Company registration number 01289804 (England and Wales)
CLOATHGATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
CLOATHGATE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CLOATHGATE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
770,000
785,000
Investments
5
154,116
134,523
924,116
919,523
Current assets
Debtors
6
714,067
706,685
Creditors: amounts falling due within one year
7
(197,195)
(212,975)
Net current assets
516,872
493,710
Total assets less current liabilities
1,440,988
1,413,233
Creditors: amounts falling due after more than one year
8
(14,094)
(17,467)
Provisions for liabilities
(145,400)
(145,000)
Net assets
1,281,494
1,250,766
Capital and reserves
Called up share capital
10
115
115
Share premium account
115,575
115,575
Other reserves
31,990
31,990
Profit and loss reserves
11
1,133,814
1,103,086
Total equity
1,281,494
1,250,766

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 November 2025 and are signed on its behalf by:
A R Heller
Director
Company registration number 01289804 (England and Wales)
CLOATHGATE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2023
115
115,575
31,990
1,178,179
1,325,859
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
(75,093)
(75,093)
Balance at 31 March 2024
115
115,575
31,990
1,103,086
1,250,766
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
30,728
30,728
Balance at 31 March 2025
115
115,575
31,990
1,133,814
1,281,494
CLOATHGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Cloathgate Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is The Hart Shaw Building, Europa Link, Sheffield Business Park, Sheffield, S9 1XU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents rents receivable net of VAT.
1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Fixed asset investments

Listed investments are stated at their market value.

Fixed asset investments are stated at cost less provision for diminution in value.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Financial assets and liabilities are offset, with 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.

CLOATHGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CLOATHGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
4
Investment property
2025
£
Fair value
At 1 April 2024
785,000
Revaluations
(15,000)
At 31 March 2025
770,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 27 October 2025 by an independent Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historic cost of investment properties is £58,704.

5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
154,116
134,523
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
134,523
Valuation changes
19,593
At 31 March 2025
154,116
Carrying amount
At 31 March 2025
154,116
At 31 March 2024
134,523
CLOATHGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
14,521
4,833
Amounts owed by group undertakings
12,199
12,199
Other debtors
687,347
689,653
714,067
706,685
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
92,248
52,665
Taxation and social security
9,006
23,975
Other creditors
89,468
103,708
Accruals and deferred income
6,473
32,627
197,195
212,975
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
14,094
17,467
Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
1,065
4,512
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Investment property revaluations
141,000
145,000
Listed investment revaluations
4,400
-
145,400
145,000
CLOATHGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Deferred taxation
(Continued)
- 7 -
2025
Movements in the year:
£
Liability at 1 April 2024
145,000
Charge to profit or loss
400
Liability at 31 March 2025
145,400
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
115
115
115
115
11
Profit and loss reserves

Included in profit and loss reserves are non-distributable reserves of £583,180 (2024: £578,987). These reserves relate to the increase in fair value of the investment property and listed investments, less any directly attributable deferred tax liability.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Martin McDonagh
Statutory Auditor:
Hart Shaw LLP
Date of audit report:
5 December 2025
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