Registered Number:01526264
CASTLEWOOD HOLDINGS LIMITED
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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CASTLEWOOD HOLDINGS LIMITED
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COMPANY INFORMATION
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CASTLEWOOD HOLDINGS LIMITED
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CONTENTS
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Statement of Comprehensive Income (including the Profit and Loss Account)
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Statement of Changes in Equity
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Notes to the Financial Statements
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CASTLEWOOD HOLDINGS LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
Business review and key performance indicators
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The directors are pleased with the results of the Company for the year.
The Company is in a strong position at the year end, with healthy levels of net current assets, net assets and cash at bank.
It is the view of the directors that the market value of the freehold assets is significantly in excess of their carrying value in these financial statements.
Principal risks and uncertainties
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The directors have considered the general uncertainties within the economy as a whole. Whilst the nature of the company's activities mean that it is less affected by these than some other companies, the directors acknowledge the inherent risks and uncertainties arising and continue to actively manage and mitigate these wherever possible.
This report was approved by the board on 5 August 2022 and signed on its behalf.
A R Milner-Moore
Director
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CASTLEWOOD HOLDINGS LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
The directors present their report and the financial statements for the year ended 28 February 2022.
Principal activity
The principal activity of the Company remains that of a holding Company.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing the financial statements, the directors have taken advantage of the special provisions for small companies under part 15 of the Companies Act 2006 in respect of the right to take exemptions from preparing consolidated accounts, preparing a Statement of Cash Flows and from certain Directors' Report disclosures.
The loss for the year, after taxation, amounted to £173,830 (2021 - Profit of £601,242).
During the year the Company paid dividends of £137,520 (2021 - £637,520).
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CASTLEWOOD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
The directors who served during the year and to the date of this report were:
An indemnity policy with respect to all of the directors was in place throughout the year and to the date of this report.
This report was approved by the board on 5 August 2022 and signed on its behalf.
A R Milner-Moore
Director
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CASTLEWOOD HOLDINGS LIMITED
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CASTLEWOOD HOLDINGS LIMITED
FOR THE YEAR ENDED 28 FEBRUARY 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Castlewood Holdings Limited for the year ended 28 February 2022 which comprise the Statement of Comprehensive Income (including the Profit and Loss Account), the Balance Sheet, the Statement of Changes in Equityand the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Castlewood Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Castlewood Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Castlewood Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Castlewood Holdings Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Castlewood Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Castlewood Holdings Limited. You consider that Castlewood Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Castlewood Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Scrutton Bland LLP
Chartered Accountants
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
19 August 2022
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CASTLEWOOD HOLDINGS LIMITED
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STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Income from fixed assets investments
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Interest receivable and similar income
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(Loss)/profit for the year
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There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income (including the profit and loss account).
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There was no other comprehensive income for 2022 (2021: £NIL).
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The notes on pages 10 to 22 form part of these financial statements.
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CASTLEWOOD HOLDINGS LIMITED
REGISTERED NUMBER:01526264
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BALANCE SHEET
AS AT 28 FEBRUARY 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities being net assets
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CASTLEWOOD HOLDINGS LIMITED
REGISTERED NUMBER:01526264
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BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2022.
The notes on pages 10 to 22 form part of these financial statements.
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CASTLEWOOD HOLDINGS LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Capital redemption reserve
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Comprehensive loss for the year
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Total comprehensive
loss for the year
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Dividends: Equity capital
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Transfer to profit and loss account
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Total transactions with owners
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The notes on pages 10 to 22 form part of these financial statements.
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CASTLEWOOD HOLDINGS LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2021
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Transfer to profit and loss account
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Total transactions with owners
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The notes on pages 10 to 22 form part of these financial statements.
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
Castlewood Holdings Limited is a company limited by share capital, incorporated in England and Wales, registration number 01526264. The registered office is The Sawmill, Wix Nr Manningtree, Colchester, Essex, CO11 2RS.
2.Accounting policies
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Basis of preparation of financial statements and going concern
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The financial statements have been drawn up on a going concern basis.The financial statements have been prepared under the historical cost convention as modified by the revaluation of property and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, the Companies Act 2006 and FRC Abstracts.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. This is explained further in note 3.
The financial statements are prepared in Sterling and are rounded to the nearest £1.
Forecasting indicates that liabilities will continue to be met as they fall due for a period of at least 12
months following the date of accounts approval. The accounts are therefore prepared on a going
concern basis.
In forming this opinion the directors confirm their view that the Company will continue to trade.
The following principal accounting policies have been applied:
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Subsidiaries and Joint Ventures
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Investments in Subsidiaries and Joint Ventures are held at cost less impairment.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.Accounting policies (continued)
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost or valuation less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
It is the Company's policy to account for its freeheld land and property which is rented by the Company to its subsidiary, Anglian Timber Limited, as a tangible fixed asset at deemed cost less depreciation.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable and loans with related parties.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price. Where amounts are wholly repayable on demand these are accounted for as falling due within one year.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The Company operates a defined contribution plan. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
In preparing the financial statements, the Company has taken the exemption from preparing a Statement of Cash Flows in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.Accounting policies (continued)
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Consolidated Financial Statements
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In preparing the financial statements, the Company has taken the exemption from preparing consolidated financial statements in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The main area requiring judgement over estimation concerns the depreciation rates provided for fixed assets. Details regarding property values are included in the fixed assets note to the financial statements. As disclosed within the strategic report the directors consider that the market value of the freehold assets is significantly in excess of their carrying value in these financial statements.
