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REGISTERED NUMBER: 04780007 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

CASTLEGATE 263 LIMITED

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page


Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


CASTLEGATE 263 LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: A Francis
S G Bower
M C Lindsey
C Thompson





SECRETARY: A Francis





REGISTERED OFFICE: Plot 10 Enterprise Road
Millennium Business Park
Mansfield
Nottinghamshire
NG19 7JX





REGISTERED NUMBER: 04780007 (England and Wales)





AUDITORS: Beeley Hawley & Co. Ltd
Chartered Accountants
Statutory Auditors
42-44 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BL

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

GROUP STRATEGIC REPORT
for the Year Ended 31 October 2023

The directors present their strategic report of the company and the group for the year ended 31 October 2023.

The group is principally engaged in the manufacture, sale and distribution of windows, and standard, French, patio, bi-fold, composite and FD30S fire doors.The company is a holding company and has no trading activity.

REVIEW OF BUSINESS
The results for the year and financial position of the group are shown in the annexed financial statements.

The group continued profitability in the year to 31 October 2023. Revenue reported for the year of £18.1m decreased in comparison to 2022 (£19.6m). Pre-tax profits for the year are £169,865 (2022: profit £934,250). Gross margin has decreased from 28% in 2022 to 26% in 2023.

The group retains a strong balance sheet and is continuing to trade successfully in the current year.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the principal risks and uncertainties faced by the group to be as follows:

Global raw material supplies shortages jeopardising fulfilment of sales orders;

Because of the supply chain threats, supplier surcharges threaten profit margins;

Re-occurrence of the pandemic.

ECONOMIC RISK
The group continues to seek out new product, and improved product to ensure the volume of trade is maintained, and continues to employ high standard staff to continue to supply high quality products to give customer satisfaction, itself protecting the group against economic risk as far as it is able to do.

COMPETITION AND SUPPLY RISK
The group has faced reduced competition in their market which has added to turnover and profitability, with fewer
operating in our sector. The risk of price competition has been greatly ameliorated, and there is a continuing trend
towards increased profitability. The group considers that there is no significant risk to supply chains in this sector
because of global changes, or Brexit.

FINANCIAL RISK
The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

The group uses various financial instruments, which include sales invoice financing, hire purchase contracts, and cash to finance its activities. The main purpose of these financial instruments is to raise finance for the group's operations. No transactions of a speculative nature are undertaken. The main risks arising from the group's financial instruments are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.

LIQUIDITY RISK
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

CREDIT RISK
The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises therefore from trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the commercial manager, credit controller and the directors on a regular basis in conjunction with debt ageing and collection.


CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

GROUP STRATEGIC REPORT
for the Year Ended 31 October 2023

The group monitors its performance by reviewing profit before taxation. The group continues to emerge strengthened from recent challenging periods.

ON BEHALF OF THE BOARD:





A Francis - Director


24 July 2024

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
Dividends of £58,000 were voted during the year.

DIRECTORS
The directors who have held office during the period from 1 November 2022 to the date of this report are as follows:

D Thorpe - resigned 31 October 2023
A Francis - appointed 31 October 2023
S G Bower - appointed 31 October 2023
M C Lindsey - appointed 31 October 2023
C Thompson - appointed 31 October 2023

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The group does not enter into any hedging transactions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023


AUDITORS
The auditors, Beeley Hawley & Co. Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




A Francis - Director


24 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CASTLEGATE 263 LIMITED

Opinion
We have audited the financial statements of Castlegate 263 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CASTLEGATE 263 LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We focussed on those areas that could give rise to a material misstatement in the group and parent company financial statements. Our procedures included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims,
including non-compliance with laws and regulations and fraud;
- Reviewing minutes of meetings of those charged with governance where available;
- Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and
fraud;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including where appropriate testing of
journal entries, reviewing individual account balances over the year and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing
accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the respective entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CASTLEGATE 263 LIMITED


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr G M Beeley (Senior Statutory Auditor)
for and on behalf of Beeley Hawley & Co. Ltd
Chartered Accountants
Statutory Auditors
42-44 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BL

24 July 2024

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 31 October 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 18,139,692 19,595,233

