2023-04-012024-03-312024-03-31false11242876CASTLE NORTH EAST 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CASTLE NORTH EAST LTD

Registered Number
11242876
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

CASTLE NORTH EAST LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

KHANNA, Anju
KHANNA, Sunil Paul

Registered Address

Suite 2.05 Swans Centre For Innovation
Station Road
Wallsend
NE28 6EQ

Registered Number

11242876 (England and Wales)
CASTLE NORTH EAST LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3107,935134,919
Investment property410,769,00010,469,000
10,876,93510,603,919
Current assets
Debtors405,000492,462
Cash at bank and on hand136,842165,690
541,842658,152
Creditors amounts falling due within one year5(39,101)(1,251)
Net current assets (liabilities)502,741656,901
Total assets less current liabilities11,379,67611,260,820
Creditors amounts falling due after one year6(5,710,480)(5,659,480)
Net assets5,669,1965,601,340
Capital and reserves
Called up share capital88
Share premium2,344,9922,344,992
Revaluation reserve2,602,9532,602,953
Profit and loss account721,243653,387
Shareholders' funds5,669,1965,601,340
The financial statements were approved and authorised for issue by the Board of Directors on 21 October 2024, and are signed on its behalf by:
KHANNA, Sunil Paul
Director
Registered Company No. 11242876
CASTLE NORTH EAST LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Income tax expense represents the sum of the tax currently payable. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles20
Investment property
All investment properties are carried at fair value determined on a 3 yearly basis and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Vehicles

Total

££
Cost or valuation
At 01 April 23159,162159,162
At 31 March 24159,162159,162
Depreciation and impairment
At 01 April 2324,24324,243
Charge for year26,98426,984
At 31 March 2451,22751,227
Net book value
At 31 March 24107,935107,935
At 31 March 23134,919134,919
4.Investment property

£
Fair value at 01 April 2310,469,000
Additions300,000
At 31 March 2410,769,000
5.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts9,95492
Taxation and social security29,1471,159
Total39,1011,251
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts4,610,4804,610,480
Other creditors1,100,0001,049,000
Total5,710,4805,659,480