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Registered number: 02956095
Gate Securities Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2021
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Gate Securities Limited
Registered number: 02956095
Balance sheet
As at 31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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Gate Securities Limited
Registered number: 02956095
Balance sheet (continued)
As at 31 December 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Mr L A Edwards
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The notes on pages 4 to 9 form part of these financial statements.
Page 2
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Gate Securities Limited
Statement of changes in equity
For the year ended 31 December 2021
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 4 to 9 form part of these financial statements.
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Page 3
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Gate Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company, like others globally, is seeing the impact of the current Covid-19 pandemic. It has followed government advice to protect the health and safety of its directors, tenants, and to minimise any adverse effects on its trading. The closure of many businesses has seen a downturn in the economy and this in turn has negatively impacted the company's operating activities. However, management has assessed the resources available and considered the impact on the rent payment holidays allowed to some of the tenants. It is on this basis that the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting for preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.
The investment properties are either valued by the directors using open market value, with the assistance of property agents or by a formal valuation.
Short-term debtors are measured at transaction price.
Page 4
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Gate Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 5 (2020 - 5).
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Page 5
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Gate Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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Freehold investment property
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The 2021 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 6
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Gate Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The bank loan was refinanced post year end for a term of six years.
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Creditors: Amounts falling due after more than one year
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Secured loans
Loans from Imperial Resources Limited with an interest rate of 2.6%.
Nationwide Building Society, who provide the loan through Imperial Resources Limited, holds a legal charge dated 3 August 2006 over all investment properties held by the company.
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Page 7
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Gate Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Credited to profit or loss
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The provision for deferred taxation is made up as follows:
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Deferred taxation on revaluation of investment property
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Tax losses carried forward
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The loan of £3,240,000 is part of larger loan of £7,900,000 between Nationwide Building Society and
Imperial Resources Limited and the company has entered into unlimited cross guarantees in this respect.
Page 8
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Gate Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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Related party transactions
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Commercial Land Limited
(A company with shared directors)
During the year the company paid management fees to Commercial Land Limited amounting to £10,000
(2020: £10,000) for services provided. These transactions were completed at arm's length. Included
within other debtors were deposits held by Commercial Land Limited on behalf of Gate Securities
Limited. At the balance sheet date the amount due from Commercial Land Limited was £80,925 (2020:
£83,925).
Nexxus Group Limited
(Parent company)
During the year the company provided Nexxus Group Limited with an interest free loan. At the balance
sheet date the amount due to the company from Nexxus Group Limited is £530,000 (2020: £450,000).
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The company's immediate parent is Nexxus Group Limited, incorporated in England and Wales.
Ultimate control is held by Mr D Ashton.
Page 9
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