Castle Irwell Limited 12094090 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true true true true 12094090 2023-02-01 2024-01-31 12094090 2024-01-31 12094090 bus:OrdinaryShareClass1 2024-01-31 12094090 core:CurrentFinancialInstruments 2024-01-31 12094090 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 12094090 core:Non-currentFinancialInstruments 2024-01-31 12094090 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 12094090 core:OtherRelatedParties 2024-01-31 12094090 core:ParentEntities 2024-01-31 12094090 bus:FRS102 2023-02-01 2024-01-31 12094090 bus:Audited 2023-02-01 2024-01-31 12094090 bus:FullAccounts 2023-02-01 2024-01-31 12094090 bus:RegisteredOffice 2023-02-01 2024-01-31 12094090 bus:Director1 2023-02-01 2024-01-31 12094090 bus:Director2 2023-02-01 2024-01-31 12094090 bus:Director3 2023-02-01 2024-01-31 12094090 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 12094090 bus:Consolidated 2023-02-01 2024-01-31 12094090 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12094090 2 2023-02-01 2024-01-31 12094090 3 2023-02-01 2024-01-31 12094090 core:OtherRelatedParties 2023-02-01 2024-01-31 12094090 core:ParentEntities 2023-02-01 2024-01-31 12094090 core:UKTax 2023-02-01 2024-01-31 12094090 1 2023-02-01 2024-01-31 12094090 countries:EnglandWales 2023-02-01 2024-01-31 12094090 2023-01-31 12094090 core:OtherRelatedParties 2023-01-31 12094090 core:ParentEntities 2023-01-31 12094090 2022-02-01 2023-01-31 12094090 2023-01-31 12094090 bus:OrdinaryShareClass1 2023-01-31 12094090 core:CurrentFinancialInstruments 2023-01-31 12094090 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 12094090 core:Non-currentFinancialInstruments 2023-01-31 12094090 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 12094090 core:OtherRelatedParties 2023-01-31 12094090 core:ParentEntities 2023-01-31 12094090 2 2022-02-01 2023-01-31 12094090 3 2022-02-01 2023-01-31 12094090 core:OtherRelatedParties 2022-02-01 2023-01-31 12094090 core:ParentEntities 2022-02-01 2023-01-31 12094090 core:UKTax 2022-02-01 2023-01-31 12094090 2022-01-31 12094090 core:ParentEntities 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12094090

Castle Irwell Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Castle Irwell Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 19

 

Castle Irwell Limited

Company Information

Directors

Mr SA Ismail

Ms JE Ismail

Mr F Done

Registered office

Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG

Auditors

Alextra Audit Limited
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Castle Irwell Limited

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the company is the development of building projects.

Fair review of the business

The company is continuing with the successful development of residential properties.

The company has entered into the third phase of the development which has resulted in turnover decreasing by £1,007,593, whilst the phase is fully completed. Due to a continual review of the development and associated costs, as can be seen from page 9, the gross profit margin has increased from 7.1% to 10.6%.

Overall the directors are pleased with the performance of the company.

Principal risks and uncertainties

The directors consider the key risks faced by the company to be market risk and financial and interest rate risk.

To address rising inflation, The Bank of England increased interest rates which resulted in an increase in the cost of borrowing for people looking to raise mortgages to fund property acquisitions. However, inflation is reducing and it is anticipated that interest rates will be cut, with a positive outlook for the housing market. The directors are closely monitor each development ensuring that they are completed on time, on budget and are correctly marketed to maximise profitability.

The company seeks to manage financial and interest rate risk by ensuring sufficient liquidity is available to meet foreseeable needs.

The company’s policy throughout the year has been to maintain liquid funds at the bank and avoid incurring overdraft interest while also funding the repayment of loan obligations.

Where the company has had to undertake short and longer term borrowings, the company’s exposure to interest rate fluctuations on its borrowings are managed by the use of fixed facilities.

Future developments

Looking to the future, the directors are looking to ensure that the remainder of the site is developed in a profitable and sustainable manner.

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

.........................................
Mr SA Ismail
Director

 

Castle Irwell Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr SA Ismail

Ms JE Ismail

Mr F Done

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Disclosure in the Strategic Report

The company has chosen in accordance with section 414(c) of The Companies Act 2006 (Strategic and Directors Report) Regulations 2013 to set out in the Company’s Strategic Report information required by Section 7 of The Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008.

Future developments and principal risks and uncertainties are disclosed in the Strategic Report.

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

.........................................
Mr SA Ismail
Director

 

Castle Irwell Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Castle Irwell Limited

Independent Auditor's Report to the Members of Castle Irwell Limited

Opinion

We have audited the financial statements of Castle Irwell Limited (the 'company') for the year ended 31 January 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and 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 company's affairs as at 31 January 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Castle Irwell Limited

Independent Auditor's Report to the Members of Castle Irwell Limited

We have nothing to report in this regard.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 4, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

 

Castle Irwell Limited

Independent Auditor's Report to the Members of Castle Irwell Limited

We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks and irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation, pension legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included GDPR, employment law, health and safety and building regulations.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimated are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations describes as having a direct effect on the financial statement;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Castle Irwell Limited

Independent Auditor's Report to the Members of Castle Irwell Limited

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 an auditor’s report 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 Damian Wayne Riley FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

4 July 2024

 

Castle Irwell Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

27,460,030

28,467,623

Cost of sales

 

(24,543,254)

(26,425,054)

Gross profit

 

2,916,776

2,042,569

Administrative expenses

 

(52,932)

(22,482)

Other operating income

4

80,398

4,998

Operating profit

2,944,242

2,025,085

Interest payable and similar charges

5

(55,853)

(1,381)

Profit before tax

 

2,888,389

2,023,704

Taxation

8

(694,084)

