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Registered number: 08918198
















CASTLEDRIVE DEVELOPMENTS LIMITED



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































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CASTLEDRIVE DEVELOPMENTS LIMITED

 
COMPANY INFORMATION


DIRECTOR
C J Walters 




COMPANY SECRETARY
J Keefe



REGISTERED NUMBER
08918198



REGISTERED OFFICE
c/o Bishop Fleming LLP
10 Temple Back

Bristol

BS1 6FL




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






CASTLEDRIVE DEVELOPMENTS LIMITED
REGISTERED NUMBER:08918198

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
450,214
427,014

Debtors: amounts falling due within one year
 5 
283
8,386

Cash at bank and in hand
  
7,263
6,972

  
457,760
442,372

Creditors: amounts falling due within one year
 6 
(449,957)
(422,033)

Net current assets
  
 
 
7,803
 
 
20,339

Total assets less current liabilities
  
7,803
20,339

  

Net assets
  
7,803
20,339


Capital and reserves
  

Called up share capital 
 7 
2
2

Share premium account
  
49,999
49,999

Profit and loss account
  
(42,198)
(29,662)

  
7,803
20,339


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





C J Walters
Director

Date: 27 June 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1


CASTLEDRIVE DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Castledrive Developments Limited is a limited liability company incorporated in England and Wales. The registered office of the Company is c/o Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

Having assessed the company's future funding requirements the directors are satisfied that the company is a going concern. As part of this assessment, the directors have obtained confirmations from its parent company that it will continue to support the business to ensure it can continue as a going concern.

The Company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company is able to operate within the level of its current financing. The directors have, therefore, concluded that it is appropriate for the accounts to be prepared on a going concern basis.

 
2.3

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress includes labour and attributable overheads.
At each reporting 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 profit or loss.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

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 measured subsequently at amortised cost using the effective interest method.

Page 2


CASTLEDRIVE DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 3


CASTLEDRIVE DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.6
FINANCIAL INSTRUMENTS (CONTINUED)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


EMPLOYEES




The Company has no employees other than the director, who did not receive any remuneration (2022: £NIL).


4.


STOCKS

2023
2022
£
£

Work in progress (goods to be sold)
450,214
427,014

450,214
427,014


Page 4


CASTLEDRIVE DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


DEBTORS

2023
2022
£
£


Other debtors
154
8,386

Prepayments and accrued income
129
-

283
8,386



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
924
-

Amounts owed to group undertakings
117,077
117,077

Amounts owed to companies under common control
329,556
302,556

Accruals and deferred income
2,400
2,400

449,957
422,033



7.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2022: 2) Ordinary shares of £1.00 each
2
2



8.


FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

The Company has previously granted fixed and floating legal charges over all property or undertaking of the Company in favour of the legal ultimate controlling party. No balance was due at the period end.


9.


RELATED PARTY TRANSACTIONS

Castledrive Developments Limited is a wholly owned subsidiary and part of a group which prepares consolidated financial statements. As a result it has taken advantage of the exemption under FRS 102 from disclosing intra-group transactions.
 
Included within creditors are amounts owed to companies under common control of £446,633 (2022: £302,556). The balance is unsecured, interest free and repayable on demand. 

Page 5


CASTLEDRIVE DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


CONTROLLING PARTY

The immediate and ultimate parent company is Havana West Limited, a company incorporated in the United Kingdom. It's registered address is C/O Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL. 
The company is a wholly owned subsidiary of Havana West Limited and the results of the company are included in the consolidated financial statements of Havana West Limited as at 31 December 2023 which are available from Companies House.
The legal ultimate controlling party is L L de Savary by virtue of her majority legal shareholding in Havana West Limited.


11.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 July 2024 by Richard Newton FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Bath Limited.

 
Page 6