|
Registered number: 03072593
|
|
Durham Gate Limited
Financial statements
Information for filing with the registrar
31 December 2024
|
|
|
|
Balance sheet
At 31 December 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Balance sheet (continued)
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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.
Registered number: 03072593
The notes on pages 3 to 5 form part of these financial statements.
2
|
|
Notes to the financial statements
Year ended 31 December 2024
Durham Gate Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is given in the company information page of this annual report.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdon and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The following principal accounting policies have been applied:
Income from the sale of developments is recognised in the profit and loss accounts once a binding contract of sale exists. Income is recognised to the extent that the company has obtained the right to consideration through its performance.
Other income includes rent receivable from certain properties held in stock and development land.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of works done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion once the outcome can be forseen with reasonable certainty.
Negative goodwill as a result of business combinations where the consideration is less than the fair value of the net identifiable assets of the joint venture acquired. The difference is recognised as negative goodwill and amortised based upon when the economic benefit is due to the company.
|
|
|
Stocks and work in progress
|
Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
|
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
|
3
|
|
Notes to the financial statements
Year ended 31 December 2024
|
|
At 31 December 2024 the directors consider the realisable value of work in progress to be £4,500,000.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
Notes to the financial statements
Year ended 31 December 2024
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loans are secured by a fixed charge on freehold land and properties included within work in progress as development land.
|
|
|
Related party transactions
|
|
|
During the year under review the company loaned money to C3 Property Consulting LLP, an LLP in which A Cook, N Cook and J Cook have an interest. The balance outstanding as at 31 December 2024 was £Nil (2023 - £427,075). The loan is interest free and there are no fixed terms of repayment agreed.
|
5
|