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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
Page
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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
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CASTLEGATE HOMES LINCOLN LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
49,786 
72,489 
Current assets
Inventories
879,087 
402,147 
Debtors
22,053 
22,236 
Cash at bank and in hand
73,345 
712,450 
974,485 
1,136,833 
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)
(98,544)
(173,544)
Net assets
658,836 
573,282 
Capital and reserves
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
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CASTLEGATE HOMES LINCOLN LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Inventories
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
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.
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CASTLEGATE HOMES LINCOLN LIMITED Notes to the Accounts for the year ended 31 December 2023
Deferred taxation
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.
Pension costs
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 
Depreciation
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 
Net book value
At 31 December 2023
24,766 
21,312 
3,708 
49,786 
At 31 December 2022
30,958 
36,897 
4,634 
72,489 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
- 
17,920 
- Motor vehicles
- 
22,434 
5
Inventories
2023 
2022 
£ 
£ 
Raw materials
647 
2,147 
Work in progress
878,440 
400,000 
879,087 
402,147 
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
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CASTLEGATE HOMES LINCOLN LIMITED Notes to the Accounts for the year ended 31 December 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
11,953 
12,136 
Other debtors
100 
100 
12,053 
12,236 
Amounts falling due after more than one year
Other debtors
10,000 
10,000 
7
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 
Accruals
1,195 
1,195 
244,391 
404,213 
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 
£ 
£ 
Bank loans
22,500 
32,500 
Obligations under finance leases and hire purchase contracts
- 
1,375 
Other creditors
- 
24,408 
22,500 
58,283 
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
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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 
2023 
2022 
£ 
£ 
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 1 January 2023
150,000 
Provisions used
(75,000)
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
11
Share capital
2023 
2022 
£ 
£ 
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
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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 
- 
Jason Robert Goddridge
Joint & Several Personal Guarantee
100,000 
- 
200,000 
- 
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.
14
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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