IRIS Accounts Production v24.3.0.553 SC381111 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3811112023-07-31SC3811112024-07-31SC3811112023-08-012024-07-31SC3811112022-07-31SC3811112022-08-012023-07-31SC3811112023-07-31SC381111ns15:Scotland2023-08-012024-07-31SC381111ns14:PoundSterling2023-08-012024-07-31SC381111ns10:Director12023-08-012024-07-31SC381111ns10:PrivateLimitedCompanyLtd2023-08-012024-07-31SC381111ns10:SmallEntities2023-08-012024-07-31SC381111ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-31SC381111ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-31SC381111ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-31SC381111ns10:FullAccounts2023-08-012024-07-31SC381111ns10:Director22023-08-012024-07-31SC381111ns10:Director32023-08-012024-07-31SC381111ns10:CompanySecretary12023-08-012024-07-31SC381111ns10:RegisteredOffice2023-08-012024-07-31SC381111ns5:CurrentFinancialInstruments2024-07-31SC381111ns5:CurrentFinancialInstruments2023-07-31SC381111ns5:Non-currentFinancialInstruments2024-07-31SC381111ns5:Non-currentFinancialInstruments2023-07-31SC381111ns5:ShareCapital2024-07-31SC381111ns5:ShareCapital2023-07-31SC381111ns5:RetainedEarningsAccumulatedLosses2024-07-31SC381111ns5:RetainedEarningsAccumulatedLosses2023-07-31SC381111ns5:PlantMachinery2023-08-012024-07-31SC381111ns5:PlantMachinery2023-07-31SC381111ns5:PlantMachinery2024-07-31SC381111ns5:PlantMachinery2023-07-31SC381111ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-07-31SC381111ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-31SC381111ns5:CurrentFinancialInstruments2023-08-012024-07-31SC381111ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-07-31SC381111ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-07-31SC381111ns5:Non-currentFinancialInstruments2023-08-012024-07-31
REGISTERED NUMBER: SC381111 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Castle Operations Ltd

Castle Operations Ltd (Registered number: SC381111)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Castle Operations Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: S J Crane
D F Campbell
Mrs A Crane





SECRETARY: D F Campbell





REGISTERED OFFICE: 25 Castle Terrace
Edinburgh
EH1 2ER





REGISTERED NUMBER: SC381111 (Scotland)





ACCOUNTANTS: Jeffrey Crawford & Co
Chartered Accountants
25 Castle Terrace
Edinburgh
EH1 2ER

Castle Operations Ltd (Registered number: SC381111)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 434 867
Investments 6 4,400,000 3,300,000
4,400,434 3,300,867

CURRENT ASSETS
Debtors 7 90,592 569,723
Cash at bank 1,415 18,401
92,007 588,124
CREDITORS
Amounts falling due within one year 8 4,476,350 2,079,873
NET CURRENT LIABILITIES (4,384,343 ) (1,491,749 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,091

1,809,118

CREDITORS
Amounts falling due after more than one
year

9

-

1,800,000
NET ASSETS 16,091 9,118

CAPITAL AND RESERVES
Called up share capital 500,100 100
Retained earnings (484,009 ) 9,018
SHAREHOLDERS' FUNDS 16,091 9,118

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

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

Castle Operations Ltd (Registered number: SC381111)

Balance Sheet - continued
31 July 2024


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 23 October 2024 and were signed on its behalf by:





S J Crane - Director


Castle Operations Ltd (Registered number: SC381111)

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

1. STATUTORY INFORMATION

Castle Operations 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
At the balance sheet date the company had net assets of £16,091 (2023: £9,118). Net current liabilities totalled £4.38m (2023: £1.49m) of which £3.55m is secured by a personal guarantee of a director. Losses after tax for the year were £492,027 which included providing in full for a bad debt against a trade debt of £500,000. The directors believe the company will return to a profit in future periods and continue to meet it's financing commitments.

Further funds were invested in a related property development company increasing the loan exposure by 33% to £4.4m. Repayment of these funds will continue to be made from property sale proceeds as they occur. Interest obligations on the investments continue to be met.

The director's and shareholders introduced a further £500,000 of share capital into the company and will continue to provide additional financial support to meet the day to day needs where required.The directors assess that the company has sufficient reserves and access to additional funding to continue as a going concern. They therefore believe it is appropriate to prepare the accounts on the going concern basis.

Significant judgements and estimates
Preparing the financial statements may require the directors to make significant judgements and estimates.
There were no items in the financial statements where these judgements and estimates were required.

Turnover
Turnover consists of interest recoverable on the provision of trade finance and property management fees. Income, excluding VAT, is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

Castle Operations Ltd (Registered number: SC381111)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Directors' loans, trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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 balance sheet date.

Pension costs and other post-retirement benefits
The company makes voluntary payments to company pension scheme. Contributions payable are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 2,274
DEPRECIATION
At 1 August 2023 1,407
Charge for year 433
At 31 July 2024 1,840
NET BOOK VALUE
At 31 July 2024 434
At 31 July 2023 867

Castle Operations Ltd (Registered number: SC381111)

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

6. FIXED ASSET INVESTMENTS

2024 2023
£ £
Other loans 4,400,000 3,300,000

Other loans represents working capital loans advanced to a property development and trading company in which one of the directors has an interest. Interest is payable on the loan at commercial rates and is unsecured. Repayment of the loan is made from a share of future property sales proceeds.


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55,984 41,415
Other debtors 34,608 528,308
90,592 569,723

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 68,778 -
Taxation and social security - 1,875
Other creditors 4,407,572 2,077,998
4,476,350 2,079,873

Included in other creditors is a commercial loan with no fixed repayment terms amounting to £3.550m (2023: £2.075m) secured personally by a director. A two year 6% fixed rate director's loan amounting to £1m was advanced to the company in the period, the balance at the year end was £853k.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors - 1,800,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Director's loan accounts - 1,800,000

The prior year directors loan was repaid in the year.