Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-2932023-03-01truefalseDevelopment and sale of property2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13728004 2023-03-01 2024-02-29 13728004 2021-11-08 2023-02-28 13728004 2024-02-29 13728004 2023-02-28 13728004 c:Director1 2023-03-01 2024-02-29 13728004 d:CurrentFinancialInstruments 2024-02-29 13728004 d:CurrentFinancialInstruments 2023-02-28 13728004 d:Non-currentFinancialInstruments 2024-02-29 13728004 d:Non-currentFinancialInstruments 2023-02-28 13728004 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 13728004 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13728004 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 13728004 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 13728004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 13728004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 13728004 d:ShareCapital 2024-02-29 13728004 d:ShareCapital 2023-02-28 13728004 d:RetainedEarningsAccumulatedLosses 2024-02-29 13728004 d:RetainedEarningsAccumulatedLosses 2023-02-28 13728004 c:FRS102 2023-03-01 2024-02-29 13728004 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 13728004 c:FullAccounts 2023-03-01 2024-02-29 13728004 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13728004 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered Number:13728004













CASTLEWOOD DEVELOPMENTS LIMITED




UNAUDITED

FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024











 
CASTLEWOOD DEVELOPMENTS LIMITED
REGISTERED NUMBER:13728004


BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Notes
£

  

Current assets
  

Stocks
 5 
720,437
867,646

Debtors: amounts falling due within one year
 6 
7,880
4,445

Cash at bank and in hand
 7 
74,402
30,025

  
802,719
902,116

Creditors: amounts falling due within one year
 8 
(849,085)
(720,604)

Net current (liabilities)/assets
  
 
 
(46,366)
 
 
181,512

Total assets less current liabilities
  
(46,366)
181,512

Creditors: amounts falling due after more than one year
 9 
-
(201,123)

  

Net liabilities
  
(46,366)
(19,611)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(46,466)
(19,711)

  
(46,366)
(19,611)



- 1 -



 
CASTLEWOOD DEVELOPMENTS LIMITED
REGISTERED NUMBER:13728004

    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 16 September 2024.




A R Milner-Moore
Director

The notes on pages 3 to 7 form part of these financial statements.


- 2 -



 
CASTLEWOOD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Castlewood Developments Limited (the "Company") is a private Company limited by share capital, incorporated in England and Wales, registration number 13728004. The address of the registered office is The Sawmill, Colchester Road, Wix, Manningtree, Essex, CO11 2RS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Director has prepared forecasts which indicate the Company will be able to meet its liabilities as they fall due and continue to trade for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Director has prepared these financial statements on the going concern basis. In forming this opinion the Director has also obtained confirmation from the Castlewood Holdings Limited's directors of their intention to continue to support the company for a period of at least 12 months from the date of approval of these financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.


- 3 -



 
CASTLEWOOD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Debtors, creditors and financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.


- 4 -



 
CASTLEWOOD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The main estimation area included within the financial statements is the valuation of stock. Judgements made by the Director include the allocation of costs across the relevant properties that are held in stock for development. In addition, stocks are assessed on an ongoing basis for recoverability and a provision would be made if an impairment exists. 


4.


Employees

The average monthly number of employees, including the Director, during the year was 3 (2023 - 2).


5.


Stocks

29 February
28 February
2024
2023
£
£

Work in progress (goods to be sold)
720,437
867,646



6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
2,253

Other debtors
7,880
2,192

7,880
4,445



7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
74,402
30,025



- 5 -



 
CASTLEWOOD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Loan from related party (see note 10)
786,138
617,979

Trade creditors
56,289
9,174

Other taxation and social security
1,816
1,035

Other creditors
1,187
92,416

Accruals and deferred income
3,655
-

849,085
720,604



9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Loan from related party (see note 10)
-
201,123



- 6 -



 
CASTLEWOOD DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Loans from related party


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Loan from related party
786,138
617,979


786,138
617,979

Amounts falling due 1-2 years

Loan from related party
-
201,123


-
201,123



786,138
819,102


The loans from a related party are secured over the assets of the Company. Interest is charged at a rate of 5% per annum.


11.


Related party transactions

All related party transactions have been undertaken under normal commercial terms. At the balance sheet date the following amounts were owed to/(from) related parties: Lumberjacks Limited £2,699 (2023: £1,067); Anglian Timber Limited (£137) (2023: (£2,469)); and Castlewood Holdings Limited £786,138 (2023: £819,102).


12.


Deferred taxation

At the balance sheet date there was £10,467 (2023: £4,928) of deferred tax that was unprovided for within these financial statements. This is in accordance with the company's accounting policies.


13.


Controlling party

The Milner-Moore family is the ultimate controlling party.

 

- 7 -