REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Castle Operations Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Castle Operations Ltd |
Castle Operations Ltd (Registered number: SC381111) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Castle Operations Ltd |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Castle Terrace |
Edinburgh |
EH1 2ER |
Castle Operations Ltd (Registered number: SC381111) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Castle Operations Ltd (Registered number: SC381111) |
Balance Sheet - continued |
31 July 2023 |
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 |
Castle Operations Ltd (Registered number: SC381111) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Castle Operations Ltd 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 |
At the balance sheet date the company had net assets of £9,118 (2022: liabilities of £341,992), projected income and loan repayments show that the company is expected to continue making profits. Profit after tax for the year was £351,110 which included writing off a debt of £214,000 in the period and the directors waving accrued loan interest of £381,563 to help improve the solvency of the company. Investments loan exposure to a property trading company have halved in the period resulting from repayments made from property sale proceeds and they continue to meet their interest obligations. Castle Operations Ltd loan creditors have reduced significantly and third party loan creditor obligations are being met. |
With the continued financial support of the directors the directors assess that the company has sufficient reserves to continue as a going concern. They therefore believe it is appropriate to prepare the accounts on the going concern basis. |
Significant judgements and estimates |
Preparing the financial statements may require the directors to make significant judgements and estimates. |
There were no items in the financial statements where these judgements and estimates were required. |
Turnover |
Turnover consists of interest recoverable on the provision of financing, rent and property management fees. Income, excluding VAT, is recognised as it falls due. |
Tangible fixed assets |
Plant and machinery etc | - |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Castle Operations Ltd (Registered number: SC381111) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans. |
Directors' loans, trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
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 balance sheet date. |
Pension costs and other post-retirement benefits |
The company makes payments to company pension scheme. Contributions payable are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are recognised at the fair value of the amount receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Castle Operations Ltd (Registered number: SC381111) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
6. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other loans | 3,300,000 | 6,208,046 |
Other loans represents working capital loans advanced to a property trading company in which the directors have an interest. Interest is payable on the loan at commercial rates and is unsecured. Repayment of the loan is made from a share of the property sales proceeds. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
£500,000 of the prior year trade debtor was converted to trade loan as it became unlikely that it could be fully repaid under normal trade terms. The directors have provided for bad debts of £214,500 and remain optimistic that the remaining debt of £500,000 can be recovered from the customer in due course. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
Included in other creditors is a commercial loan with no fixed repayment terms amounting to £2.075m (PY: £2.875m) secured personally by a director. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Director's loan accounts |
Other creditors due after 1 year relate to directors loans where no repayment terms are fixed but the directors have undertaken not to make significant repayments unless funds allow in the following years. Interest is payable at 5% p.a. and the loan is unsecured. |