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COMPANY REGISTRATION NUMBER: NI636882
Castlebawn Newtownards Limited
Unaudited Financial Statements
31 March 2023
Castlebawn Newtownards Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
10
Castlebawn Newtownards Limited
Directors' Report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Principal activities
The principal activity of the company during the year was property development.
Directors
The directors who served the company during the year were as follows:
Mr F E Boyd
Mr A Armstrong
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 March 2024 and signed on behalf of the board by:
Mr F E Boyd
Mr A Armstrong
Director
Director
Registered office:
32-38 Linenhall Street,
Belfast
BT2 8BG
Castlebawn Newtownards Limited
Statement of Income and Retained Earnings
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
2,299,160
1,965,000
Cost of sales
1,863,008
1,324,622
------------
------------
Gross profit
436,152
640,378
Administrative expenses
105,983
102,817
---------
---------
Operating profit
330,169
537,561
Other interest receivable and similar income
13,475
---------
---------
Profit before taxation
4
343,644
537,561
Tax on profit
61,530
79,492
---------
---------
Profit for the financial year and total comprehensive income
282,114
458,069
---------
---------
Retained earnings/(losses) at the start of the year
238,895
( 219,174)
---------
---------
Retained earnings at the end of the year
521,009
238,895
---------
---------
All the activities of the company are from continuing operations.
Castlebawn Newtownards Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
90,000
Current assets
Stocks
2,424,487
2,953,247
Debtors
6
304,661
801,334
Cash at bank and in hand
19,304
340,425
------------
------------
2,748,452
4,095,006
Creditors: amounts falling due within one year
7
114,530
669,683
------------
------------
Net current assets
2,633,922
3,425,323
------------
------------
Total assets less current liabilities
2,723,922
3,425,323
Creditors: amounts falling due after more than one year
8
2,202,907
3,186,422
------------
------------
Net assets
521,015
238,901
------------
------------
Capital and reserves
Called up share capital
6
6
Profit and loss account
521,009
238,895
---------
---------
Shareholders funds
521,015
238,901
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 March 2023 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 .
Castlebawn Newtownards Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mr F E Boyd
Mr A Armstrong
Director
Director
Company registration number: NI636882
Castlebawn Newtownards Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 32-38 Linenhall Street,, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet .
4. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
20,000
--------
----
5. Tangible assets
Motor vehicles
Total
£
£
Cost
At 1 April 2022
Additions
110,000
110,000
---------
---------
At 31 March 2023
110,000
110,000
---------
---------
Depreciation
At 1 April 2022
Charge for the year
20,000
20,000
---------
---------
At 31 March 2023
20,000
20,000
---------
---------
Carrying amount
At 31 March 2023
90,000
90,000
---------
---------
At 31 March 2022
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
156,000
790,000
Other debtors
148,661
11,334
---------
---------
304,661
801,334
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,000
20,000
Corporation tax
61,530
79,492
Social security and other taxes
38,191
Other creditors
43,000
532,000
---------
---------
114,530
669,683
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,202,907
3,186,422
------------
------------
9. Directors' advances, credits and guarantees
There is nothing to report here.
10. Related party transactions
The following are related parties at 31/03/2023, as per FRS 102 2022 2023 £ £ M J Armstrong 971479 971479 J B Anderson dec'd 847500 847500 Halftown Ltd 270187 270187 Bright Sky Facilities Management Ltd 927256 927256 Castlenahinch Ltd (1,500) Killultagh Properties Ltd & Killultagh Projects Ltd 180000 Cedona Ltd 180000 Hillview Centre Belfast Ltd (190000) Skipperstone LLP (1,812,750) Castlesaint LLP (240,000) 3186422 2,202,907
Castlebawn Newtownards Limited
Management Information
Year ended 31 March 2023
The following pages do not form part of the financial statements.
Castlebawn Newtownards Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Castlebawn Newtownards Limited
Year ended 31 March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
GILROY & CO Chartered Accountants
412 Newtownards Road,Belfast. BT4 1HH
12 March 2024