REGISTERED NUMBER: |
CASTELLINA PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
REGISTERED NUMBER: |
CASTELLINA PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
CASTELLINA PROPERTIES LIMITED (REGISTERED NUMBER: 10864182) |
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 |
CASTELLINA PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Sterling House |
Fulbourne Road |
Walthamstow |
London |
E17 4EE |
CASTELLINA PROPERTIES LIMITED (REGISTERED NUMBER: 10864182) |
BALANCE SHEET |
31 JULY 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Fair value reserve | 8 |
Retained earnings | 8 |
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. |
CASTELLINA PROPERTIES LIMITED (REGISTERED NUMBER: 10864182) |
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 |
CASTELLINA PROPERTIES LIMITED (REGISTERED NUMBER: 10864182) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Castellina Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the net rents receivable, excluding value added tax. Turnover is recognised when rent becomes due under the lease agreement. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
The company's investment properties are held for long term investment and are included in the balance sheet at their open market values. No depreciation is provided in respect of Freehold and long leasehold investment properties. An investment property on short leasehold where the remaining life is less than 20 years is amortised over the life of the lease. |
This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified. |
All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred to the profit and loss account as a movement in reserves. |
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. |
CASTELLINA PROPERTIES LIMITED (REGISTERED NUMBER: 10864182) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2022 |
Disposals | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
In the opinion of the director, the fair value of the investment properties as at 31 July 2023, are not materially different from that stated in the accounts. |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2018 | 885,000 |
Cost | 257,766 |
1,142,766 |
CASTELLINA PROPERTIES LIMITED (REGISTERED NUMBER: 10864182) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Directors' current accounts | 821 | 48,652 |
Accrued expenses |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2022 | 338,456 | 716,850 | 1,055,306 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 July 2023 | 1,029,439 |
9. | ULTIMATE CONTROLLING PARTY |
The company was controlled by Nicola Capital Trust by virtue of holding 100% issued ordinary shares capital of the company. |