Cost of sales 13,316,888 14,023,981
GROSS PROFIT 4,822,804 5,571,252

Distribution costs 1,282,056 1,409,450
Administrative expenses 3,364,770 3,292,975
4,646,826 4,702,425
175,978 868,827

Other operating income 6,735 78,727
OPERATING PROFIT 6 182,713 947,554


Interest payable and similar expenses 7 12,847 13,304
PROFIT BEFORE TAXATION 169,866 934,250

Tax on profit 8 74,820 (235,730 )
PROFIT FOR THE FINANCIAL YEAR 95,046 1,169,980
Profit attributable to:
Owners of the parent 95,046 1,169,980

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 95,046 1,169,980


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

95,046

1,169,980

Total comprehensive income attributable to:
Owners of the parent 95,046 1,169,980

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

CONSOLIDATED BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 549,233 721,654
Investments 12 - -
549,233 721,654

CURRENT ASSETS
Stocks 13 1,519,750 1,251,504
Debtors 14 2,152,603 1,473,764
Cash at bank and in hand 739,762 2,034,335
4,412,115 4,759,603
CREDITORS
Amounts falling due within one year 15 2,636,868 3,211,544
NET CURRENT ASSETS 1,775,247 1,548,059
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,324,480

2,269,713

CREDITORS
Amounts falling due after more than one
year

16

(13,722

)

-

PROVISIONS FOR LIABILITIES 19 (132,119 ) (128,120 )
NET ASSETS 2,178,639 2,141,593

CAPITAL AND RESERVES
Called up share capital 20 11,000 11,000
Retained earnings 21 2,167,639 2,130,593
SHAREHOLDERS' FUNDS 2,178,639 2,141,593

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





A Francis - Director


CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

COMPANY BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 938,500 938,500
938,500 938,500

CREDITORS
Amounts falling due within one year 15 299,006 299,006
NET CURRENT LIABILITIES (299,006 ) (299,006 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

639,494

639,494

CAPITAL AND RESERVES
Called up share capital 20 11,000 11,000
Retained earnings 628,494 628,494
SHAREHOLDERS' FUNDS 639,494 639,494

Company's profit for the financial year 58,000 420,000

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





A Francis - Director


CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 11,000 1,380,613 1,391,613

Changes in equity
Dividends - (420,000 ) (420,000 )
Total comprehensive income - 1,169,980 1,169,980
Balance at 31 October 2022 11,000 2,130,593 2,141,593

Changes in equity
Dividends - (58,000 ) (58,000 )
Total comprehensive income - 95,046 95,046
Balance at 31 October 2023 11,000 2,167,639 2,178,639

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 11,000 628,494 639,494

Changes in equity
Dividends - (420,000 ) (420,000 )
Total comprehensive income - 420,000 420,000
Balance at 31 October 2022 11,000 628,494 639,494

Changes in equity
Dividends - (58,000 ) (58,000 )
Total comprehensive income - 58,000 58,000
Balance at 31 October 2023 11,000 628,494 639,494

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (116,946 ) 1,056,182
Interest element of hire purchase payments
paid

(12,847

)

(13,304

)
Tax paid (158,322 ) -
Net cash from operating activities (288,115 ) 1,042,878

Cash flows from investing activities
Purchase of tangible fixed assets (107,511 ) (281,365 )
Sale of tangible fixed assets 11,000 57,383
Net cash from investing activities (96,511 ) (223,982 )

Cash flows from financing activities
Loan repayments in year - (50,000 )
Capital repayments in year (49,947 ) (79,371 )
Amount withdrawn by directors (2,000 ) (110,000 )
Loan to ultimate parent (800,000 ) -
Equity dividends paid (58,000 ) (420,000 )
Net cash from financing activities (909,947 ) (659,371 )

(Decrease)/increase in cash and cash equivalents (1,294,573 ) 159,525
Cash and cash equivalents at beginning of
year

2

2,034,335

1,874,810

Cash and cash equivalents at end of year 2 739,762 2,034,335

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 169,866 934,250
Depreciation charges 279,933 390,988
Profit on disposal of fixed assets (11,000 ) (50,852 )
Finance costs 12,847 13,304
451,646 1,287,690
Increase in stocks (268,246 ) (338,518 )
Decrease/(increase) in trade and other debtors 121,160 (174,009 )
(Decrease)/increase in trade and other creditors (421,506 ) 281,019
Cash generated from operations (116,946 ) 1,056,182

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 739,762 2,034,335
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 2,034,335 1,874,810


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 2,034,335 (1,294,573 ) 739,762
2,034,335 (1,294,573 ) 739,762
Debt
Finance leases (104,831 ) 49,947 (54,884 )
(104,831 ) 49,947 (54,884 )
Total 1,929,504 (1,244,626 ) 684,878

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Castlegate 263 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling which is the functional currency of the group.

