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REGISTERED NUMBER: SC381111 (Scotland)















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: S J Crane
D F Campbell
Mrs A Crane





SECRETARY: D F Campbell





REGISTERED OFFICE: 25 Castle Terrace
Edinburgh
EH1 2ER





REGISTERED NUMBER: SC381111 (Scotland)





ACCOUNTANTS: Jeffrey Crawford & Co
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 5 867 440
Investments 6 3,300,000 6,208,046
3,300,867 6,208,486

CURRENT ASSETS
Debtors 7 569,723 805,612
Cash at bank 18,401 28,539
588,124 834,151
CREDITORS
Amounts falling due within one year 8 2,079,873 3,284,629
NET CURRENT LIABILITIES (1,491,749 ) (2,450,478 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,809,118

3,758,008

CREDITORS
Amounts falling due after more than one
year

9

1,800,000

4,100,000
NET ASSETS/(LIABILITIES) 9,118 (341,992 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9,018 (342,092 )
SHAREHOLDERS' FUNDS 9,118 (341,992 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 March 2024 and were signed on its behalf by:





S J Crane - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

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 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 6,125
Additions 1,300
Disposals (5,151 )
At 31 July 2023 2,274
DEPRECIATION
At 1 August 2022 5,685
Charge for year 433
Eliminated on disposal (4,711 )
At 31 July 2023 1,407
NET BOOK VALUE
At 31 July 2023 867
At 31 July 2022 440

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 41,415 566,160
Other debtors 528,308 239,452
569,723 805,612

£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 1,875 216
Other creditors 2,077,998 3,284,413
2,079,873 3,284,629

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 1,800,000 4,100,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Director's loan accounts 1,800,000 4,100,000

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.