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REGISTERED NUMBER: 05497246 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

Castlefield Midlands Limited

Castlefield Midlands Limited (Registered number: 05497246)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Castlefield Midlands Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M G Wright
Mrs C R Wright





SECRETARY: Mrs C R Wright





REGISTERED OFFICE: Castlefield
Mount Road
Bretby
Burton on Trent
Staffordshire
DE15 0RA





REGISTERED NUMBER: 05497246 (England and Wales)





ACCOUNTANTS: Bourne and Co.
Chartered Accountants
6 Lichfield Street
Burton on Trent
Staffordshire
DE14 3RD

Castlefield Midlands Limited (Registered number: 05497246)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,305,001 4,305,001

CURRENT ASSETS
Debtors 727,102 524,090
Cash at bank 183,651 133,425
910,753 657,515
CREDITORS
Amounts falling due within one year 3,696,675 3,759,124
NET CURRENT LIABILITIES (2,785,922 ) (3,101,609 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,519,079

1,203,392

CAPITAL AND RESERVES
Called up share capital 5 100 100
Retained earnings 1,518,979 1,203,292
SHAREHOLDERS' FUNDS 1,519,079 1,203,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





M G Wright - Director


Castlefield Midlands Limited (Registered number: 05497246)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Castlefield Midlands Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been drawn up on the going concern basis and we refer to note 8 to the financial statements explaining the position.

Turnover
Turnover represents rental and service charge income receivable, excluding value added tax on an accruals basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors
Debtors are measured at transaction price less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans and group loans, are measured initially at fair value, net of transaction costs and are measured subsequently as required by accounting standard FRS102 at fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Castlefield Midlands Limited (Registered number: 05497246)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 4,305,001
NET BOOK VALUE
At 31 December 2023 4,305,001
At 31 December 2022 4,305,001

The properties have been included at a director's valuation as at 31 December 2023. The original cost of these properties was £5,690,831 (2022: £5,690,831).

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 (470,694 )
Valuation in 2008 (915,136 )
Cost 5,690,831
4,305,001

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

6. RELATED PARTY DISCLOSURES

The balances owed to group companies at 31 December 2023was £5,109 (2022: £Nil).

The balances owing by group companies at 31 December 2023 was £615,761 (2022 -£412,774).

The balances owed to associated companies under common control at 31 December 2023 and 31 December 20222 was £3,562,659.)

7. ULTIMATE CONTROLLING PARTY

The controlling party is Buster Jimmy Limited.

The ultimate controlling party is Buster Jimmy Holdco Limited.

8. GOING CONCERN

The company has sufferred from the current economic climate affecting the property market and included within the reserves is a deficit on the property revaluation amounting to £1,385,831. Despite this the company has accumulated retained reserves totalling £1,518,979. The normal trading activities generated a profit after tax of £315,687.

The company continues to trade as a result of the continued support of the associated company loan.