Registered number
03911181
GOLDCASTLE ESTATES LIMITED
Unaudited Filleted Accounts
30 June 2023
Smithfield Accountants LLP
Chartered Accountants
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex CM22 6PU
GOLDCASTLE ESTATES LIMITED
Registered number: 03911181
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,267,546 853,406
Current assets
Debtors 4 59,919 49,919
Cash at bank and in hand 18,743 1,890
78,662 51,809
Creditors: amounts falling due within one year 5 (2,021) (2,788)
Net current assets 76,641 49,021
Total assets less current liabilities 1,344,187 902,427
Creditors: amounts falling due after more than one year 6 (786,397) (300,000)
Provisions for liabilities 10 (19,686) (27,680)
Net assets 538,104 574,747
Capital and reserves
Called up share capital 151 151
Revaluation reserve 8 265,181 370,181
Profit and loss account 272,772 204,415
Shareholders' funds 538,104 574,747
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E. MAC
Director
Approved by the board on 16 February 2024
GOLDCASTLE ESTATES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Investment Properties are measured at their fair value.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
2023 2023 2023 2022
Investment Properties Plant and machinery Total Total
£ £ £
Cost
At 1 July 2022 850,000 5,094 855,094 853,346
Additions 633,776 1,728 635,504 1,748
Surplus on revaluation (105,000) - (105,000) -
Disposals (115,000) - (115,000) -
At 30 June 2023 1,263,776 6,822 1,270,598 855,094
Depreciation
At 1 July 2022 - 1,688 1,688 669
Charge for the year - 1,364 1,364 1,019
Surplus on revaluation - - - -
On disposals - - - -
At 30 June 2023 - 3,052 3,052 1,688
Net book value
At 30 June 2023 1,263,776 3,770 1,267,546 852,677
At 30 June 2022 850,000 3,406 853,406 853,406
The director considers the need to revalue the properties at each year end. The director does not believe that the valuations have changed materially at the year end since the last revaluation. The properties were previously revalued based on valuation estimates from the managing agents.
Freehold land and buildings: 2023 2022
£ £
Historical cost 9 Stand Street 80,687 80,687
184 Lawrence Moorings - 120,589
73 Lawrence Moorings 130,757 130,757
8 Riverside 120,126 120,126
44 Oak Road 299,000 -
5 Hayloft 334,776 -
965,346 452,159
4 Debtors 2023 2022
£ £
Amounts owed by connected company (see note 12) 49,919 49,919
Other debtors 10,000 -
59,919 49,919
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 731 1,559
Other creditors 1,290 1,229
2,021 2,788
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director loan (see note 7) 519,000 -
Bank loan (see note 7) 267,397 300,000
786,397 300,000
The director's loan is unsecured and is interest free. There is no fixed repayment date. The effects of discounting are immaterial to the accounts.
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 267,397 300,000
Instalments falling due for payment after more than five years - -
267,397 300,000
Secured bank loans 267,397 300,000
The bank loans are secured on the properties listed in note 3.
The loan is interest only and there is no fixed repayment date. The loan is subject to continual review by the lender.
The loan attracts interest at 4.1%.
8 Revaluation reserve 2023 2022
£ £
At 1 July 2022 370,181 376,824
Loss on revaluation of land and buildings (105,000) -
Deferred taxation arising on the revaluation of land and buildings - (6,643)
At 30 June 2023 265,181 370,181
9 Taxation 2023 2022
£ £
Balance Sheet
Corporation tax payable on 01.04.2024 731 1,559
Profit and Loss Account
Corporation tax charge for the year 731 1,559
Prior year adjustment - -
Deferred tax - 7,994 -
- 7,263 1,559
10 Provision for Liabilities 2023 2022
£ £
Deferred Tax:
Gain on revaluation
Deferred tax brought forward 27,680 21,037
(Credit)/Charge to profit and loss account - -
(Credit)/Charge to other comprehensive income (7,994) 6,643
Deferred tax carried forward 19,686 27,680
11 Related party transactions
Bellgrange Associates Ltd
Company under common control
The debtor in note 4 is a Bellgrange Associates Ltd. Up until 7th October 2020, Bellgrange Associates Ltd was a wholly owned subsidiary. After this date Bellgrange Associates Ltd had common ownership and directorship as the company. The amount owing is interest free.
S McDaide
Director and shareholder
The director has loaned funds to the company. The loan is interest free and there is no fixed repayment date.
12 Controlling party
The company is controlled by E. Mac, who has a controlling stake in the company.
13 Other information
GOLDCASTLE ESTATES LIMITED is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Suite 1, Unit 2
Parsonage Road
Takeley
Essex
CM22 6PU
GOLDCASTLE ESTATES LIMITED 03911181 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts October 2023 release 2 E. MAC No description of principal activity 03911181 2021-07-01 2022-06-30 03911181 core:RevaluationReserve core:LandBuildings 2021-07-01 2022-06-30 03911181 core:RevaluationReserve 2021-07-01 2022-06-30 03911181 core:WithinOneYear 2022-06-30 03911181 core:AfterOneYear 2022-06-30 03911181 core:ShareCapital 2022-06-30 03911181 core:OtherReservesSubtotal 2022-06-30 03911181 core:RetainedEarningsAccumulatedLosses 2022-06-30 03911181 core:MoreThanFiveYears 2022-06-30 03911181 core:RevaluationReserve 2021-06-30 03911181 2022-07-01 2023-06-30 03911181 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03911181 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 03911181 bus:Director40 2022-07-01 2023-06-30 03911181 1 2022-07-01 2023-06-30 03911181 2 2022-07-01 2023-06-30 03911181 core:LandBuildings 2022-07-01 2023-06-30 03911181 core:PlantMachinery 2022-07-01 2023-06-30 03911181 core:Vehicles 2022-07-01 2023-06-30 03911181 core:RevaluationReserve core:LandBuildings 2022-07-01 2023-06-30 03911181 core:RevaluationReserve 2022-07-01 2023-06-30 03911181 1 2022-07-01 2023-06-30 03911181 countries:England 2022-07-01 2023-06-30 03911181 bus:FRS102 2022-07-01 2023-06-30 03911181 bus:FullAccounts 2022-07-01 2023-06-30 03911181 2023-06-30 03911181 core:WithinOneYear 2023-06-30 03911181 core:AfterOneYear 2023-06-30 03911181 core:ShareCapital 2023-06-30 03911181 core:OtherReservesSubtotal 2023-06-30 03911181 core:RetainedEarningsAccumulatedLosses 2023-06-30 03911181 core:LandBuildings 2023-06-30 03911181 core:PlantMachinery 2023-06-30 03911181 core:Vehicles 2023-06-30 03911181 core:MoreThanFiveYears 2023-06-30 03911181 core:RevaluationReserve 2023-06-30 03911181 2022-06-30 03911181 core:LandBuildings 2022-06-30 03911181 core:PlantMachinery 2022-06-30 03911181 core:Vehicles 2022-06-30 03911181 core:RevaluationReserve 2022-06-30 iso4217:GBP xbrli:pure