|
Registered number: 02956095
Gate Securities Limited
Unaudited
Directors' Report and Financial Statements
Information for filing with the registrar
For the Year Ended 31 December 2022
|
|
Gate Securities Limited
Company Information
|
|
J Kirby (appointed 29 August 2023)
|
|
|
S Bills (appointed 29 August 2023)
|
|
|
Amity Ltd (appointed 29 August 2023)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gate Securities Limited
Contents
|
|
|
|
|
|
|
|
|
Statement of Comprehensive Income
|
|
|
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
|
Gate Securities Limited
Directors' Report
For the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The principal activity of the company is that of property management and investment.
The director who served during the year was:
A J Edwards (resigned 29 August 2023)
C A Edwards (resigned 29 August 2023)
G L Edwards (resigned 29 August 2023)
L A Edwards (resigned 29 August 2023)
O M Edwards (resigned 29 August 2023)
J Kirby (appointed 29 August 2023)
S Bills (appointed 29 August 2023)
Amity Ltd (appointed 29 August 2023)
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
................................................
J Kirby
Director
|
|
|
Page 1
|
|
Gate Securities Limited
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Gate Securities Limited for the Year Ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gate Securities Limited for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Gate Securities Limited, as a body, in accordance with the terms of our engagement letter dated 13 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Gate Securities Limited and state those matters that we have agreed to state to the Board of Directors of Gate Securities Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gate Securities Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Gate Securities 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 loss of Gate Securities Limited. You consider that Gate Securities Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Gate Securities 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.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
30 October 2023
Page 2
|
|
Gate Securities Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
|
Interest payable and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year
|
|
|
|
Other comprehensive income for the year
|
|
|
|
Total comprehensive income for the year
|
|
|
|
The notes on pages 7 to 12 form part of these financial statements.
|
Page 3
|
|
Gate Securities Limited
Registered number: 02956095
Balance Sheet
As at 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 4
|
|
Gate Securities Limited
Registered number: 02956095
Balance Sheet (continued)
As at 31 December 2022
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 financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
J Kirby
|
................................................
S Bills
|
|
|
|
|
|
|
The notes on pages 7 to 12 form part of these financial statements.
Page 5
|
|
Gate Securities Limited
Statement of Changes in Equity
For the Year Ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 7 to 12 form part of these financial statements.
|
Page 6
|
|
Gate Securities Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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
|
|
|
Basis of preparation of financial statements
|
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 financial statements have been prepared on a going concern basis.
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.
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.
Page 7
|
|
Gate Securities Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
|
|
|
Current and deferred taxation
|
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.
|
|
The average monthly number of employees, including directors, during the year was 3 (2021 - 5).
|
Page 8
|
|
Gate Securities Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on loss on ordinary activities
|
|
|
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2022 valuations were made by the directors, on an open market value for existing use basis.
|
|
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 9
|
|
Gate Securities Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|
|
Gate Securities Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due after more than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured loans
Loans from Imperial Resources Limited with an interest rate set at 3.9% margin above base rate.
Arbuthnot Latham & Co Limited hold a legal charge dated 19 May 2022 over all investment properties held by the company.
|
Page 11
|
|
Gate Securities Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Credited to profit or loss
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred taxation on revaluation of investment property
|
|
|
|
|
Tax losses carried forward
|
|
|
|
|
|
|
|
The loan of £3,269,750 is part of larger loan of £7,975,000 between Arbuthnot Latham & Co Limited and
Imperial Resources Limited and the company has entered into unlimited cross guarantees in this respect.
|
|
Related party transactions
|
|
|
Commercial Land Limited
(A company with shared directors)
During the year the company paid management fees to Commercial Land Limited amounting to £1,250
(2021: £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 £83,925 (2021:
£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 (2021: £530,000).
|
The company's immediate parent is Nexxus Group Limited, incorporated in England and Wales.
Ultimate control is held by Mr D Ashton.
Page 12
|
|
|
