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Registration number: 14162266

Castle Mortgage Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Castle Mortgage Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Castle Mortgage Solutions Ltd

Company Information

Director

Mr Sean Gladstone

Registered office

12 Low Wood
Swarland
Northumberland
NE65 9PB

Accountants

AMT Business (Northumbria) Ltd
Ground Floor Lion House
Willowburn Trading Estate
Alnwick
Northumberland
NE66 2PF

 

Castle Mortgage Solutions Ltd

(Registration number: 14162266)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,800

31,761

Current assets

 

Debtors

5

640

-

Cash at bank and in hand

 

7,831

1,352

 

8,471

1,352

Creditors: Amounts falling due within one year

6

(11,812)

(3,614)

Net current liabilities

 

(3,341)

(2,262)

Total assets less current liabilities

 

20,459

29,499

Creditors: Amounts falling due after more than one year

6

(10,965)

(13,157)

Net assets

 

9,494

16,342

Capital and reserves

 

Called up share capital

7

11

10

Retained earnings

9,483

16,332

Shareholders' funds

 

9,494

16,342

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 July 2024
 

.........................................
Mr Sean Gladstone
Director

 

Castle Mortgage Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
12 Low Wood
Swarland
Northumberland
NE65 9PB
United Kingdom

These financial statements were authorised for issue by the director on 26 July 2024.

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Castle Mortgage Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 Mortgage Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Castle Mortgage Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,244

34,000

35,244

Disposals

(1,244)

-

(1,244)

At 30 June 2024

-

34,000

34,000

Depreciation

At 1 July 2023

83

3,400

3,483

Charge for the year

-

6,800

6,800

Eliminated on disposal

(83)

-

(83)

At 30 June 2024

-

10,200

10,200

Carrying amount

At 30 June 2024

-

23,800

23,800

At 30 June 2023

1,161

30,600

31,761

5

Debtors

Current

2024
£

2023
£

Trade debtors

595

-

Other debtors

45

-

 

640

-

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

121

-

Taxation and social security

10,746

2,714

Accruals and deferred income

945

900

11,812

3,614

Creditors: amounts falling due after more than one year

 

Castle Mortgage Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

10,965

13,157

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

10

10

10

10

Ordinary Share Class B of £1 (2023 - £0) each

1

1

-

-

11

11

10

10

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

10,965

13,157

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £3,298.30 (2023 - £2,700.00) per each Ordinary Shares

32,983

27,000

Interim dividend of £9,860.50 (2023 - £Nil) per each Ordinary Share Class B

9,861

-

42,844

27,000