Basis of consolidation
The financial statements consolidate the accounts of Castlegate 263 Limited and its subsidiary undertaking ('subsidiary').

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
The group makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the directors have made the following judgements:

Impairment of non-current assets
The group assesses the impairment of leasehold alterations, plant and machinery, motor vehicles and fixtures and fittings, subject to depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:

• significant underperformance relative to historical or projected future operating results;
• significant changes in the manner of the use of the acquired assets or the strategy for the overall business;
and
• significant negative industry or economic trends.

Carrying value of stocks
The directors review the market value of and demand for the group's stocks on a periodic basis to ensure
stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for
impairment is recorded against the carrying value of stocks. The directors their knowledge of market
conditions, historical experiences and estimates of future events to assess future demand for the group's
products and achievable selling prices.


CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Recoverability of trade debtors
Trade debtors are recognised to the extent that they are judged recoverable. The directors perform reviews to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.
The directors make allowances for doubtful debts based on an assessment of recoverability of debtors.
Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and
the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
• The group has transferred the significant risks and rewards of ownership to the buyer;
• The group retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
• The amount of turnover can be measured reliably;
• It is probable that the group will receive the consideration due under the transaction; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary to for it to be capable of operating in the manner intended by the directors.

Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life or, if held under a finance lease, over the lease term, whichever is the shorter.

Depreciation is provided on the following basis:

Improvements to property-10% Straight line
Plant and machinery-20% Straight line
Fixtures and fittings-20% Straight line
Computer hardware and software-33% Straight line
Motor vehicles-25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised in the profit and loss account.

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

At each balance sheet date, the directors review the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than the carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately in the profit and loss account.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to
complete and sell. Cost is based on the cost of purchase on an average cost basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Financial instruments
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans from related parties.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension plan for its employees. A defined contribution plan is a
pension plan under which the group pay fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

3. TURNOVER

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose in the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,977,165 4,013,976
Social security costs 335,973 333,447
Other pension costs 183,038 186,432
4,496,176 4,533,855

The average number of employees during the year was as follows:
2023 2022

Production 119 116
Administration 27 21
146 137

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 206,446 204,612

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 201,000 204,612

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 22,378 17,080
Depreciation - owned assets 246,013 267,049
Depreciation - assets on hire purchase contracts 33,919 124,139
Profit on disposal of fixed assets (11,000 ) (50,852 )
Auditors' remuneration 17,445 18,000
Foreign exchange differences 14,583 2,803
Land and building operating lease rentals 473,764 505,452

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest expense on borrowings 12,847 13,304

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 70,821 158,322
Adjustments to previous years - (385,215 )
Total current tax 70,821 (226,893 )

Deferred tax 3,999 (8,837 )
Tax on profit 74,820 (235,730 )

UK corporation tax has been charged at 22.51 % (2022 - 19 %).

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

8. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 169,866 934,250
Profit multiplied by the standard rate of corporation tax in the UK of
22.517 % (2022 - 19 %)

38,249

177,508

Effects of:
Expenses not deductible for tax purposes 3,378 483
Capital allowances in excess of depreciation - (12,153 )
Depreciation in excess of capital allowances 41,117 -
Group relief - (10,151 )
Reversal of general provision (7,924 ) (6,202 )
Research and development tax credit claim covering 2020 and 2021 - (385,215 )
Total tax charge/(credit) 74,820 (235,730 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 58,000 420,000

