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Registration number: 10689021

Prepared for the registrar
Twogate (Cheltenham) Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Twogate (Cheltenham) Limited

(Registration number: 10689021)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 2,970 | 2,582
Investment property | 6 | 2,224,882 | 2,097,000
|  | 2,227,852 | 2,099,582
Current assets |  |  |
Debtors | 7 | 444,252 | 468,165
Cash at bank and in hand |  | 21,846 | 99,755
|  | 466,098 | 567,920
Creditors: Amounts falling due within one year | 8 | (1,797,748) | (1,956,895)
Net current liabilities |  | (1,331,650) | (1,388,975)
Total assets less current liabilities |  | 896,202 | 710,607
Creditors: Amounts falling due after more than one year | 8 | (441,250) | -
Deferred tax liabilities | 4 | (743) | (70,358)
Net assets |  | 454,209 | 640,249
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Revaluation reserve |  | - | 209,139
Retained earnings |  | 454,109 | 431,010
Shareholders' funds |  | 454,209 | 640,249

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 December 2025 and signed on its behalf by:

S L Gater Director |  |

Twogate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges received.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | Over three years

Twogate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

Twogate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

| 4 | Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Fixed asset timing differences | 743
| 743

2024 | Liability £
Fixed asset timing differences | 645
Revaluation of investment property | 69,713
| 70,358

| 5 | Tangible assets

| Furniture, fittings and equipment £
Cost
At 1 April 2024 | 5,847
Additions | 2,082
At 31 March 2025 | 7,929
Depreciation
At 1 April 2024 | 3,265
Charge for the year | 1,694
At 31 March 2025 | 4,959
Carrying amount
At 31 March 2025 | 2,970
At 31 March 2024 | 2,582

Twogate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 6 | Investment properties

| £
At 1 April 2024 | 2,097,000
Additions | 482,882
Fair value adjustments | (355,000)
At 31 March 2025 | 2,224,882

At 31 March 2025, the investment properties were revalued by the directors and the original cost was £2,301,030 (2024: £1,818,148).

| 7 | Debtors

| 2025 £ | 2024 £
Trade debtors | 53,343 | 52,823
Prepayments | 9,683 | 11,174
Other debtors | 381,226 | 404,168
| 444,252 | 468,165

| 8 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 1,715,367 | 1,879,830
Taxation and social security |  | 39,657 | 38,024
Accruals and deferred income |  | 42,724 | 39,041
|  | 1,797,748 | 1,956,895

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 441,250 | -

Twogate (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 9 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Other loans - Fourgate (Cheltenham) Limited | 900,000 | 900,000
Directors' loan accounts | 815,367 | 979,830
| 1,715,367 | 1,879,830

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 441,250 | -

The bank borrowings are secured on the company's investment property.

| 10 | Related party transactions

Transactions with directors

At 31 March 2025 the company owed £468,519 (2024: £488,150) to the director D J Gater and £346,848 (2024: £491,680) to the director S L Gater in the form of directors' loan accounts. The loans are unsecured, interest free and repayable on demand.

Summary of transactions with other related parties

At 31 March 2025 the company owed £900,000 (2024: £900,000) to Fourgate (Cheltenham) Limited and was owed £325,000 (2024: £352,416) by Fourgate (Cheltenham) Limited. The companies are related by virtue of the directors D J Gater and S L Gater, who are shareholders in Fourgate (Cheltenham) Limited.
The loan owing to Fourgate (Cheltenham) Limited is unsecured, interest free and repayable on demand. The loan owed by Fourgate (Cheltenham) Limited is unsecured, interest-bearing and repayable on demand. Interest of £10,405 (2024: £9,723) was received from Fourgate (Cheltenham) Limited in the year.