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Registered number: 03579150









SANDYGATE ENTERPRISES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SANDYGATE ENTERPRISES LIMITED
REGISTERED NUMBER: 03579150

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
As restated
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,810
3,817

Investments
 5 
1
1

Investment property
 6 
500,000
500,000

  
502,811
503,818

Current assets
  

Debtors: amounts falling due within one year
 7 
93,917
101,213

Cash at bank and in hand
  
13,180
2,747

  
107,097
103,960

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(195,817)
(210,738)

Net current liabilities
  
 
 
(88,720)
 
 
(106,778)

Total assets less current liabilities
  
414,091
397,040

Creditors: amounts falling due after more than one year
 9 
(54,484)
(82,518)

Provisions for liabilities
  

Deferred tax
 11 
(28,305)
(27,971)

Net assets
  
331,302
286,551


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
331,202
286,451

  
331,302
286,551


Page 1

 
SANDYGATE ENTERPRISES LIMITED
REGISTERED NUMBER: 03579150

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 income and retained earnings 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 by: 






................................................
Mr D A Kirkpatrick
Director

Date: 6 August 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Sandygate Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is The Old White Horse, 1 High Street, Biggleswade, Bedfordshire, SG18 0JE. This Company is part of a group.  

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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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.

Page 3

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
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 corporation 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.


Page 4

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

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.

 
2.8

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 profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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.

Page 5

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Page 6

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 January 2024
36,048


Disposals
(708)



At 31 December 2024

35,340



Depreciation


At 1 January 2024
32,231


Charge for the year on owned assets
938


Disposals
(639)



At 31 December 2024

32,530



Net book value



At 31 December 2024
2,810



At 31 December 2023
3,817

Page 8

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2024
1



At 31 December 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Loline Interiors Ltd
The Old White Horse, 1 High Street, Biggleswade, Bedfordshire, SG18 0JE
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Loline Interiors Ltd
(102,818)
(6,130)

Page 9

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
500,000



At 31 December 2024
500,000


Comprising


Cost
323,259

Annual revaluation surplus/(deficit):


2018
176,741

At 31 December 2024
500,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





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

2024
2023
£
£


Historic cost
323,259
323,259


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
93,917
101,213


Page 10

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
22,579
21,989

Trade creditors
2,760
-

Corporation tax
1,607
-

Other taxation and social security
9,675
9,382

Other creditors
155,144
176,477

Accruals and deferred income
4,052
2,890

195,817
210,738



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
54,484
82,518


Included within creditors are secured debts amounting to £62,897 (2023 - £80,340) which are secured via a fixed and floating charge over the Company's assets.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
22,579
21,989

Amounts falling due 1-2 years

Bank loans
16,746
49,452

Amounts falling due 2-5 years

Bank loans
34,668
22,918

Amounts falling due after more than 5 years

Bank loans
3,070
10,148

77,063
104,507


Page 11

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(27,971)
(30,121)


Charged to profit or loss
(334)
2,150



At end of year
(28,305)
(27,971)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deccelerated capital allowances
8,475
8,809

Property revaluation
(36,780)
(36,780)

(28,305)
(27,971)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 Ordinary shares of £1 each
50
50
50 Ordinary A shares of £1 each
50
50

100

100



13.


Prior year adjustment

During the year, the directors reviewed the classification of a freehold property with a carrying amount of £459,542 as at 31 December 2023 and concluded that it met the definition of an investment property under FRS 102 Section 16. As a result, the property has been reclassified from Property, Plant and Equipment to Investment Property. This has been treated as a prior year adjustment in accordance with FRS 102 Section 10, and the comparative figures have been restated.
As a result of this reclassification, the balance of Property, Plant and Equipment as at 31 December 2023 has decreased by £459,542, with a corresponding increase in Investment Property. There is no impact on the prior year profit or loss, retained earnings, or net assets.

Page 12

 
SANDYGATE ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Related party transactions

During the year the Company operated loans with the directors of the Company. The amount payable to the directors of the Company at the year end was £155,144 (2023 - £176,477). These loans are interest free and repayable on demand.  
The Company has taken advantage of the exemptions in FRS 102 section 1A whereby it has not disclosed transactions with wholly owned subsidiary undertakings.


Page 13