Company Registration No. 10396916 (England and Wales)
CASTLEBROOKE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CASTLEBROOKE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CASTLEBROOKE LIMITED
COMPANY INFORMATION
Directors
R Thorpe
H Thorpe
I Thorpe
Secretary
I Thorpe
Company number
10396916
Registered office
3 Castle Hill
Windsor
Berkshire
SL4 1PD
Accountants
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
CASTLEBROOKE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
495
743
Investment properties
5
2,066,870
2,066,870
Investments
6
11,555
11,555
2,078,920
2,079,168
Current assets
Debtors
7
134,511
60,799
Cash at bank and in hand
4,294
7,961
138,805
68,760
Creditors: amounts falling due within one year
8
(303,011)
(269,057)
Net current liabilities
(164,206)
(200,297)
Total assets less current liabilities
1,914,714
1,878,871
Creditors: amounts falling due after more than one year
9
(1,483,204)
(1,488,310)
Provisions for liabilities
(254,479)
(254,479)
Net assets
177,031
136,082
Capital and reserves
Called up share capital
10
14,878
14,878
Capital redemption reserve
815
815
Profit and loss reserves
161,338
120,389
Total equity
177,031
136,082
CASTLEBROOKE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
R Thorpe
Director
Company Registration No. 10396916
CASTLEBROOKE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
15,693
-
193,819
209,512
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
(24,738)
(24,738)
Dividends
-
-
(24,000)
(24,000)
Redemption of shares
10
(815)
815
(24,692)
(24,692)
Balance at 31 December 2022
14,878
815
120,389
136,082
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
40,949
40,949
Balance at 31 December 2023
14,878
815
161,338
177,031
CASTLEBROOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Castlebrooke Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Castle Hill, Windsor, Berkshire, SL4 1PD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern, namely thtruee Net Current Liability position. Athough the company has a Net Current Liability position this is as a result of amounts due to the subsidiary company which will not be repaid to the detriment of third party creditors and is therefore not considered a concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental of properties in the normal course of business.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixtures and fittings
25% straight line
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CASTLEBROOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CASTLEBROOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Judgements and key sources of estimation uncertainty

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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CASTLEBROOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
991
Depreciation and impairment
At 1 January 2023
248
Depreciation charged in the year
248
At 31 December 2023
496
Carrying amount
At 31 December 2023
495
At 31 December 2022
743
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,066,870

Investment property comprises freehold and leasehold property .The fair value of the investment property has been arrived at on the basis of a valuation carried out at by the directors as at 31 December 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of the property is £1,048,955.

 

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
11,555
11,555
CASTLEBROOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,500
-
0
Other debtors
121,011
60,799
134,511
60,799
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,014
4,925
Trade creditors
6,341
-
0
Amounts owed to group undertakings
190,295
184,476
Taxation and social security
1,700
-
0
Other creditors
99,661
79,656
303,011
269,057
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,204
13,310
Amounts owed to group undertakings
1,000,000
1,000,000
Other creditors
475,000
475,000
1,483,204
1,488,310

The amount Included in bank loans and overdrafts is a Bounce Back Loan, received in July 2020. The loan is for 6 years and has an interest rate of 2.5% per annum, with an agreed payment holiday for the first 12 months.

 

Amounts owed to group undertakings is a loan which bears interest at a rate of 3.50% per annum and is unsecured.

 

Included in other creditors is a long-term loan from a director of £120,000 (2022: £120.000) which bears interest at a rate of 0.75% per annum and is unsecured.

 

Also included in other creditors is an unsecured negative pledge loan of £355,000 (2022: £355,000). This loan bears interest at a rate of 1% per annum over Bank of England base rate, payable quarterly in arrears.

CASTLEBROOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 1p each
233,850
233,850
2,338
2,338
B Ordinary Shares of 1p each
706,256
706,256
7,063
7,063
D Ordinary Shares of 1p each
273,831
273,831
2,738
2,738
E Ordinary Shares of 1p each
125,524
125,524
1,255
1,255
F Ordinary Shares of 1p each
74,158
74,158
742
742
G Ordinary Shares of 1p each
74,159
74,159
742
742
1,487,778
1,487,778
14,878
14,878

 

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