REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
Castle Operations Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Director's loan accounts |
The prior year directors loan was repaid in the year. |