Widegate Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03774533

WIDEGATE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2020

WIDEGATE LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	4	18,500	18,500
Investments	5	43,634	43,634
		---------	---------
		62,134	62,134

Current assets

Debtors	6	368	335
Cash at bank and in hand		4,991	7,400
		-------	-------
		5,359	7,735

Creditors: amounts falling due within one year	7	810	72,567
		-------	---------
Net current assets/(liabilities)		4,549	( 64,832)
		---------	---------
Total assets less current liabilities		66,683	( 2,698)
		---------	-------
Net assets/(liabilities)		66,683	( 2,698)
		---------	-------

Capital and reserves

Called up share capital	2	2
Profit and loss account	66,681	( 2,700)
	---------	-------
Shareholders funds/(deficit)	66,683	( 2,698)
	---------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

WIDEGATE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 16 August 2021 , and are signed on behalf of the board by:

Mr F Sobhanpanah	Mr G Hamza
Director	Director

Company registration number: 03774533

WIDEGATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 Western Road, Hove, BN3 1FA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.

Going concern

The COVID-19 pandemic continues to have a minimal impact on the company's finances after the year end, and its rental income for the year ended 31st December 2021 is not expected to decrease significantly. Social distancing measures have not significantly impacted the company. The directors have confirmed that, in their opinion, the pandemic will not affect the company's ability to continue in business as a going concern for the foreseeable future.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - investment property valuations

Revenue recognition

Turnover represents amounts invoiced, net of value added tax, derived from the company's principal activity. Rental income is recognised over the term of the lease on a straight-line basis. The aggregate cost of incentives is deducted from the rental income and allocated to the profit and loss account over the lease term or to the next review date, whichever is shorter. Sales income and asset management fees are recognised when the financial risks and rewards are transferred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 January 2020 and 31 December 2020	18,500
	---------
Depreciation
At 1 January 2020 and 31 December 2020	–
	---------
Carrying amount
At 31 December 2020	18,500
	---------
At 31 December 2019	18,500
	---------

Tangible assets held at valuation

The investment properties were valued by the directors on an open market value basis at 31 December 2020. No depreciation has been provided on investment properties.

5. Investments

	Other investments other than loans
	£
Cost
At 1 January 2020 and 31 December 2020	43,634
	---------
Impairment
At 1 January 2020 and 31 December 2020	–
	---------

Carrying amount
At 31 December 2020	43,634
	---------
At 31 December 2019	43,634
	---------

The company owns 100% of the issued share capital of Coolwaters Ltd, Caspian Properties (South East) Ltd and Total Contractors Ltd, companies incorporated in England & Wales.

Aggregate capital and reserves

Coolwaters Ltd - at 31/12/20 £623,999 (2019: £610,668)

Caspian Properties (SE) Ltd - at 31/12/20 £76,234 (2019: £95,119)

Total Contractors Ltd - at 31/12/20 £4,864 (2019: £30,976)

Profit and (loss) for the year

Coolwaters Ltd - 2020 £63,331 (2019: £75,940)

Caspian Properties (SE) Ltd - 2020 £1,115 (2019: £7,055)

Total Contractors Ltd - 2020 £(26,112) (2019: £(30,286))

The company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

6. Debtors

	2020	2019
	£	£
Trade debtors	75	188
Other debtors	293	147
	----	----
	368	335
	----	----

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Other creditors	810	72,567
	----	---------

8. Related party transactions

Other debtors also includes amounts owed by companies under common control totalling £293 (2019 £147). Other creditors includes amounts owed to companies under common control totalling £nil (2019 £71,757).