Teague and Daniel John Teague are the only directors and shareholders.

Creditors - amounts due to connected parties (note19)

Gilmore Teague Limited: £1,710,736 (2023:£1,515,736) both Shane David Teague and Daniel John Teague are the only directors and shareholders.

 

G-Tech Mechanical Services Limited: £168,189 (2023:£71,298) both Shane David Teague and Daniel John Teague are shareholders.

2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Shane David TeagueDaniel John TeagueDaniel John Teaguefalse6865255bus:Consolidated2023-10-012024-09-3068652552023-10-012024-09-306865255bus:Director12023-10-012024-09-306865255bus:CompanySecretaryDirector12023-10-012024-09-306865255bus:CompanySecretary12023-10-012024-09-306865255bus:Director22023-10-012024-09-306865255bus:RegisteredOffice2023-10-012024-09-306865255bus:Agent12023-10-012024-09-306865255bus:Consolidated2024-09-306865255bus:Consolidated2022-10-012023-09-3068652552022-10-012023-09-3068652552024-09-306865255bus:Consolidated2023-09-306865255core:PlantMachinerybus:Consolidated2024-09-306865255core:FurnitureFittingsbus:Consolidated2024-09-306865255core:MotorVehiclesbus:Consolidated2024-09-306865255core:PlantMachinerybus:Consolidated2023-09-306865255core:FurnitureFittingsbus:Consolidated2023-09-306865255core:MotorVehiclesbus:Consolidated2023-09-306865255core:FurnitureFittings2024-09-3068652552023-09-306865255core:ShareCapitalbus:Consolidated2024-09-306865255core:ShareCapitalbus:Consolidated2023-09-306865255core:SharePremiumbus:Consolidated2024-09-306865255core:SharePremiumbus:Consolidated2023-09-306865255core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-306865255core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-306865255core:ShareCapital2024-09-306865255core:ShareCapital2023-09-306865255core:RetainedEarningsAccumulatedLosses2024-09-306865255core:RetainedEarningsAccumulatedLosses2023-09-306865255core:ShareCapitalbus:Consolidated2022-09-306865255core:SharePremiumbus:Consolidated2022-09-3068652552022-09-306865255core:ShareCapital2022-09-306865255core:RetainedEarningsAccumulatedLosses2022-09-306865255bus:Consolidated2022-09-306865255core:PlantMachinery2023-10-012024-09-306865255core:FurnitureFittings2023-10-012024-09-306865255core:MotorVehicles2023-10-012024-09-306865255core:UKTaxbus:Consolidated2023-10-012024-09-306865255core:UKTaxbus:Consolidated2022-10-012023-09-306865255bus:Consolidated12023-10-012024-09-306865255bus:Consolidated12022-10-012023-09-306865255bus:Consolidated22023-10-012024-09-306865255bus:Consolidated22022-10-012023-09-306865255bus:Consolidated32023-10-012024-09-306865255bus:Consolidated32022-10-012023-09-306865255bus:Consolidated42023-10-012024-09-306865255bus:Consolidated42022-10-012023-09-306865255bus:Consolidated52023-10-012024-09-306865255bus:Consolidated52022-10-012023-09-306865255bus:Consolidated62023-10-012024-09-306865255bus:Consolidated62022-10-012023-09-306865255bus:Consolidated72023-10-012024-09-306865255bus:Consolidated72022-10-012023-09-306865255core:PlantMachinerybus:Consolidated2023-09-306865255core:FurnitureFittingsbus:Consolidated2023-09-306865255core:MotorVehiclesbus:Consolidated2023-09-306865255bus:Consolidated2023-09-306865255core:FurnitureFittings2023-09-306865255core:PlantMachinerybus:Consolidated2023-10-012024-09-306865255core:FurnitureFittingsbus:Consolidated2023-10-012024-09-306865255core:MotorVehiclesbus:Consolidated2023-10-012024-09-306865255core:PlantMachinery2024-09-306865255core:PlantMachinery2023-09-306865255core:UnlistedNon-exchangeTradedbus:Consolidated2024-09-306865255core:UnlistedNon-exchangeTradedbus:Consolidated2023-09-306865255core:UnlistedNon-exchangeTraded2024-09-306865255core:UnlistedNon-exchangeTraded2023-09-306865255core:Subsidiary12023-10-012024-09-306865255core:Subsidiary22023-10-012024-09-306865255core:Subsidiary32023-10-012024-09-306865255core:Subsidiary112023-10-012024-09-306865255core:Subsidiary222023-10-012024-09-306865255core:Subsidiary332023-10-012024-09-306865255core:Subsidiary12024-09-306865255core:Subsidiary22024-09-306865255core:Subsidiary32024-09-306865255core:Associate12023-10-012024-09-306865255core:Associate112023-10-012024-09-306865255core:CurrentFinancialInstruments2024-09-306865255core:CurrentFinancialInstruments2023-09-306865255core:CurrentFinancialInstrumentsbus:Consolidated2024-09-306865255core:CurrentFinancialInstrumentsbus:Consolidated2023-09-306865255core:WithinOneYearbus:Consolidated2024-09-306865255core:WithinOneYearbus:Consolidated2023-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-306865255core:Non-currentFinancialInstrumentsbus:Consolidated2024-09-306865255core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-306865255core:Non-currentFinancialInstruments2024-09-306865255core:Non-currentFinancialInstruments2023-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated12024-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated12023-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYear22024-09-306865255core:CurrentFinancialInstrumentscore:WithinOneYear22023-09-306865255core:WithinOneYear2024-09-306865255core:WithinOneYear2023-09-306865255core:BetweenTwoFiveYearsbus:Consolidated2024-09-306865255core:BetweenTwoFiveYearsbus:Consolidated2023-09-306865255core:BetweenTwoFiveYears2024-09-306865255core:BetweenTwoFiveYears2023-09-306865255bus:PrivateLimitedCompanyLtd2023-10-012024-09-306865255bus:FRS1022023-10-012024-09-306865255bus:Audited2023-10-012024-09-306865255bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-306865255bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP