Gatecastle Limited - Accounts to registrar (filleted) - small 23.2.5
Gatecastle Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Gatecastle Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2023 |
| Gatecastle Limited (Registered number: 07176835) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company information | 1 |
| Chartered accountants' report | 2 |
| Statement of financial position | 3 | to | 4 |
| Notes to the financial statements | 5 | to | 8 |
| Gatecastle Limited |
| Company Information |
| for the Year Ended 31 March 2023 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Gatecastle Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gatecastle Limited for the year ended 31 March 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Gatecastle Limited, as a body, in accordance with the terms of our engagement letter dated 5 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Gatecastle Limited and state those matters that we have agreed to state to the Board of Directors of Gatecastle Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gatecastle Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Gatecastle Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gatecastle Limited. You consider that Gatecastle Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Gatecastle Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Gatecastle Limited (Registered number: 07176835) |
| Statement of Financial Position |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Investment property | 6 |
| Current assets |
| Debtors | 7 |
| Investments | 8 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 9 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital | 10 |
| Share premium |
| Retained earnings |
| Shareholders' funds |
| 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. |
| Gatecastle Limited (Registered number: 07176835) |
| Statement of Financial Position - continued |
| 31 March 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Gatecastle Limited (Registered number: 07176835) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | Statutory information |
| Gatecastle Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| 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. |
| 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 |
| Tangible assets are initially recorded at cost, and subsequently state 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 recongised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recongised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recongised in other comprehensive income to the extent of any previously recongised 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 recongised in profit or loss. |
| Depreciation |
| Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
| Freehold land and property | - | not depreciated |
| Fixture and fittings | - | 25% straight line |
| Depreciation is not provided on freehold property where, in the opinion of the directors, the residual value of that property is such that any depreciation charge would be immaterial. |
| Investment property |
| Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recongised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment properties, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. |
| Gatecastle Limited (Registered number: 07176835) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 3. | Accounting policies - continued |
| Financial instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligation of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 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 purpose of impairment testing, when it is not possible to estimate the recoverable amount of 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. |
| Gatecastle Limited (Registered number: 07176835) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 3. | Accounting policies - continued |
| Provisions |
| Provisions ae recongised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recongised as a liability in the statement of financial position and the amount of the provision as an expense. |
| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recongised are recongised in profit or loss unless the provision was originally recongised as part of the cost of an asset. When a provision is measured at the present vale of the amount expected to be required to settle the obligation, the unwinding of the discount is recongised as a finance cost in profit or loss in the period arises. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| 5. | Tangible fixed assets |
| Freehold | Fixtures |
| land and | and |
| property | fittings | Totals |
| £ | £ | £ |
| Cost |
| At 1 April 2022 |
| and 31 March 2023 |
| Depreciation |
| At 1 April 2022 |
| and 31 March 2023 |
| Net book value |
| At 31 March 2023 |
| At 31 March 2022 |
| 6. | Investment property |
| Total |
| £ |
| Fair value |
| At 1 April 2022 |
| Additions |
| Revaluations | 73,310 |
| At 31 March 2023 |
| Net book value |
| At 31 March 2023 |
| At 31 March 2022 |
| Gatecastle Limited (Registered number: 07176835) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 6. | Investment property - continued |
| Fair value at 31 March 2023 is represented by: |
| £ |
| Valuation in 2020 | 86,769 |
| Valuation in 2021 | (83,214 | ) |
| Valuation in 2022 | 79,440 |
| Valuation in 2023 | 73,310 |
| Cost | 843,525 |
| 999,830 |
| 7. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Other debtors | 647,174 | 653,087 |
| Deferred tax asset |
| Prepayments |
| The debtors above include the following amounts falling due after more than one year: |
| 2023 | 2022 |
| £ | £ |
| Other debtors | 519,004 | 519,513 |
| 8. | Current asset investments |
| 2023 | 2022 |
| £ | £ |
| Listed investments | 4,047,797 | - |
| 9. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Corporation tax |
| Accruals and deferred income |
| 10. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 34,322 | 34,322 |