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 602,465 2,427,625 88,234 226,392 3,344,716
Additions - 92,620 14,891 - 107,511
Disposals - - - (108,999 ) (108,999 )
At 31 October 2023 602,465 2,520,245 103,125 117,393 3,343,228
DEPRECIATION
At 1 November 2022 561,781 1,820,757 66,226 174,298 2,623,062
Charge for year 22,539 218,730 19,569 19,094 279,932
Eliminated on disposal - - - (108,999 ) (108,999 )
At 31 October 2023 584,320 2,039,487 85,795 84,393 2,793,995
NET BOOK VALUE
At 31 October 2023 18,145 480,758 17,330 33,000 549,233
At 31 October 2022 40,684 606,868 22,008 52,094 721,654

The net value of assets held under finance leases or hire purchase contracts, included above, are as follows:
2023 2022
£    £   

Plant and machinery 118,924 155,715
Motor vehicles - 52,094
118,924 207,809

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 938,500
NET BOOK VALUE
At 31 October 2023 938,500
At 31 October 2022 938,500


CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

12. FIXED ASSET INVESTMENTS - continued


Subsidiary undertakings

The following company was a subsidiary undertaking during the year:

Name Class of Holding Principal activity
shares

Future Products Limited Ordinary 100% UPVC double glazing manufacturers

The above company shares the same registered address as Castlegate 263 Limited. Details can be found on the company information page.

13. STOCKS

Group
2023 2022
£    £   
Raw materials 1,379,995 1,246,504
Work-in-progress 139,755 5,000
1,519,750 1,251,504

Stock recognised in cost of sales during the year as an expense was £10,282,854 (2022: £10,874,365).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 728,170 963,341
Amounts owed by group undertakings 800,000 -
Other debtors 182,344 119,399
Prepayments 442,089 391,024
2,152,603 1,473,764

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 17) 41,162 104,831 - -
Trade creditors 1,497,712 1,942,093 - -
Amounts owed to group undertakings - - 299,006 297,006
Tax 70,821 158,322 - -
Social security and other taxes 464,814 477,023 - -
Other creditors 56,438 57,459 - -
Directors' loan accounts - 2,000 - 2,000
Accruals and deferred income 505,921 469,816 - -
2,636,868 3,211,544 299,006 299,006

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 17) 13,722 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 41,162 104,831
Between one and five years 13,722 -
54,884 104,831

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 421,232 50,569
Between one and five years 1,651,399 124,424
2,072,631 174,993

Obligations under hire purchase contracts are secured over the assets to which they relate.

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 54,884 104,831

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 132,119 128,120

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 November 2022 128,120
Provided during year 3,999
Balance at 31 October 2023 132,119

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,000 Ordinary £1 11,000 11,000

21. RESERVES

Group
Retained
earnings
£   

At 1 November 2022 2,130,593
Profit for the year 95,046
Dividends (58,000 )
At 31 October 2023 2,167,639


22. OTHER FINANCIAL COMMITMENTS

Fixed and floating charges including a negative pledge over group assets was provided by debenture to D H Thorpe on 31 October 2023.

23. RELATED PARTY DISCLOSURES

During the year the group paid rent of £408,000 (2022: £408,000) to a director. A balance of £nil (2022:£36,000) was due to the company in respect of this charge at the year end.

Total sales of £8,990 (2022: £42,609) were made by the group to a company in which a director had a significant interest at the year end. The balance outstanding at 31 October 2023 was £3,136 (2022: £nil) and was included within debtors.

Total purchases of £13,743 (2022: £19,221) were made from a company in which a director had a significant interest at the year end. The balance outstanding at 31 October 2023 was £312 (2022 : £1,887).

At the year end, £800,000 was due from the company's ultimate controlling company.

CASTLEGATE 263 LIMITED (REGISTERED NUMBER: 04780007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

24. ULTIMATE CONTROLLING PARTY

The controlling party is Bright Futures Notts Ltd.

There is no one ultimate controlling party.

During the year control changed from Mr D H Thorpe to Bright Futures Notts Ltd, a company incorporated in England and Wales. Consolidated accounts will be available from Companies House, Cardiff, CF4 3UZ.

25. PENSION COMMITMENTS

The group operate a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

The pension cost charge represents contributions payable by the group to the fund and amounted to £183,038 (2022: £186,432).

Contributions totalling £6,684 (2022: £6,875) were payable to the fund at the balance sheet date and are included in other creditors.