Closegate Projects Limited 31/12/2022 iXBRL

Closegate Projects Limited 31/12/2022 iXBRL

CLOSEGATE PROJECTS LIMITED - Company Information

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0 01/01/2022 31/12/2022 2022-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05649428 2022-01-01 2022-12-31 05649428 2022-12-31 05649428 2021-12-31 05649428 2021-01-01 2021-12-31 05649428 2021-12-31 05649428 2020-12-31 05649428 core:Subsidiary1 2022-01-01 2022-12-31 05649428 core:Subsidiary2 2022-01-01 2022-12-31 05649428 core:Subsidiary3 2022-01-01 2022-12-31 05649428 bus:RegisteredOffice 2022-01-01 2022-12-31 05649428 bus:Director1 2022-01-01 2022-12-31 05649428 bus:Director2 2022-01-01 2022-12-31 05649428 bus:Director3 2022-01-01 2022-12-31 05649428 bus:Director4 2022-01-01 2022-12-31 05649428 bus:CompanySecretary1 2022-01-01 2022-12-31 05649428 core:WithinOneYear 2022-12-31 05649428 core:WithinOneYear 2021-12-31 05649428 core:ShareCapital 2022-12-31 05649428 core:ShareCapital 2021-12-31 05649428 core:RetainedEarningsAccumulatedLosses 2022-12-31 05649428 core:RetainedEarningsAccumulatedLosses 2021-12-31 05649428 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 05649428 core:Non-currentFinancialInstruments 2022-12-31 05649428 core:Non-currentFinancialInstruments 2021-12-31 05649428 core:Subsidiary1 2021-01-01 2021-12-31 05649428 core:Subsidiary3 2021-01-01 2021-12-31 05649428 bus:SmallEntities 2022-01-01 2022-12-31 05649428 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 05649428 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 05649428 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05649428 bus:FullAccounts 2022-01-01 2022-12-31
Company registration number: 05649428
Closegate Projects Limited
Pages for filing with Registrar
31 December 2022
Closegate Projects Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Closegate Projects Limited
Directors and other information
Directors R W Bishop
G A Hunt
M C Hunt
D F Bishop
Secretary M C Hunt
Company number 05649428
Registered office Alderman Fenwick's House
98-100 Pilgrim Street
Newcastle upon Tyne
NE1 6SQ
Closegate Projects Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 4 800,002 800,002
_______ _______
800,002 800,002
Current assets
Debtors 5 10,520 10,520
_______ _______
10,520 10,520
Creditors: amounts falling due
within one year 6 ( 149,332) ( 149,332)
_______ _______
Net current liabilities ( 138,812) ( 138,812)
_______ _______
Total assets less current liabilities 661,190 661,190
_______ _______
Net assets 661,190 661,190
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 651,190 651,190
_______ _______
Shareholders funds 661,190 661,190
_______ _______
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: 05649428
Closegate Projects 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
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. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2022 and 31 December 2022 800,002 800,002
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 800,002 800,002
_______ _______
At 31 December 2021 800,002 800,002
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Closegate Hotel Developments Limited Alderman Fenwick's House 98-100 Pilgrim Street, Newcastle upon Tyne, NE1 6SQ. Ordinary 89
Closegate (Durham No.2) Limited Alderman Fenwick's House 98-100 Pilgrim Street, Newcastle upon Tyne, NE1 6SQ. Ordinary 100
Closegate Hotel Development (Durham) 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 Profit/(loss)
reserves for the
period
2022 2021 2022 2021
£ £ £ £
Subsidiary undertakings
Closegate Hotel Developments Limited (26) 11,950 ( 11,976) 235,769
Closegate (Durham No.2) Limited 60,000 60,000 - -
Closegate Hotel Development (Durham) 6,799,483 6,902,354 ( 102,871) ( 1,146,653)
5. Debtors
2022 2021
£ £
Other debtors 10,520 10,520
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors 149,332 149,332
_______ _______
7. Controlling party
The company is not controlled by one individual party.