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Registered number: 01161188 CASTLEBROOK PROPERTIES LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2023
CASTLEBROOK PROPERTIES LIMITED REGISTERED NUMBER: 01161188 BALANCE SHEET AS AT 31 MARCH 2023
|  | 2023 |  | 2022
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 18,740,000 |  | 20,125,000
|  |  | 18,740,000 |  | 20,125,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,530,209 |  | 1,437,754 |
Cash at bank and in hand | 7 | 2,629,496 |  | 2,561,208 |
|  | 4,159,705 |  | 3,998,962 |
Creditors: amounts falling due within one year | 8 | (734,822) |  | (912,102) |
Net current assets |  |  | 3,424,883 |  | 3,086,860
Total assets less current liabilities |  |  | 22,164,883 |  | 23,211,860
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (1,750,875) |  | (2,110,624) |
|  |  | (1,750,875) |  | (2,110,624)
Net assets |  |  | 20,414,008 |  | 21,101,236
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account | 11 |  | 20,413,908 |  | 21,101,136
|  |  | 20,414,008 |  | 21,101,236
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with 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 by:
R. S. Testler
Director
Date: 27 September 2023
The notes on pages 2 to 8 form part of these financial statements. Page 1
CASTLEBROOK PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. | General information
The company is a private company limited by shares and is incorporated in England and Wales. The company's registered number is 01161188. The company's registered office is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, CM23 1BT. The companies trading address is 64 Highgate High Street, London, N6 5HX. This company is part of a group. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company has made a loss in the year due to a devaluation of investment properties. The company exists in a period of high inflation, rising interest rates and as such it is a challenging environment in which the company operates. The directors have historically retained cash within the business with growth in mind through acquisition, however, and particularly during recent times, we have been disciplined in retaining cash in the business to give us the flexibility and adaptability to deal with any unknowns. This liquidity has been a strength, as is our ongoing strategy highlighted regularly to the Bank. This policy has helped the continued relationship with the Bank and will aid in any future refinancing discussions. Cash balances and proceeds from sales held at the year-end were £2,629,496. The financial statements have therefore been prepared on the going concern basis assuming that the bank will remain supportive and the financial statements do not include any amendments or disclosures that would be required if this was not the case. Although the bank do not specifically provide financing to Castlebrook Properties Limited, financing is provided to the parent company, Castlebrook Holdings Limited. The cost of loan interest for this financing incurred in Castlebrook Holdings Limited and as detailed within the contingent liability note the financing is secured against the assets of both entities. The Directors continue to maintain a "hands on" approach to ensure maintenance of capital values and the rigorous collection of rent and, if any, arrears. We have reviewed forecasted cash flow for the twelve months from the date that the financial statements have been approved and have sufficient comfort that the Company can meet liabilities as they fall due. Page 2
CASTLEBROOK PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2.Accounting policies (continued)
| 2.3 | Turnover
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: Turnover represents rental income and service charges receivable during the year from investment properties. Rental income and service charges from investment properties is accrued on a time apportioned basis under the term of the lease.
| 2.4 | Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Cash and cash equivalents
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. Page 3
CASTLEBROOK PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2.Accounting policies (continued)
| 2.7 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. 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 payment obligations. The contributions are recognised as an expense in profit or loss 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.
| 2.11 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.12 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. Page 4
CASTLEBROOK PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2.Accounting policies (continued)
| 2.13 | Current and deferred taxation
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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
3. | Key accounting estimates
Included within the accounts is a significant accounting estimate in respect of the value of the Investment Properties. These properties have been externally valued by Knight Frank LLP. The properties have been valued using common industry methods of valuation for commercial property. The process uses transactional evidence of similar investment properties that have been recently sold, or are being marketed for sale, and fully reflect the current attitude of property investors, for assets of this nature. Each asset has been individually valued to take account of its use, location, quality of occupier, lease length and passing rent. The valuations provided are at arm's length and undertaken by a recognised commercial property valuer. Accordingly, the directors believe the assessments to be accurate and market facing. They have been calculated to fully reflect the investment market, at 31st March 2023, and the aggregate valuation of the properties included within the accounts is £18,740,000.
4. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2022 - 6).
Page 5
CASTLEBROOK PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. | Investment property
|  | Investment property
|  | £
| Valuation |
| At 1 April 2022 | 20,125,000
| Deficit on revaluation | (1,385,000)
| At 31 March 2023 | 18,740,000
The 2023 valuations were made by Knight Frank, on an open market value for existing use basis. The deficit (surplus) on revaluation of £1,385,000 (2022- (£2,285,000)) has been included within the Statement of Income and Retained Earnings.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Historic cost | 7,650,561 | 7,650,561
|  | 7,650,561 | 7,650,561
6. | Debtors
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Trade debtors | 252,037 | 336,436
| Amounts owed by group undertakings | 1,241,301 | 1,099,383
| Other debtors | 7,371 | 1,935
| Prepayments and accrued income | 29,500 | -
|  | 1,530,209 | 1,437,754
7. | Cash and cash equivalents
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,629,496 | 2,561,208
|  | 2,629,496 | 2,561,208
Page 6
CASTLEBROOK PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Trade creditors | 8,821 | -
| Corporation tax | 71,956 | 70,620
| Other taxation and social security | 162,278 | 149,886
| Other creditors | 126,189 | 306,091
| Accruals and deferred income | 365,578 | 385,505
|  | 734,822 | 912,102
9. | Deferred taxation
|  | 2023 | 2022
|  | £ | £
| At beginning of year | (2,110,624) | (1,141,825)
| Charged to profit or loss | 359,749 | (968,799)
| At end of year | (1,750,875) | (2,110,624)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Revaluation of investment properties | (1,764,375) | (2,110,624)
| Pension timing difference | 13,500 | -
|  | (1,750,875) | (2,110,624)
10. | Share capital
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2022 - 100) Ordinary shares of £1 each | 100 | 100
11. | Reserves
Profit and loss account The profit and loss account represents cumulative distributable and non-distributable reserves as at the balance sheet date. Page 7
CASTLEBROOK PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. | Contingent liabilities
The company is a guarantor to the borrowings of the immediate parent company, Castlebrook Holdings Limited. During the year the borrowings were refinanced and the balance owed at the year end was £18,197,063 (2022- £25,180,000). The borrowings are secured on all assets of the company and the parent company. After the year end the immediate parent company has made two further loan repayments in addition to the agreed quarterly repayments. In June 2023 they repaid £2m and in August 2023 they repaid £3.5m.
13. | Related party transactions
| During the year, the company paid a management charge of £nil (2022 - £228,824) and recharged expenses of £125,303 (2022 - £102,645) to its parent company. The amount due from the parent company at the year end was £1,241,301 (2022 - £1,099,383). During the year, the company recharged expenses of £7,371 (2022 - £nil) to a company under common control. The amount due from them at the year end was £7,371 (2022 - £nil). During the year the directors advanced £180,298 (2022 - £102,000). The balance due to the directors at the year end was £125,363 (2022 - £305,661). This has been included within other creditors and no interest was charged on this amount.
14. | Ultimate holding company
The immediate and ultimate holding company is Castlebrook Holdings Limited, a company registered in England and Wales. The registered address of Castlebrook Holdings Limited is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, CM23 1BT.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified. The audit report was signed on 27 September 2023 by Adam Norman (Senior Statutory Auditor) on behalf of Price Bailey LLP.
Page 8