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Registration number: 00723385

Castlehaven Property Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Castlehaven Property Investments Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Castlehaven Property Investments Limited

Company Information

Directors

Mrs R B Montagu

A J C Collett

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Castlehaven Property Investments Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Castlehaven Property Investments Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Castlehaven Property Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Castlehaven Property Investments Limited and state those matters that we have agreed to state to the Board of Directors of Castlehaven Property Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Castlehaven Property Investments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Castlehaven Property Investments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Castlehaven Property Investments Limited. You consider that Castlehaven Property Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Castlehaven Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

30 August 2024

 

Castlehaven Property Investments Limited

(Registration number: 00723385)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,100,120

1,100,141

Investments

5

24,643

22,326

 

1,124,763

1,122,467

Current assets

 

Debtors

6

4,956

5,860

Cash at bank and in hand

 

70,714

55,776

 

75,670

61,636

Creditors: Amounts falling due within one year

7

(10,376)

(12,553)

Net current assets

 

65,294

49,083

Total assets less current liabilities

 

1,190,057

1,171,550

Provisions for liabilities

(247,546)

(187,694)

Net assets

 

942,511

983,856

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

27,301

27,301

Revaluation reserve

742,636

778,273

Other reserves

69,705

69,705

Retained earnings

102,769

108,477

Shareholders' funds

 

942,511

983,856

 

Castlehaven Property Investments Limited

(Registration number: 00723385)
Statement of Financial Position as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

Mrs R B Montagu
Director

   
     
 

Castlehaven Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
D S House
306 High Street
Croydon
Surrey
CR0 1NG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Castlehaven Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Castlehaven Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Castlehaven Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

1,100,000

3,151

1,103,151

At 31 March 2024

1,100,000

3,151

1,103,151

Depreciation

At 1 April 2023

-

3,010

3,010

Charge for the year

-

21

21

At 31 March 2024

-

3,031

3,031

Carrying amount

At 31 March 2024

1,100,000

120

1,100,120

At 31 March 2023

1,100,000

141

1,100,141

Included within the net book value of land and buildings above is £1,100,000 (2023 - £1,100,000) in respect of freehold land and buildings.
 

Cost or valuation at 31 March 2024 is represented by:

Freehold property

Valuation in 2016 - £832,462
Valuation in 2018 - £(75,000)
Valuation in 2022 - £225,000
Cost - £117,538

Total - £1,100,000


Investment properties were valued on 31st March 2022 by an independent valuation firm.

In line with the provisions of FRS 102 Section 16 relating to investment properties, the investment property is shown at a market value as estimated by the directors. Revaluations are shown through the Income Statement and deferred tax is calculated on these as appropriate. Any unrealized gains/losses on the revaluation of properties are shown in a non-distributable reserve on the Statement of Financial Position.

 

Castlehaven Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investments

Other investments

£

Cost or valuation

At 1 April 2023

22,326

Revaluation

2,317

At 31 March 2024

24,643

Provision

Carrying amount

At 31 March 2024

24,643

At 31 March 2023

22,326

Cost or valuation at 31 March 2024 is represented by:


Valuation in 2018 - £4,512
Valuation in 2019 - £766
Valuation in 2020 - (£3,789)
Valuation in 2021 - £3,980
Valuation in 2022 - £2,355
Valuation in 2023 - (£1,511)
Valuation in 2024 - £2,317
Cost - £16,013

Total - £24,643

6

Debtors

Current

2024
£

2023
£

Prepayments

1,137

976

Other debtors

3,819

4,884

 

4,956

5,860

 

Castlehaven Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

3,636

5,418

Accruals and deferred income

4,800

4,560

Other creditors

1,940

2,575

10,376

12,553