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Registered Number: 05148441
England and Wales

 

 

 

CASTLES PROPERTY SERVICES LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 125,501    127,438 
125,501    127,438 
Current assets      
Debtors 165    9,526 
Cash at bank and in hand 73,453    225,557 
73,618    235,083 
Creditors: amount falling due within one year (74,985)   (234,293)
Net current assets (1,367)   790 
 
Total assets less current liabilities 124,134    128,228 
Net assets 124,134    128,228 
 

Capital and reserves
     
Called up share capital 4    4 
Reserves 5 14,974    14,974 
Profit and loss account 109,156    113,250 
Shareholders' funds 124,134    128,228 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 30 July 2024 and were signed on its behalf by:


-------------------------------
C J Wells
Director
1
General Information
Castles Property Services Limited is a private company, limited by shares, registered in England and Wales, registration number 05148441, registration address 24 King Street, Reading, England, RG1 2HE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax, discounts, rebates and other sales taxes.
Operating lease agreements
Rentals paid under operating leases are charged to profit or loss on a straight line casis over the period of the lease.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Pension costs and other post - retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, has been amortised evenly over its estimated useful life of ten years.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


Computer Equipment - 20% Reducing Balance


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.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
No Provisions has been made for the depreciation of the Long Leasehold property, which in the opinion of the directors has a market value in excess of the cost price and will be maintained to its current standard.
The directors acknowledge that this represents a departure from FRS102.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2023 40,000    40,000 
Additions  
Disposals  
At 31 December 2023 40,000    40,000 
Amortisation
At 01 January 2023 40,000    40,000 
Charge for year  
On disposals  
At 31 December 2023 40,000    40,000 
Net book values
At 31 December 2023  
At 31 December 2022  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Computer Equipment   Improvements to property   Total
  £   £   £   £
At 01 January 2023 105,000    78,726    12,755    196,481 
Additions      
Disposals      
At 31 December 2023 105,000    78,726    12,755    196,481 
Depreciation
At 01 January 2023   69,043      69,043 
Charge for year   1,937      1,937 
On disposals      
At 31 December 2023   70,980      70,980 
Net book values
Closing balance as at 31 December 2023 105,000    7,746    12,755    125,501 
Opening balance as at 01 January 2023 105,000    9,683    12,755    127,438 


5.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Trade Debtors 135  9,526 
VAT 30 
165  9,526 

6.

Creditors: amounts falling due within one year

.   2023
£
  2022
£
Trade Creditors 217  484 
Amounts Owed to Group Undertakings 74,768  222,278 
Accrued Expenses 1,495 
VAT 10,036 
74,985  234,293 

2