Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00433970 2023-04-01 2024-03-31 00433970 2024-03-31 00433970 2022-04-01 2023-03-31 00433970 2023-03-31 00433970 c:Director1 2023-04-01 2024-03-31 00433970 d:Buildings 2023-04-01 2024-03-31 00433970 d:Buildings 2024-03-31 00433970 d:Buildings 2023-03-31 00433970 d:PlantMachinery 2023-04-01 2024-03-31 00433970 d:PlantMachinery 2024-03-31 00433970 d:PlantMachinery 2023-03-31 00433970 d:CurrentFinancialInstruments 2024-03-31 00433970 d:CurrentFinancialInstruments 2023-03-31 00433970 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00433970 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00433970 d:ShareCapital 2024-03-31 00433970 d:ShareCapital 2023-03-31 00433970 d:CapitalRedemptionReserve 2024-03-31 00433970 d:CapitalRedemptionReserve 2023-03-31 00433970 d:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 00433970 d:RetainedEarningsAccumulatedLosses 2024-03-31 00433970 d:RetainedEarningsAccumulatedLosses 2023-03-31 00433970 c:FRS102 2023-04-01 2024-03-31 00433970 c:IndependentExaminationCharity 2023-04-01 2024-03-31 00433970 c:FullAccounts 2023-04-01 2024-03-31 00433970 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00433970 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company Registration Number 00433970























CASTLEGATE PROPERTY COMPANY LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 31 MARCH 2024























img1636.png

 
CASTLEGATE PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 00433970

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,155,000
1,108,000

  
1,155,000
1,108,000

Current assets
  

Debtors: amounts falling due within one year
 5 
25,176
9,945

Cash at bank and in hand
  
146,813
139,270

  
171,989
149,215

Creditors: amounts falling due within one year
 6 
(47,158)
(45,653)

Net current assets
  
 
 
124,831
 
 
103,562

Total assets less current liabilities
  
1,279,831
1,211,562

  

Net assets
  
1,279,831
1,211,562


Capital and reserves
  

Called up share capital 
  
6,000
6,000

Capital redemption reserve
 7 
2,564
2,564

Profit and loss account
 7 
1,271,267
1,202,998

  
1,279,831
1,211,562


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.


Mrs S J Chalmers
Director

The notes on pages 3 to 6 form part of these financial statements.
Page 1

 
CASTLEGATE PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 00433970

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


Page 2

 
CASTLEGATE PROPERTY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Armstrong Watson, First floor, One Strawberry Lane, Newcastle upon Tyne, NE1 4BX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.



Page 3

 
CASTLEGATE PROPERTY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 
Depreciation

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually 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. Changes in fair value are recognised in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
CASTLEGATE PROPERTY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold investment property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
1,108,000
3,568
1,111,568


Revaluations
47,000
-
47,000



At 31 March 2024

1,155,000
3,568
1,158,568



Depreciation


At 1 April 2023
-
3,568
3,568



At 31 March 2024

-
3,568
3,568



Net book value



At 31 March 2024
1,155,000
-
1,155,000



At 31 March 2023
1,108,000
-
1,108,000

Tangible assets held at valuation
The freehold investment property portfolio in England was independently valued as at 31 March 2024 by Sanderson Weatherall, Chartered Surveyors, in accordance with the RICS valuation - Global Standards (January 2022), the UK National Supplement (October 2023) published by the Royal Institution of Chartered Surveyors (''RICS'') (''the Red Book'') and the IVSC International Standards (IVS). The valuation was prepared on the market value for existing use.
The heritable (Scottish equivalent of English freehold) property in Scotland was independently valued as at 31 March 2024 by J & E Shepherd, Chartered Surveyors, in accordance with the RICS valuation - Global Standards 2022 incorporatinng the IVSC International Valuation Standards.
The directors consider that the valuations provided are a reliable basis for the freehold property valuation at the balance sheet date.
On a historical cost basis the properties would have been included at an original cost of £814,442 (2023: £814,442).
The amount of corporation tax which would become payable in the event of the sale of properties at the amount stated is £nil.

 

Page 5

 
CASTLEGATE PROPERTY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
16,501
9,895

Other debtors
50
50

Prepayments and accrued income
8,625
-

25,176
9,945



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
72
-

Corporation tax
19,862
16,912

Other taxation and social security
2,138
1,150

Other creditors
-
4,000

Accruals and deferred income
25,086
23,591

47,158
45,653


Other creditors include an amount due to a director of £nil (2023: £2,000).


7.


Reserves

Investment property revaluation reserve

Included within the profit and loss account is a non-distributable reserve. This reserve records the cumulative fair value movements on investment properties valued above original cost and amounts to £551,512 (2023: £523,512).


8.


Related party transactions

Dividends totalling £11,250 (2023: £13,125) were paid to the directors during the year.
Other than the dividends paid disclosed above, there are no related party transactions requiring to be disclosed in accordance with Financial Reporting Standard 102 Section 1A.


Page 6