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COMPANY REGISTRATION NUMBER: 12930950
Castle Croft Properties Limited
Filleted Unaudited Abridged Financial Statements
31 October 2023
Castle Croft Properties Limited
Abridged Financial Statements
Year Ended 31 October 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Castle Croft Properties Limited
Abridged Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
1,102
1,378
Investments
6
320,000
320,000
---------
---------
321,102
321,378
Current Assets
Debtors
131,299
131,000
Cash at bank and in hand
1,908
264
---------
---------
133,207
131,264
Creditors: amounts falling due within one year
165,159
161,769
---------
---------
Net Current Liabilities
31,952
30,505
---------
---------
Total Assets Less Current Liabilities
289,150
290,873
Creditors: amounts falling due after more than one year
7
184,278
199,985
Provisions
Taxation including deferred tax
18,738
18,528
---------
---------
Net Assets
86,134
72,360
---------
---------
Capital and Reserves
Called up share capital
9
100
100
Profit and loss account
10
86,034
72,260
--------
--------
Shareholders Funds
86,134
72,360
--------
--------
These abridged financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Castle Croft Properties Limited
Abridged Statement of Financial Position (continued)
31 October 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 30 April 2024 , and are signed on behalf of the board by:
Mr P J Musgrave
Director
Company registration number: 12930950
Castle Croft Properties Limited
Notes to the Abridged Financial Statements
Year Ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire S40 1LA. The company's place of business is Youlgrave Garage, Alport Lane, Youlgrave, Derbyshire DE45 1WN.
2. Statement of compliance
These abridged 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 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
Rental income represents the rents due for the year.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. at the reporting date.
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:
Fixtures and fittings
-
20% reducing balance
Investment properties
Investment property is carried at fair value determined annually. No depreciation is provided. Changes in fair value are recognised in the profit and loss for the period.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
£
Cost
At 1 November 2022 and 31 October 2023
1,590
-------
Depreciation
At 1 November 2022
212
Charge for the year
276
-------
At 31 October 2023
488
-------
Carrying amount
At 31 October 2023
1,102
-------
At 31 October 2022
1,378
-------
6. Investments
Investment properties
£
Cost
At 1 November 2022 and 31 October 2023
320,000
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
320,000
---------
At 31 October 2022
320,000
---------
The land and buildings were revaluated by Fidler Taylor, Chartered Surveyors at an open market value of £320,000 in December 2021. The director considers this value to be representative of the market value at the balance sheet date.
7. Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £127,101 (2022: £157,095) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £192,861 (2022: £207,143).
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Reserves
Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in the revaluation reserve, which is an unrealised surplus that does not form part of the company's distributable reserve. FRS 102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account. Consequently, the Profit and Loss Account reserve at 31 October 2023 includes a non-distributable amount of £77,873 (2022: £77,873).
11. Related party transactions
During the year the company provided loans to related parties. The balance due from related parties at 31 October 2023 are as follows :-
2023 2022
£ £
Entities under common control 131,000 131,000
All loans are unsecured, interest free and repayable on demand .