REGISTERED NUMBER:
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Bridgwater Gateway Limited |
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Financial Statements for the Year Ended 31 December 2019 |
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REGISTERED NUMBER:
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Bridgwater Gateway Limited |
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Financial Statements for the Year Ended 31 December 2019 |
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Bridgwater Gateway Limited (Registered number: 07042539) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Bridgwater Gateway Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditor |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
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BANKERS: |
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PO Box 2BA |
69 Baker Street |
London |
W1U 6AT |
Bridgwater Gateway Limited (Registered number: 07042539) |
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Abridged Statement of Financial Position |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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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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( |
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ACCRUALS AND DEFERRED INCOME | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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Bridgwater Gateway Limited (Registered number: 07042539) |
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Abridged Statement of Financial Position - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
behalf by: |
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Bridgwater Gateway Limited (Registered number: 07042539) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Bridgwater Gateway Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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Investment property |
Investment property comprises land currently being held for future development. |
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Investment property is initially measured at cost and subsequently remeasured at fair value. Cost represents the purchase |
price of the property and any other expenditure which is directly attributable to the construction and development of the |
property. |
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At the year end, construction had not yet taken place and therefore the investment property is held at cost, subject to any |
provisions for impairment, until such time that the fair value becomes reliably determinable on the basis that cost is presently |
a reasonable approximation of fair value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
Bridgwater Gateway Limited (Registered number: 07042539) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | INVESTMENT PROPERTY |
Total |
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COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
and 31 December 2019 | 544,372 |
NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Amounts owed by group undertakings |
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8. | ACCRUALS AND DEFERRED INCOME |
31.12.19 | 31.12.18 |
£ | £ |
Amounts owed to group undertakings | 188,538 | 1,054,807 |
Bridgwater Gateway Limited (Registered number: 07042539) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 116 | 101 |
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15 Ordinary shares of £1 each were allotted as fully paid
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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Junction 24 BV |
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Immediate parent company |
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On 1 January 2019, the parent company converted £15,000,000 of intercompany loan into share capital. |
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Interest on the intercompany loan is compounded at an annual rate of 7.0% (2018: 7.0%) and is adopted to the loan at the |
start of each financial year. Interest of £188,538 (2018: £1,054,807) has been accrued for the year ended 31 December |
2019. |
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During the year, service fees amounting to £46,569 (2018: £172,563) were invoiced to the company and funds amounting to |
£408,991 were received. |
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31.12.19 | 31.12.18 |
£ | £ |
Amount due to related party at the balance sheet date | 3,121,209 | 17,477,111 |
Bridgwater Gateway Limited (Registered number: 07042539) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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11. | RELATED PARTY DISCLOSURES - continued |
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Bridgwater Gateway Industrial Limited |
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Fellow group undertaking |
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Interest on the intercompany loan in respect of land transfers made on 28 December 2018 is compounded at an annual rate |
of 7.0% (2018: 7.0%) and is adopted to the loan at the start of each financial year. Interest of £400,634 (2018: £4,387) has |
been accrued for the year ended 31 December 2019. |
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During the year, service fees amounting to £254,665 were invoiced by the company and funds amounting to £20,000 were |
made. There is no interest on internal transfers made between group undertakings in the UK. |
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31.12.19 | 31.12.18 |
£ | £ |
Amount due from related party at the balance sheet date | 6,398,636 | 5,723,337 |
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Compass House Bridgwater Limited |
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Fellow group undertaking |
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During the year, service fees amounting to £50,933 were invoiced by the company and funds amounting to £200,000 were |
received. There is no interest on internal transfers made between group undertakings in the UK. |
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31.12.19 | 31.12.18 |
£ | £ |
Amount due to related party at the balance sheet date | 149,067 | - |
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Gateway 24 BV |
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Ultimate parent company |
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Interest on a loan transferred to Gateway 24 BV from Miller Turner Group BV (formerly Oldenhoeck Holding BV) is |
compounded at an annual rate of 5% and is adopted to the loan at the start of each financial year. Interest of £9,778 (2018: |
£9,996) has been accrued for the year ended 31 December 2019. |
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During the year, £25,186 of accrued interest was settled. |
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31.12.19 | 31.12.18 |
£ | £ |
Amount due from related party at the balance sheet date | 194,515 | 209,923 |
Bridgwater Gateway Limited (Registered number: 07042539) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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12. | ULTIMATE CONTROLLING PARTY |
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Gateway 24 BV (incorporated in the Netherlands) is regarded by the directors as being the company's ultimate parent |
company. |
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Junction 24 BV (incorporated in the Netherlands) is regarded by the directors as being the company's immediate parent |
company. |
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The controlling party are the shareholders in Gateway 24 BV. |
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The accounts of Gateway 24 BV can be obtained from the company's office at Fascinatio Boulevard 1242, 2909 VA, |
Capelle aan den IJssel, The Netherlands. |
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13. | SHARE PREMIUM |
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Share premium represents the amount subscribed for share capital in excess of the nominal value. |