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Registered number: 11773516
ANCHORAGE GATEWAY (CW) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
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ANCHORAGE GATEWAY (CW) LIMITED
REGISTERED NUMBER: 11773516
BALANCE SHEET
AS AT 31 DECEMBER 2022
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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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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 on 27 September 2023.
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ANCHORAGE GATEWAY (CW) LIMITED
REGISTERED NUMBER: 11773516
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The notes on pages 3 to 8 form part of these financial statements.
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ANCHORAGE GATEWAY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Anchorage Gateway (CW) Limited is a private limited company incorporated in England with the company number 11773516. The financial statements are for the year ended 31 December 2022. The comparative period is for the nine month period ended 31 December 2021.
The Company's registered office is 9th Floor 80 Mosley Street, Manchester, United Kingdom, M2 3FX.
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 following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis. The Company is dependent upon the continued financial support of the shareholder to continue operating and to meet its liabilities as they fall due. The shareholder agrees to continue to provide financial support to the Company and not to call on the shareholder loan until such a time as the Company is in a position to repay the loan. Accordingly the directors have prepared the accounts under the going concern concept.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is pound sterling in which the financial statements are presented. This is rounded to the nearest pound.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Interest income is recognised in profit or loss using the effective interest method.
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ANCHORAGE GATEWAY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Borrowing costs incurred on qualifying assets are capitalised into the cost of the asset in the year in which they are incurred.
All other borrowing costs are recognised in profit or loss in the year in which they are incurred.
Property, including land held under development, acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as stock and is measured at the lower of cost and net realisable value.
Cost comprises of the invoiced value of the development works to date, planning application fees and other planning related costs. The land acquisition was recognised at the date of legal completion deemed to be the unconditional date of exchange.
Net realisable value is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.
At each reporting date, an assessment is made for impairment and any excess of the carrying amount of stocks over its net realisable value is recognised as an impairment loss in the profit and loss account.
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Cash and cash equivalents
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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ANCHORAGE GATEWAY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured a the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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The Company has no employees other than the Directors, who did not receive any remuneration (2021 - £NIL).
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ANCHORAGE GATEWAY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ANCHORAGE GATEWAY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Prepayments contain £Nil (2021: £760,136) of unamortised loan issuance costs incurred on the bank loan (note 7).
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Please refer to note 10 for breakdown of amounts owed to group undertakings.
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Creditors: Amounts falling due after more than one year
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Bank loans comprise the Fortwell senior loan facility drawn in September 2021. The facility has a minimum term of 33 months and incurs interest at a fixed rate of 6.40%. Bank loans are shown net of unamortised loan issuance costs of £496,555 (31 December 2021: £Nil).
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ANCHORAGE GATEWAY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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Allotted, called up and fully paid
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50,000 (2021 - 50,000) Ordinary A shares of £1.00 each
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50,000 (2021 - 50,000) Ordinary B shares of £1.00 each
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600,000 (2021 - 600,000) Ordinary C shares of £1.00 each
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500,000 (2021 - 500,000) Ordinary D shares of £1.00 each
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Related party transactions
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Included in creditors is £19,625,747 (2022: £nil) owed to Anchorage Gateway (Midco) Limited which, as at the reporting date, is the Company's immediate parent. The amount is interest free, unsecured and repayable on demand.
In the prior year, creditors included £13,357,097, owed to Anchorage Gateway (Holdco) Limited, the Company's parent. The amount was interest free, unsecured and repayable on demand. During the year, the loan was settled in full.
There were no other related party transactions outside the normal course of business.
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As at the year end date, Anchorage Gateway (CW) Limited is a wholly owned subsidiary of Anchorage Gateway (Holdco) Limited, which is incorporated in the United Kingdom.
Anchorage Gateway (Holdco) Limited is owned by Anchorage Gateway (Finco) Limited, which is incorporated in the United Kingdom, and Taurus CD 222 Anchorage Gateway Jersey Limited, which is registered in Jersey. The ultimate controlling party is considered to be Taurus CD 222 Anchorage Gateway Jersey Limited due to its majority shareholding.
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