Saxon Gate Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10372950 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

SAXON GATE DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M J Lynch

Mr J P Lynch

REGISTERED OFFICE:

5 Holmesdale Road

Teddington

Middlesex

TW11 9LJ

REGISTERED NUMBER:

10372950 (England and Wales)

ACCOUNTANTS:

Khan Morris Accountants Limited

Empress Heights

College Street

Southampton

Hampshire

SO14 3LA

FIXED ASSETS

Tangible assets

4

-

190,905

CURRENT ASSETS

Stocks

-

4,574,491

Debtors

5

351,762

43,383

Cash at bank

1,660,452

84,089

2,012,214

4,701,963

CREDITORS

Amounts falling due within one year

6

2,009,831

5,008,553

NET CURRENT ASSETS/(LIABILITIES)

2,383

(306,590

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,383

(115,685

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,283

(115,785

)

SHAREHOLDERS' FUNDS

2,383

(115,685

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2021 and were signed on its behalf by:

Mr J P Lynch - Director

1.	STATUTORY INFORMATION

Saxon Gate Development Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The director considers that, notwithstanding the company's negative net assets position, it is appropriate

to prepare the accounts on a going concern basis as the company will be able to continue to meet its

liabilities as they fall due, due to the continuing support of the directors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2019

381,809

Disposals

(381,809

)

At 31 March 2020

-

DEPRECIATION

At 1 April 2019

190,904

Eliminated on disposal

(190,904

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

190,905

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Other debtors

351,762

43,383

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

130

-

Taxation and social security

242

-

Other creditors

2,009,459

5,008,553

2,009,831

5,008,553

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Other creditors

-

5,008,553

Paragon Bank PLC has a fixed and floating charge over the property Saxon Gate, Back of the Walls,

Southampton.

Westmede Properties Ltd has a fixed and floating charge over the property Saxon Gate, Back of the

Walls, Southampton

Full details of all charges can be found on Companies House website.