GATES ENGINEERING CO. LIMITED - Filleted accounts

Registered number

00514667

GATES ENGINEERING CO. LIMITED

Filleted Accounts

31 March 2025

GATES ENGINEERING CO. LIMITED
Registered number:		00514667
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		1,176,674			1,219,729
Investments	4		755,098			755,098
			1,931,772			1,974,827

Current assets
Stocks		373,900			319,408
Debtors	5	75,075			83,688
Cash at bank and in hand		555,815			537,383
		1,004,790			940,479

Creditors: amounts falling due within one year	6	(581,040)			(648,360)

Net current assets			423,750			292,119

Total assets less current liabilities			2,355,522			2,266,946


Provisions for liabilities			(24,427)			(10,041)


Net assets			2,331,095			2,256,905

Capital and reserves
Called up share capital			500			500
Revaluation reserve	7		969,595			1,196,095
Profit and loss account			1,361,000			1,060,310

Shareholders' funds			2,331,095			2,256,905

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




J. L. Gates
Director
Approved by the board on 19 December 2025

GATES ENGINEERING CO. LIMITED
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			over 50 years
	Plant and machinery			20% reducing balance
	Fixtures, fittings, tools and equipment			20% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					10		10


3	Tangible fixed assets
		Land and buildings		Plant and machinery		Fixtures and fittings		Total
£			£		£		£
	Cost
	At 1 April 2024	1,215,680		291,317		4,696		1,511,693
	Additions	-		11,942		-		11,942
	Disposals	-		(35,875)		-		(35,875)
	At 31 March 2025	1,215,680		267,384		4,696		1,487,760

	Depreciation
	At 1 April 2024	126,400		161,636		3,928		291,964
	Charge for the year	10,313		30,189		329		40,831
	On disposals	-		(21,709)		-		(21,709)
	At 31 March 2025	136,713		170,116		4,257		311,086

	Net book value
	At 31 March 2025	1,078,967		97,268		439		1,176,674
	At 31 March 2024	1,089,280		129,681		768		1,219,729


	Freehold land and buildings:					2025		2024
£							£
	Historical cost					707,920		707,920
	Cumulative depreciation based on historical cost					228,308		222,150
						479,612		485,770

	Included in cost or valuation of land and buildings is freehold land of £700,000 which is not
	depreciated.

4	Investments

Other
investments
£
	Cost
	At 1 April 2024							755,098

	At 31 March 2025							755,098


5	Debtors					2025		2024
£							£

	Trade debtors					75,075		83,688


6	Creditors: amounts falling due within one year					2025		2024
£							£

	Stocking loan					100,000		100,000
	Trade creditors					60,844		123,723
	Directors loan account					249,196		236,925
	Corporation tax					48,757		26,805
	Other taxes and social security costs					18,695		29,944
	Value Added Tax					17,019		10,384
	Accruals					86,529		120,579
						581,040		648,360


7	Revaluation reserve					2025		2024
£							£

	At 1 April 2024					1,196,095		1,196,095
	Transfers to realised profits					(226,500)		-

	At 31 March 2025					969,595		1,196,095


8	Other information

	GATES ENGINEERING CO. LIMITED is a private company limited by shares and incorporated in England.
	Sway Road Garage
	Brockenhurst
	SO42 7SH