Company No: 02956095 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	S Bills
	J Kirby
	Amity Ltd

Registered office	9 Donnington Park
	85 Birdham Road
	Chichester
	PO20 7AJ
	United Kingdom

Company number

02956095 (England and Wales)

Accountant	Kreston Reeves LLP
	Projects Nile House
	Nile Street
	Brighton
	BN1 1HW

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gate Securities Ltd for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 10 from the Company’s accounting records and from information and explanations you have given us.

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

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

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

This report is made solely to the Board of Directors of Gate Securities Ltd, as a body, in accordance with the terms of our engagement letter dated 28 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Gate Securities Ltd and state those matters that we have agreed to state to the Board of Directors of Gate Securities Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gate Securities Ltd and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

Projects Nile House
Nile Street
Brighton
BN1 1HW

29 September 2025

	Note	2024		2023
		£		£
Fixed assets
Investment property	3	5,916,097		5,865,000
		5,916,097		5,865,000
Current assets
Debtors	4	704,337		677,826
Cash at bank and in hand		34,886		31,044
		739,223		708,870
Creditors: amounts falling due within one year	5	( 887,826)		( 649,553)
Net current (liabilities)/assets		(148,603)		59,317
Total assets less current liabilities		5,767,494		5,924,317
Creditors: amounts falling due after more than one year	6	( 2,938,117)		( 2,931,712)
Provision for liabilities	7	( 351,814)		( 300,950)
Net assets		2,477,563		2,691,655
Capital and reserves
Called-up share capital		100		100
Fair value reserve		2,732,985		2,732,985
Profit and loss account		( 255,522 )		( 41,430 )
Total shareholder's funds		2,477,563		2,691,655

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Gate Securities Ltd (registered number: 02956095) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

S Bills Director

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

Gate Securities Ltd (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 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ, 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 one pound.

Going concern

The directors have assessed the Balance Sheet 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 to the extent that it is probably that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 Balance Sheet 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.

Borrowing costs

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

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.

The investment properties are either valued by the directors using open market value, with the assistance of property agents or by a formal valuation.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		5

3. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	5,865,000
Additions	51,097
As at 31 December 2024	5,916,097

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

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
	£		£
Net book value	1,436,502		1,442,031

4. Debtors

	2024		2023
	£		£
Trade debtors	55,920		47,279
Amounts owed by Group undertakings	530,000		530,000
Other debtors	118,417		100,547
	704,337		677,826

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	290,633		317,443
Trade creditors	13,783		18,705
Amounts owed to fellow subsidiaries	60,000		0
Other loans	387,092		193,828
Accruals and deferred income	52,393		35,652
Other creditors	83,925		83,925
	887,826		649,553

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

	2024		2023
	£		£
Bank loans and overdrafts (secured)	2,938,117		2,931,712

Secured Loans

Loans with Imperial Resources Limited with an interest rate set at 3.9% margin above base rate.

Arbuthnot Latham & Co Limited hold a legal charge dated 19 May 2022 over all investment properties held by the company.

Bank loans
	2024		2023
	£		£
Between one and two years	288,912		314,753
Between two and five years	813,647		933,003
After five years	1,835,558		1,683,956
	2,938,117		2,931,712
On demand or within one year	290,633		317,443
	3,228,750		3,249,155

7. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 300,950)		( 428,063)
(Charged)/credited to the Profit and Loss Account	( 50,864)		127,113
At the end of financial year	( 351,814)		( 300,950)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Tax losses carry forward	0		50,864
Deferred taxation on revaluation of investment property	( 351,814)		( 351,814)
	( 351,814)		( 300,950)

8. Contingencies

Contingent liabilities

The loan of £3,228,750 (2023: £3,249,155) is part of a larger loan of £7,875,000 between Arbuthnot Latham & Co Limited and Imperial Resources Limited and the company has entered into unlimited cross guarantees in this respect.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

Harrington Securities Limited
(A fellow subsidiary)
During the year the company was provided with an interest free loan from Harrington Securities Limited. At the balance sheet date the amount due to Harrington Securities Ltd was £60,000 (2023: £nil).

Nexxus Group Limited
(Parent Company)
During the year the company provided Nexxus Group Limited with an interest free loan. At the balance sheet date the amount due to the company from Nexxus Group Limited was £530,000 (2023: £530,000).

10. Ultimate controlling party

The company's immediate parent company is Nexxus Group Limited, incorporated in England and Wales.
Ultimate control is held by Mr D Ashton.