(377,904)

Profit for the financial year

 

2,194,305

1,645,800

Retained earnings brought forward

 

2,756,737

1,110,937

Retained earnings carried forward

 

4,951,042

2,756,737

 

Castle Irwell Limited

(Registration number: 12094090)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Stocks

9

26,431,094

32,228,444

Debtors

10

2,438,167

163,259

Cash at bank and in hand

 

2,003,851

2,368,779

 

30,873,112

34,760,482

Creditors: Amounts falling due within one year

11

(5,402,391)

(3,310,505)

Total assets less current liabilities

 

25,470,721

31,449,977

Creditors: Amounts falling due after more than one year

11

(20,519,579)

(28,693,140)

Net assets

 

4,951,142

2,756,837

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4,951,042

2,756,737

Shareholders' funds

 

4,951,142

2,756,837

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

.........................................
Mr SA Ismail
Director

 

Castle Irwell Limited

Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,194,305

1,645,800

Adjustments to cash flows from non-cash items

 

Finance costs

5

55,853

1,381

Corporation tax expense

8

694,084

377,904

 

2,944,242

2,025,085

Working capital adjustments

 

Decrease in stocks

9

5,797,350

5,699,078

Increase in trade debtors

10

(2,274,908)

(62,697)

Increase/(decrease) in trade creditors

11

1,720,064

(193,932)

Cash generated from operations

 

8,186,748

7,467,534

Income taxes paid

8

(322,262)

(260,591)

Net cash flow from operating activities

 

7,864,486

7,206,943

Cash flows from financing activities

 

Interest paid

5

(55,853)

(1,381)

Amounts repaid to related parties

 

(9,007,093)

(6,542,044)

Advances of other borrowing

 

833,532

636,406

Net cash flows from financing activities

 

(8,229,414)

(5,907,019)

Net (decrease)/increase in cash and cash equivalents

 

(364,928)

1,299,924

Cash and cash equivalents at 1 February

 

2,368,779

1,068,855

Cash and cash equivalents at 31 January

 

2,003,851

2,368,779

 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current tax.

The current 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 taxable income.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs, borrowing costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial Instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank financing facilities and loans from related parties.

Debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairnment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured at the difference between an asset's carrying amount and the present value of estimated cash flows.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expires or are settled, or (b) substantially all risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods

27,460,030

28,467,623

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Other income

80,398

4,998

5

Interest payable and similar expenses

2024
 £

2023
 £

Other interest expense

55,853

1,381

 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

6

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Directors

3

3

3

3

7

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

15,000

8,000

All other non-audit services

14,701

3,250

Auditors remuneration

29,701

11,250


 

8

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

694,084

377,904

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,888,389

2,023,704

Corporation tax at standard rate

722,097

384,504

Decrease from effect of tax incentives

-

(6,600)

Tax decrease as a result of changes in prior year corporation tax rates

(28,013)

-

Total tax charge

694,084

377,904

 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

9

Stocks

2024
 £

2023
 £

Work in progress

26,431,094

32,228,444

10

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

2,257

-

Amounts owed by related parties

15

882,109

1,884

Other debtors

 

1,553,801

161,375

Total current trade and other debtors

 

2,438,167

163,259

11

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

2,192,124

1,098,742

Other payables

 

1,925,016

1,007,680

Accrued expenses

 

535,525

826,179

Corporation tax

8

749,726

377,904

 

5,402,391

3,310,505

Due after one year

 

Loans and borrowings

12,896,354

12,062,822

Amounts due to related parties

 

7,623,225

16,630,318

 

20,519,579

28,693,140

 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

12

Secured debts

The following secured debts are included within creditors

2024
 £

2023
 £

Loans and borrowings

12,896,354

12,062,822

The loans and borrowings are secured by a fixed and floating charge over the land known as "North-West of Cromwell Road, Salford" as well as all the property and undertakings of the company which was created on 16 October 2020 in favour of CBRE Loan Services Limited.

13

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

14

Analysis of changes in net funds

At 1 February 2023
£

Cashflows
£

At 31 January 2024
£

Cash and cash equivalents

Cash

2,368,779

(364,928)

2,003,851

Borrowings

Long term borrowings

(12,062,822)

(833,532)

(12,896,354)

 

(9,694,043)

(1,198,460)

(10,892,503)

15

Related party transactions

Expenditure with and payables to related parties

2024

Parent
£

Amounts payable to related party

642,907

2023

Parent
£

Amounts payable to related party

1,242,097

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,884

1,884

Advanced

80,225

80,225

At end of period

82,109

82,109

2023

Other related parties
£

Total
£

Advanced

1,884

1,884

At end of period

1,884

1,884

Loans from related parties

2024

Parent
£

Total
£

At start of period

16,630,318

16,630,318

Repaid

(9,007,093)

(9,007,093)

At end of period

7,623,225

7,623,225

 

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2023

Parent
£

Total
£

At start of period

23,172,362

23,172,362

Repaid

(6,542,044)

(6,542,044)

At end of period

16,630,318

16,630,318

16

Parent and ultimate parent undertaking

The parent companies are Fred Done Property Trading Group Limited and Karpeediem Limited.

Fred Done Property Trading Group Limited is a company incorporated in England and Wales, company number 01850784, registered office The Spectrum, Benson Road, Birchwood, Warrington, WA3 7PQ.

Karpeediem Limited is a company incorporated in England and Wales, company number 12104578, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, M5 4ZG.

These financial statements are consolidated within the group financial statements of Fred Done Property Trading Group Limited. Copies of the financial statements are available on request from The Spectrum, Benson Road, Birchwood, Warrington, WA3 7PQ.

The controlling party is Fred Done Property Trading Group Limited by virtue of its shareholding.