Company Registration No. 10536700 (England and Wales)
CASTLEGATE HOMES LINCOLN LIMITED
Unaudited accounts
for the year ended 31 December 2023
CASTLEGATE HOMES LINCOLN LIMITED
Unaudited accounts
Contents
CASTLEGATE HOMES LINCOLN LIMITED
Company Information
for the year ended 31 December 2023
Directors
Robert Leonard John Goodridge
Jason Robert Goddridge
Company Number
10536700 (England and Wales)
Registered Office
Willerby Lodge, Bransby Fields
Sturton By Stow
Lincoln
United Kingdom
LN1 2SA
UNITED KINGDOM
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA
Templar Accounting & Business Support
Services Limited (Incorp: Blake and Co )
112 - 113 High Street,
Lincoln, Lincolnshire
LN5 7PY
CASTLEGATE HOMES LINCOLN LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
49,786
72,489
Inventories
879,087
402,147
Cash at bank and in hand
73,345
712,450
Creditors: amounts falling due within one year
(244,391)
(404,213)
Net current assets
730,094
732,620
Total assets less current liabilities
779,880
805,109
Creditors: amounts falling due after more than one year
(22,500)
(58,283)
Provisions for liabilities
Deferred tax
(23,544)
(23,544)
Other provisions
(75,000)
(150,000)
Net assets
658,836
573,282
Called up share capital
100
100
Capital contribution reserve
500,000
400,000
Profit and loss account
158,736
173,182
Shareholders' funds
658,836
573,282
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by
Robert Leonard John Goodridge
Director
Company Registration No. 10536700
CASTLEGATE HOMES LINCOLN LIMITED
Notes to the Accounts
for the year ended 31 December 2023
CASTLEGATE HOMES LINCOLN LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10536700. The registered office is Willerby Lodge, Bransby Fields, Sturton By Stow, Lincoln, United Kingdom, LN1 2SA, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completed construction.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Motor vehicles
20% Reducing balance
Computer equipment
20% Reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Hire Purchase & Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
CASTLEGATE HOMES LINCOLN LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
72,292
81,430
5,792
159,514
Additions
-
15,650
-
15,650
Disposals
-
(61,935)
-
(61,935)
At 31 December 2023
72,292
35,145
5,792
113,229
At 1 January 2023
41,334
44,533
1,158
87,025
Charge for the year
6,192
5,328
926
12,446
On disposals
-
(36,028)
-
(36,028)
At 31 December 2023
47,526
13,833
2,084
63,443
At 31 December 2023
24,766
21,312
3,708
49,786
At 31 December 2022
30,958
36,897
4,634
72,489
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
-
17,920
Work in progress
878,440
400,000
Raw materials at cost as at December 31st 2023 held in inventory amounted to: £647
Land-bank south side of: Tillbridge Lane.
Plot 1. £90,000 + WIP £349,220
Plot 2. £90,000 + WIP £349,220
Plot 3. £90,000
Plot 4. £90,000
CASTLEGATE HOMES LINCOLN LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Amounts falling due after more than one year
Other debtors
10,000
10,000
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
63,216
10,000
Obligations under finance leases and hire purchase contracts
-
15,086
Trade creditors
11,488
54,695
Taxes and social security
3,339
23,181
Loans from directors
165,153
300,056
An initial BBL is in place for £50,000 over a 5yr term with a fixed
interest rate of 2.5% pa to date the current liability is £10,000
Directors loan account balances stand at £165,053 after a transfer of £100,000 has been made to capital contribution to support further development within the business
The directors appreciated these monies are supporting the company and future withdrawal's would take place in line with positive cash flows.
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
1,375
A bounce back loan is in place with the high street bankers to the original value of: £50,000
Interest of 2.5% pa is accruing over 5 yr. term.
to date £22,500 falling due after 12 months
Yr 2. £10,000
Yr 3. £10,000
Yr 4. ££2,250
CASTLEGATE HOMES LINCOLN LIMITED
Notes to the Accounts
for the year ended 31 December 2023
9
Deferred taxation
2023
2022
Accelerated capital allowances
23,544
23,544
Provision at start of year
23,544
24,287
Credited to the profit and loss account
-
(743)
Provision at end of year
23,544
23,544
A deferred taxation reserve is in place due to accelerated capital allowances
of some £23,544
This reserve will reverse in future periods and create a tax liability at the prevailing rate on the day
10
Provisions for liabilities
£
At 31 December 2023
75,000
On purchase of the new site it has been agreed to create this provision due to drainage issues and provision of utility services.
The utility services are now installed and the site drainage issue has been addressed.
As at the period end date all four plots required the clear top soil to be replaced too 600mm below surface to be compliant. Therefore the remaining provision has been left in place to support this process of £75,000
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
12
Capital commitments
2023
2022
No further capital commitments at the date of these statements. were in place
CASTLEGATE HOMES LINCOLN LIMITED
Notes to the Accounts
for the year ended 31 December 2023
13
Guarantees provided on behalf of directors
Maximum Liability Under Guarantees
Amount paid and liability incurred
Robert Leonard John Goodridge
Joint & Several Personal Guarantee
100,000
-
Joint & Several Personal Guarantee
100,000
-
There are two joint and several director's personal guarantee's in place supporting the company's loan facilities to the value of some £100,000 per director.
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Average number of employees
During the year the average number of employees was 3 (2022: 3).