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Registered number: 04144438
FLETCHER GATE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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CONTENTS
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Notes to the financial statements
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FLETCHER GATE LIMITED
REGISTERED NUMBER:04144438
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BALANCE SHEET
AS AT 31 MARCH 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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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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1
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FLETCHER GATE LIMITED
REGISTERED NUMBER:04144438
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 profit and loss account 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 on 26 April 2022.
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G A Lee
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The notes on pages 3 to 8 form part of these financial statements.
2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Fletcher Gate Limited is principally engaged in property development.
Fletcher Gate Limited is a private company, limited by shares and is registered in England and Wales. The address of its registered office and principal place of business is Grove Lodge, 287 Regents Park Road, London, N3 3JY.
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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
The directors are assessing, on a daily basis, the impact of the significant uncertainty arising from the COVID-19 virus. Whilst the directors appreciate there is a significant uncertainty surrounding the future economic climate, the company is well placed to address these impacts. The parent companies have committed to continue to provide financial support to the company to satisfy its financial obligations for at least 12 months from the date of signature of the financial statements and therefore the accounts have been prepared on a going concern basis.
Turnover comprises the value of development stock and work in progress sold during the year. Sales are recognised on exchange of contracts.
Grants are accounted under the accrual model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and Loss account in the same period as the related expenditure.
Grants received in respect of interest and finance charges on the Coronavirus Bounce Back Loan are included in other income.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks of development property are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an actual basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 5 (2020 - 5).
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5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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At 31 March 2021, the contingent liability, for which the company is jointly and severally liable, in respect of the intercompany unlimited cross guarantees amounted to £7,233,114 (2020 - £7,347,450). There are cross guarantees between the following companies, of which G A Lee is a director:
Kerrington Developments Limited, Kerrington Property Services Limited, Eldington Holdings Limited, Kerrington Growth Limited, Kerrington (Grove Lodge) Limited, Kerrington Limited, Vista Estates Limited, Fletcher Gate Limited and Hilby Limited.
The bank loan of £7,108 (2020 - £Nil) included in creditors due within one year is Coronavirus Bounce Back Loan, 100% guaranteed by the government.
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Creditors: Amounts falling due after more than one year
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The bank loan of £42,892 (2020 - £Nil) included in creditors due after more than one year is Coronavirus Bounce Back Loan, 100% guaranteed by the government.
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Allotted, called up and fully paid
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4 ordinary shares of £1 each
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There is one class of share. There are no restrictions on the distribution of dividends and the repayment of capital.
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7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Related party transactions
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During the year, the company was charged £Nil (2020 - £99) by Eldington Holdings Limited, the ultimate parent company, in respect of bank loan arrangement fees and bank loan interest. At the year end, the company was owed £1,131,944 (2020 - £1,861,995) by Eldington Holdings Limited.
At the year end, £495,081 (2020 - £572,331) was owed to Kerrington Limited, a 50% shareholder. The loan amounts are interest free and repayable on demand.
At the year end, £137,448 (2020 - £137,448) was owed to Central Estates Limited, a 50% shareholder. The loan amounts are interest free and repayable on demand.
At the year end, the company owed £2,145,892 (2020 - £2,164,321) to G A Lee, a director of the company. The loan is interest free and repayable on demand.
At the year end, the company owed £958,359 (2020 - £958,359) to J Azouz, a director of the company. The loan is interest free and repayable on demand.
At the year end, the company owed £958,359 (2020 - £958,359) to E Azouz, a director of the company. The loan is interest free and repayable on demand.
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8
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