REGISTERED NUMBER: |
Bridgwater Gateway Limited |
Financial Statements for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Bridgwater Gateway Limited |
Financial Statements for the Year Ended 31 December 2022 |
Bridgwater Gateway Limited (Registered number: 07042539) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Bridgwater Gateway Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
BANKERS: |
PO Box 2BA |
69 Baker Street |
London |
W1U 6AT |
Bridgwater Gateway Limited (Registered number: 07042539) |
Statement of Financial Position |
31 December 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Investment property revaluation reserve |
Retained earnings | ( |
) | (9,912,740 | ) |
SHAREHOLDERS' FUNDS |
Bridgwater Gateway Limited (Registered number: 07042539) |
Statement of Financial Position - continued |
31 December 2022 |
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 and authorised for issue on |
Bridgwater Gateway Limited (Registered number: 07042539) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Bridgwater Gateway 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 |
Going concern |
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. |
As at 31 December 2022, the company has net assets of £20,731,081 including a cash balance of £13,487,309. |
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property comprises the first phase of development and land held for future development which is initially measured at cost and subsequently remeasured at fair value. Cost represents the purchase price of the land, infrastructure and any expenditure which is directly attributable to the construction of property. Fair value represents completed and let value of the completed development and management's valuation of the remaining land held for future development. |
Land held for resale |
The company holds land held for resale which is stated at the lower of cost and net realisable value. Cost represents the purchase price of land plus an appropriate allocation of infrastructure cost. |
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. |
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. |
Bridgwater Gateway Limited (Registered number: 07042539) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
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. |
Accounting estimates and judgements |
The directors consider there to be no estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Bridgwater Gateway Limited (Registered number: 07042539) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 | 544,372 |
Reclassification/transfer | (544,372 | ) |
At 31 December 2022 | - |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Reclassification has taken place of land held for resale. |
Investment property comprises the first phase of development and land held for future development. |
The first phase of development was valued at £1,050,000 on a completed and let value basis on 30 October 2020 by Cushman & Wakefield, commercial real estate specialists. |
Land held for future development was reviewed by management as at 31 December 2022 and there was no change in value from the previous year. |
Cost or valuation at 31 December 2022 is represented by: |
£ |
Valuation in 2020 | 240,036 |
Cost | 2,219,464 |
2,459,500 |
7. | STOCKS |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Land held for resale |
Bridgwater Gateway Limited (Registered number: 07042539) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | DEBTORS |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Amounts owed to group undertakings |
VAT |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Bank loans (see note 11) |
Amounts owed to group undertakings |
11. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Bridgwater Gateway Limited (Registered number: 07042539) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
11. | LOANS - continued |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Bank loans |
The current bank loans comprise two loans of 60 months as a result of a refinance on 27 February 2022. One loan is repayable by monthly instalments. The other loan amounting to £473,550 is repayable by a single instalment at the end of the term. The interest rate on both loans is 2.95% per annum over base rate. |
The bank loans are secured by a legal charge over property at plot 1100 and a debenture over all assets of the company. |
In addition, Bridgwater Gateway Industrial Limited has granted a guarantee for £577,500 to the company in respect of bank loans. |
There is also a deed of subordination between the company and Bridgwater Gateway Industrial Limited in respect of monies owed to the company by Bridgwater Gateway Industrial Limited. |
13. | ACCRUALS AND DEFERRED INCOME |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amounts owed to group undertakings | 318,420 | 293,471 |
Interest on the intercompany loan is accrued and adopted to the loan at the start of each financial year. |
Bridgwater Gateway Limited (Registered number: 07042539) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
The Report of the Auditors contained the following emphasis of matter paragraphs:-. |
This report refers to the financial statements for the year ended 31 December 2022 and it should be emphasised that in the prior accounting period the directors of the company took advantage of audit exemption under Section 477 of the Companies Act 2006 and therefore the comparative financial statements are unaudited. |
It should also be emphasised that reclassification has been made to prior year financial statements in respect of revaluations with regards to the fair value measurement of property in accordance with FRS 102 Section 16 Investment Property. |
As a result, prior year gains on the revaluation of investment property amounting to £240,036 have been adjusted in the Statement of Financial Position and Statement of Changes in Equity. In addition, certain notes to the financial statements have been amended and comparative figures have been restated. |
Philip Littler FCA (Senior Statutory Auditor) |
for and on behalf of Maxwells |
15. | RELATED PARTY DISCLOSURES |
Gateway 24 BV |
Ultimate parent company |
On 29 September 2022 the intercompany loan and accrued interest was converted from British Pound Sterling to Euro which realised a foreign exchange gain of £53,656 on translation at the balance sheet date. |
Interest on the loan is compounded at an annual rate of 7.0% (2021: 7.0%) and is adopted to the loan at the start of each financial year. Interest of £318,420 (2021: £293,471) has been accrued for the year ended 31 December 2022. |
During the year, service fees amounting to £69,652 (2021: £48,783) were invoiced to the company. |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amount due to related party at the balance sheet date | 4,867,271 | 4,602,506 |
Bridgwater Gateway Limited (Registered number: 07042539) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
15. | RELATED PARTY DISCLOSURES - continued |
Bridgwater Gateway Industrial Limited |
Fellow group undertaking |
Interest on the intercompany loan is compounded at an annual rate of 7.0% (2021: 7.0%) and is adopted to the loan at the start of each financial year. Interest of £490,793 (2021: £458,685) has been accrued for the year ended 31 December 2022. |
During the year, service fees amounting to £69,950 (2021: £84,739) were invoiced by the company. |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amount due from related party at the balance sheet date | 7,871,224 | 7,310,070 |
16. | POST BALANCE SHEET EVENTS |
Since the year end, the company has applied for full planning permission for 10 industrial units. |
On 6 April 2023, the company repaid £7,700,000 of intercompany loan to Gateway 24 BV of which £4,539,039 related to loans payable by this company and £3,160,961 related to loans repaid on behalf of Bridgwater Gateway Industrial Limited. |
17. | ULTIMATE CONTROLLING PARTY |
Gateway 24 BV (incorporated in the Netherlands) is regarded by the directors as being the company's ultimate parent company. |
The controlling party are the shareholders in Gateway 24 BV. |
The accounts of Gateway 24 BV can be obtained from the company's office at Nieuwe Plantage 58, 2611 XK Delft, The Netherlands. |
18. | SHARE PREMIUM |
Share premium represents the amount subscribed for share capital in excess of the nominal value. |