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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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Government grants receivable
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Profit on disposal of tangible assets
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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The operating (loss)/profit is stated after charging:
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Depreciation of tangible fixed assets
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Defined contribution pension cost
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Profit on disposal of fixed assets
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The average monthly number of employees, including the directors, during the year was as follows:
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Directors' remuneration, amounting to £494,205 (2021 - £121,143), comprised wages and salaries of £410,000 (2021 - £83,000), social security costs of £51,700 (2021 - £6,603) and defined contribution pension scheme costs of £32,505 (2021 - £31,540). There were no further staff costs in either year.
During the year retirement benefits were accruing to 2 directors (2020 - 2) in respect of defined contribution pension schemes.
Key Management Personnel compensation is as disclosed in note 7, above.
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Dividends received from fixed asset investments
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Current tax on (loss)/profit for the year
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Origination and reversal of timing differences
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Taxation on (loss)/profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19.00% (2021 - 19.00%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.00% (2021 - 19.00%)
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Dividends from UK companies
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Total tax charge for the year
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Factors that may affect future tax charges
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The Finance Act 2021 announced an increase of the main rate of UK corporation tax rate from 19% to 25% from 1 April 2023. This was enacted in June 2021. Accordingly, deferred tax assets and liabilities are stated at 25%.
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Interim dividend paid on ordinary shares
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Included in freehold land and buildings is land valued at £293,317 which is not depreciated. The land and buildings of the main site were revalued to £448,095 in 1993 and the adjacent land was revalued to £250,000 in 1997. The directors have adopted the transitional arrangements of FRS 102 and do not in future intend to update this valuation and accordingly the freehold land and buildings are held at deemed cost.
On a historical basis, freehold land and buildings would have been included as follows: cost of £417,332 (2021 - £417,332) and accumulated depreciation of £87,906 (2020 - £85,208) resulting in a net book value of £329,426 (2020 - £332,124).
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
12.Tangible fixed assets (continued)
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Assets held for use in operating leases
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Included within fixed assets are assets held for use in operating leases, for which the company receives rental income. The gross amount of assets on which leases are held is £1,626,001 (2021 - £1,626,001) and the accumulated depreciation is £310,863 (2021 - £297,573). At 28 February 2022 the Company's future minimum lease payments to be received in respect of assets held for use in operating leases are as follows:
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Investments in subsidiary companies
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Investments in associates
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The following was a subsidiary undertaking of the Company:
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Sawmillers and softwood distributors
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
13.Fixed asset investments (continued)
Subsidiary undertaking (continued)
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The aggregate of the share capital and reserves as at 28 February 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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Castlewood Holdings Limited has a 50% owned joint venture in the name of Boxley Timber and Fencing Supplies limited. The investment in the joint venture company comprises 500 ordinary £1 shares representing 50% of share capital. The principal activity of the business is that of timber and fencing distributors. At the year end Castlewood Holdings Limited's share of the aggregate amount of capital and reserves was £241,073 (2021 - £174,207). The share of the retained profit for the year after dividends was £66,867 (2021 - £49,783).
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Amounts owed by subsidiary undertaking
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Prepayments and accrued income
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Deferred tax asset (see note 16)
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Creditors: Amounts falling due within one year
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Amounts owed to subsidiary undertaking
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Other taxation and social security
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Accruals and deferred income
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The deferred tax asset comprises:
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Deccelerated capital allowances
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The deferred tax balance in the balance sheet for the year ending 28 February 2022 is included within debtors (note 14).
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Allotted, called up and fully paid
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2,000 (2021 - 2,000) Ordinary shares of £1.00 each
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The pension cost charge represents contributions payable by the Company and amounted to £32,505 (2021 - £31,540). There are no unpaid contributions outstanding at the year end (2020 - £Nil).
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Related party transactions
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The Company is taking advantage of the exemption provided by the related party criteria of FRS 102 not to disclose transactions between group companies where the subsidiary is wholly owned within the group.
At the balance sheet date the Company owed £4,200 to Anglian Timber Limited (2021 - amount owed by Anglian Timber Limited of £2,010).
During the year, net contributions of £nil (2021 - £30,000) were paid to the Castlewood Holdings Limited Retirement Benefits Scheme, a scheme in which some of the Company's directors are members.
During the year, the Company issued loans to M & A Property Developments Limited, a company under common control and ownership. The balance due from M & A Property Developments Limited at the year end is £Nil (2021 - £350,000).
Transactions with directors:
During the year the Company paid dividends to the directors as follows:
C R Milner-Moore £37,130 (2021 - £172,130).
A R Milner-Moore £42,631 (2021 - £197,631).
S L Milner-Moore £37,130 (2021 - £172,130).
During the year the Company received dividends from Boxley Timber and Fencing Supplies Limited, a joint venture company, of £15,000 (2021 - £15,000).
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- 21 -
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CASTLEWOOD HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
The company is controlled by the Milner-Moore family.
Under a group registration the Company is jointly and severally liable for value added tax due by other group companies.
The Company has entered into a loan guarantee on behalf of Boxley Timber & Fencing Supplies Limited, a joint venture company in which a 50% share is held. The guarantee covers a value of up to £165,000.
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