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Company No: 02962196 (England and Wales)

GATETRADE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

GATETRADE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

GATETRADE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
GATETRADE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 30,892 41,387
Investment property 4 50,401,232 48,731,000
Investments 5 67,410 67,410
50,499,534 48,839,797
Current assets
Debtors 6 2,684,865 2,201,294
Cash at bank and in hand 55,602 0
2,740,467 2,201,294
Creditors: amounts falling due within one year 7 ( 2,315,748) ( 1,079,471)
Net current assets 424,719 1,121,823
Total assets less current liabilities 50,924,253 49,961,620
Creditors: amounts falling due after more than one year 8 ( 12,380,000) ( 12,830,000)
Provision for liabilities 9, 10 ( 7,977,418) ( 8,750,000)
Net assets 30,566,835 28,381,620
Capital and reserves
Called-up share capital 11 3,410 3,410
Revaluation reserve 25,477,418 26,250,000
Profit and loss account 5,086,007 2,128,210
Total shareholders' funds 30,566,835 28,381,620

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

Directors' responsibilities:

The financial statements of Gatetrade Limited (registered number: 02962196) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Wilton
Director

11 July 2025

GATETRADE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
GATETRADE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gatetrade Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 829,178 829,178
Additions 748 748
At 31 December 2024 829,926 829,926
Accumulated depreciation
At 01 January 2024 787,791 787,791
Charge for the financial year 11,243 11,243
At 31 December 2024 799,034 799,034
Net book value
At 31 December 2024 30,892 30,892
At 31 December 2023 41,387 41,387

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 48,731,000
Additions 670,232
Fair value movement 1,000,000
As at 31 December 2024 50,401,232

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 14,401,232 13,731,000

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 2,310
At 31 December 2024 2,310
Carrying value at 31 December 2024 2,310
Carrying value at 31 December 2023 2,310

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 65,100 65,100
At 31 December 2024 65,100 65,100
Carrying value at 31 December 2024 65,100 65,100
Carrying value at 31 December 2023 65,100 65,100

6. Debtors

2024 2023
£ £
Trade debtors 35,836 43,429
Amounts owed by group undertakings 0 7,785
Other taxation and social security 577,081 447,910
Other debtors 2,071,948 1,702,170
2,684,865 2,201,294

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 1,108,851 105,336
Trade creditors 7,729 52,218
Taxation and social security 239,445 169,245
Other creditors 959,723 752,672
2,315,748 1,079,471

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,380,000 12,830,000

9. Provision for liabilities

2024 2023
£ £
Deferred tax 7,977,418 8,750,000

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 8,750,000) ( 7,500,000)
Credited/(charged) to the Profit and Loss Account 772,582 ( 1,250,000)
At the end of financial year ( 7,977,418) ( 8,750,000)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,210 Ordinary A shares of £ 1.00 each 3,210 3,210
200 Ordinary B shares of £ 1.00 each 200 200
3,410 3,410

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Included within other debtors are amounts owed from directors 2,059,999 1,677,270

Other related party transactions

2024 2023
£ £
Included within other debtors are amounts owed from other related parties 3,620 24,157
Included within other creditors are amounts owed to other related parties 664,389 511,091