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REGISTERED NUMBER: SC685940 (Scotland)

















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Castle No 30 Ltd

Castle No 30 Ltd (Registered number: SC685940)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Castle No 30 Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: N Farmer
D M Petrie
G M Rawlinson
K H Ip





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
Lothians
EH1 2BD





REGISTERED NUMBER: SC685940 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Castle No 30 Ltd (Registered number: SC685940)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,103,736 3,216,680

CURRENT ASSETS
Debtors 5 8,890 30,546
Cash at bank and in hand 311,642 114,127
320,532 144,673
CREDITORS
Amounts falling due within one year 6 3,832,090 3,632,604
NET CURRENT LIABILITIES (3,511,558 ) (3,487,931 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(407,822

)

(271,251

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (407,922 ) (271,351 )
(407,822 ) (271,251 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 11 October 2024 and were signed on its behalf by:





D M Petrie - Director


Castle No 30 Ltd (Registered number: SC685940)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Castle No 30 Ltd is a private company, limited by shares , registered in Scotland. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 is attributable to the company's principal activity of serviced residential accommodation.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land is not depreciated.
Land and buildings - nil to over 30 years
Fixtures & fittings - 25% reducing balance

Depreciation and impairment losses are charged to the Statement of Comprehensive Income within administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively

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 payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Castle No 30 Ltd (Registered number: SC685940)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 February 2023 2,724,478 576,236 3,300,714
Additions 10,107 - 10,107
At 31 January 2024 2,734,585 576,236 3,310,821
DEPRECIATION
At 1 February 2023 - 84,034 84,034
Charge for year - 123,051 123,051
At 31 January 2024 - 207,085 207,085
NET BOOK VALUE
At 31 January 2024 2,734,585 369,151 3,103,736
At 31 January 2023 2,724,478 492,202 3,216,680

The directors are of the opinion that cost is a fair valuation of the property.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 8,890 30,546

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 26,207 19,780
Other creditors 3,805,883 3,612,824
3,832,090 3,632,604

Castle No 30 Ltd (Registered number: SC685940)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. RELATED PARTY DISCLOSURES

Included in other current liabilities are the following loans due to companies that are related:-

2024 2023
£    £   
Northumberland Street Mews Co Ltd 385,191 385,191
Canongate Ltd 120,000 120,000
New Town 29 Ltd 16,842 80,000
Team Famous Ltd 3,217,176 3,000,619

All loans with the exception of Team Famous Ltd, are interest free, unsecured and are due within 1 year. Interest of 8% per annum is being charged by Team Famous Ltd and during the period interest of £216,557 (2023 - £194,863) has been charged.