GATES ENGINEERING CO. LIMITED - Filleted accounts

Registered number

00514667

GATES ENGINEERING CO. LIMITED

Filleted Accounts

31 March 2026

GATES ENGINEERING CO. LIMITED
Registered number:		00514667
Balance Sheet
as at 31 March 2026

Notes			2026			2025
£				£
Fixed assets
Tangible assets	3		1,201,157			1,176,674
Investments	4		755,098			755,098
			1,956,255			1,931,772

Current assets
Stocks		402,217			373,900
Debtors	5	80,836			75,075
Cash at bank and in hand		586,686			555,815
		1,069,739			1,004,790

Creditors: amounts falling due within one year	6	(621,649)			(581,040)

Net current assets			448,090			423,750

Total assets less current liabilities			2,404,345			2,355,522


Provisions for liabilities			(20,692)			(24,427)


Net assets			2,383,653			2,331,095

Capital and reserves
Called up share capital			500			500
Revaluation reserve	7		965,439			969,595
Profit and loss account			1,417,714			1,361,000

Shareholders' funds			2,383,653			2,331,095

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 21 August 2026

GATES ENGINEERING CO. LIMITED
Notes to the Accounts
for the year ended 31 March 2026


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					2026		2025
Number							Number

	Average number of persons employed by the company					7		10


3	Tangible fixed assets
		Land and buildings		Plant and machinery		Fixtures and fittings		Total
£			£		£		£
	Cost
	At 1 April 2025	1,215,680		267,384		4,696		1,487,760
	Additions	-		67,922		-		67,922
	At 31 March 2026	1,215,680		335,306		4,696		1,555,682

	Depreciation
	At 1 April 2025	136,713		170,116		4,257		311,086
	Charge for the year	10,314		33,037		88		43,439
	At 31 March 2026	147,027		203,153		4,345		354,525

	Net book value
	At 31 March 2026	1,068,653		132,153		351		1,201,157
	At 31 March 2025	1,078,967		97,268		439		1,176,674


	Freehold land and buildings:					2026		2025
£							£
	Historical cost					707,920		707,920
	Cumulative depreciation based on historical cost					234,466		228,308
						473,454		479,612

	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 2025							755,098

	At 31 March 2026							755,098


5	Debtors					2026		2025
£							£

	Trade debtors					80,836		75,075


6	Creditors: amounts falling due within one year					2026		2025
£							£

	Stocking loan					100,000		100,000
	Trade creditors					132,783		60,844
	Directors loan account					262,429		249,196
	Corporation tax					12,147		48,757
	Other taxes and social security costs					24,707		18,695
	Value Added Tax					4,830		17,019
	Accruals					84,753		86,529
						621,649		581,040


7	Revaluation reserve					2026		2025
£							£

	At 1 April 2025					969,595		1,196,095
	Transfers to realised profits					(4,156)		(226,500)

	At 31 March 2026					965,439		969,595


8	Other information

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