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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
04939147
2022-01-01
2022-12-31
04939147
2022-12-31
04939147
2021-12-31
04939147
2021-01-01
2021-12-31
04939147
2021-12-31
04939147
2020-12-31
04939147
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2022-01-01
2022-12-31
04939147
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2022-01-01
2022-12-31
04939147
bus:Director1
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2022-12-31
04939147
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2022-12-31
04939147
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2022-01-01
2022-12-31
04939147
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2022-12-31
04939147
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2022-12-31
04939147
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2021-12-31
04939147
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2022-12-31
04939147
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2021-12-31
04939147
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2022-12-31
04939147
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2021-12-31
04939147
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2022-12-31
04939147
core:RetainedEarningsAccumulatedLosses
2021-12-31
04939147
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core:Non-currentFinancialInstruments
2022-12-31
04939147
core:Non-currentFinancialInstruments
2022-12-31
04939147
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2021-12-31
04939147
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2021-01-01
2021-12-31
04939147
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2022-12-31
04939147
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2022-01-01
2022-12-31
04939147
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2022-01-01
2022-12-31
04939147
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2022-01-01
2022-12-31
04939147
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2022-01-01
2022-12-31
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2022-01-01
2022-12-31
04939147
2
2022-01-01
2022-12-31
Company registration number:
04939147
Closegate (Durham No.2) Limited
Pages for filing with Registrar
Closegate (Durham No.2) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Closegate (Durham No.2) Limited
Directors and other information
|
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|
Directors |
R W Bishop |
|
|
G A Hunt |
|
|
D F Bishop |
|
|
M C Hunt |
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|
|
|
|
|
|
Company number |
04939147 |
|
|
|
|
|
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|
Registered office |
Alderman Fenwick's House |
|
|
98-100 Pilgrim Street |
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|
Newcastle upon Tyne |
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|
NE1 6SQ |
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|
Closegate (Durham No.2) Limited
Statement of financial position
31 December 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Investments |
|
5 |
60,000 |
|
|
|
60,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
60,000 |
|
|
|
60,000 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
4,677,067 |
|
|
|
4,889,282 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
4,677,067 |
|
|
|
4,889,282 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
242,861) |
|
|
|
(
272,342) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
4,434,206 |
|
|
|
4,616,940 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
4,494,206 |
|
|
|
4,676,940 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
4,434,206) |
|
|
|
(
4,616,940) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
60,000 |
|
|
|
60,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
59,900 |
|
|
|
59,900 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
60,000 |
|
|
|
60,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
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|
For the year ending 31 December 2022 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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
13 December 2023
, and are signed on behalf of the board by:
M C Hunt
Director
Company registration number:
04939147
Closegate (Durham No.2) Limited
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alderman Fenwick's House, 98-100 Pilgrim Street, Newcastle upon Tyne, NE1 6SQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors continue to adopt the going concern basis of accounting in preparing the annual financial statements on the assumption that the company and the Closegate group will have adequate resources to continue in operational existence for a period of least 12 months from the date the financial statements were approved.
Turnover
Turnover is measured at the fair value of the rent received, net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Fixed asset 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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2021:
4
).
5.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
60,000 |
60,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
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|
At 1 January 2022 and 31 December 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2022 |
60,000 |
60,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
60,000 |
60,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
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Investments in group undertakings |
|
|
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Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|
|
|
|
|
Closegate Hotel Development (Durham) Limited |
|
Alderman Fenwick's House, 98-100 Pilgrim Street, Newcastle upon Tyne, NE1 6SQ. |
Ordinary |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
The results and capital and reserves for the period of the trading companies are as follows:
|
|
|
|
|
|
|
|
|
Capital and |
|
(Loss) |
|
|
|
reserves |
|
for the |
|
|
|
|
|
period |
|
|
2022 |
2021 |
2022 |
2021 |
|
|
£ |
£ |
£ |
£ |
|
Subsidiary undertakings |
|
|
|
|
|
Closegate Hotel Development (Durham) Limited |
6,799,483 |
6,902,354 |
(
102,871) |
(
1,146,653) |
|
|
|
|
|
|
6.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings |
|
4,677,067 |
4,889,282 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
4,434,206 |
4,616,940 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
242,861 |
272,342 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
4,434,206 |
4,616,940 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The mortgage loan to the company which was immediately advanced in full to the company's subsidiary undertaking. Closegate Hotel Development (Durham) Limited, has previously been disclosed as a secured loan of that company.
Included within creditors: amounts falling due after more than one year is an amount of £ 2,029,671
(2021 £ 2,181,372 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
9.
Related party transactions
On 28 November 2003, the company granted a 35 year lease for land at Riverside, Durham the terms of which were varied on 21 September 2005. As set out in note 8, the mortgage loan to the company has in previous years been treated as a liability of the subsidiary undertaking. The loan is now shown as a liability of this company to reflect the legal position. Included in turnover in the year is rental income from Closegate Hotel Development (Durham) Limited in respect of the lease of £600,000 (2021: £600,000); interest recharged of £388,593 (2021: £359,184) is included as other income. The company is owed by the subsidiary undertaking £4,677,067 (2021: £4,889,282).
10.
Controlling party
The company's immediate parent undertaking is Closegate Hotel Developments Limited, a company registered in England.The company's ultimate parent undertaking is Closegate Projects Limited, a company registered in England.