G. Gates Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08314129 (England and Wales)

G. GATES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G B Gates

Mrs A R Gates

REGISTERED OFFICE:

Westgate House

Common Road Industrial Estate

Verulam Road

Stafford

Staffordshire

ST16 3EA

REGISTERED NUMBER:

08314129 (England and Wales)

ACCOUNTANTS:

Oldfield Accountants

Santis House

Curriers Close

Coventry

West Midlands

CV4 8AW

FIXED ASSETS

Investments

4

1,966,291

1,891,417

CURRENT ASSETS

Debtors

5

88,804

98,899

Cash at bank

142

142

88,946

99,041

CREDITORS

Amounts falling due within one year

6

79,113

128,087

NET CURRENT ASSETS/(LIABILITIES)

9,833

(29,046

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,976,124

1,862,371

CREDITORS

Amounts falling due after more than one year

7

335,424

510,424

NET ASSETS

1,640,700

1,351,947

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

590,000

415,000

Retained earnings

1,050,600

936,847

SHAREHOLDERS' FUNDS

1,640,700

1,351,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 February 2018 and were signed on its behalf by:

Mr G B Gates - Director

1.	STATUTORY INFORMATION

G. Gates Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the company in respect of its share of profits and losses

from its investments in Westgate Group.

Pension costs and other post-retirement benefits

The company makes contributions to the personal pension schemes of its directors. The contributions

are charged to profit and loss in the period to which they relate.

Investments

Investments held as fixed assets are shown at cost less provision for impairment. Investments

represent the company's capital account in Westgate Solar Control and are stated at cost, plus

allocated profits, less drawings to date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Cost/valuation b/f

1,891,416

1,500,476

Share of profit/(loss)

646,196

647,049

Drawings

(571,321

)

(256,108

)

1,966,291

1,891,417

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Directors' current accounts

88,804

98,899

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

(1

)

1

Tax

78,032

126,786

Social security and other taxes

482

700

Accrued expenses

600

600

79,113

128,087

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Preference shares

335,424

510,424

The redeemable shares, which were issued at par, are redeemable at par at the option of the

shareholder. There is no fixed date for redemption. During the year, 175,000 Preference Shares were

redeemed at par value.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2017 and

31 May 2016:

2017

2016

£

£

Mr G B Gates

Balance outstanding at start of year

98,899

13,318

Amounts advanced

181,805

117,889

Amounts repaid

(191,899

)

(32,308

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

88,805

98,899

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G B Gates and his associates.