Castlewedge Limited 1801190 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the letting of its residential and commercial property. Digita Accounts Production Advanced 6.30.9574.0 true true 1801190 2023-04-01 2024-03-31 1801190 2024-03-31 1801190 bus:Director1 1 2024-03-31 1801190 core:CurrentFinancialInstruments 2024-03-31 1801190 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 1801190 core:MotorVehicles 2024-03-31 1801190 bus:SmallEntities 2023-04-01 2024-03-31 1801190 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 1801190 bus:FilletedAccounts 2023-04-01 2024-03-31 1801190 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 1801190 bus:RegisteredOffice 2023-04-01 2024-03-31 1801190 bus:Director1 2023-04-01 2024-03-31 1801190 bus:Director1 1 2023-04-01 2024-03-31 1801190 bus:Director2 2023-04-01 2024-03-31 1801190 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 1801190 core:MotorVehicles 2023-04-01 2024-03-31 1801190 countries:EnglandWales 2023-04-01 2024-03-31 1801190 2023-03-31 1801190 bus:Director1 1 2023-03-31 1801190 core:MotorVehicles 2023-03-31 1801190 2022-04-01 2023-03-31 1801190 2023-03-31 1801190 bus:Director1 1 2023-03-31 1801190 core:CurrentFinancialInstruments 2023-03-31 1801190 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 1801190 core:MotorVehicles 2023-03-31 1801190 bus:Director1 1 2022-04-01 2023-03-31 1801190 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 1801190

Castlewedge Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Castlewedge Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Castlewedge Limited

Company Information

Directors

Mr B W Weightman

Mrs S L Weightman

Registered office

3 Chapel Street
Redruth
Cornwall
TR15 2BY

 

Castlewedge Limited

(Registration number: 1801190)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

7,690

Investment property

5

820,000

1,088,390

 

820,000

1,096,080

Current assets

 

Debtors

6

1,495

1,376

Cash at bank and in hand

 

29,384

44,550

 

30,879

45,926

Creditors: Amounts falling due within one year

7

(63,240)

(123,132)

Net current liabilities

 

(32,361)

(77,206)

Total assets less current liabilities

 

787,639

1,018,874

Provisions for liabilities

(82,950)

(149,087)

Net assets

 

704,689

869,787

Capital and reserves

 

Called up share capital

100

100

Other reserves

374,743

576,036

Retained earnings

329,846

293,651

Shareholders' funds

 

704,689

869,787

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Mr B W Weightman
Director

 

Castlewedge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Chapel Street
Redruth
Cornwall
TR15 2BY

The principal place of business is:
Menthownick
Roskrow
Penryn
Cornwall
TR10 9AP

These financial statements were authorised for issue by the Board on 29 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Castlewedge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicle

20% reducing balance

Investment property

Investment property is carried at fair value. Changes in fair value are recognised in profit or loss. Deferred taxation is provided on these changes at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Castlewedge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

22,990

22,990

Disposals

(22,990)

(22,990)

At 31 March 2024

-

-

Depreciation

At 1 April 2023

15,300

15,300

Eliminated on disposal

(15,300)

(15,300)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

7,690

7,690

5

Investment properties

2024
£

At 1 April 2023

1,088,390

Fair value adjustments

(268,390)

At 31 March 2024

820,000

The investment properties were valued by an independent Chartered Surveyor and RICS Registered Valuer during the year.

6

Debtors

Current

2024
£

2023
£

Prepayments

1,495

1,376

 

1,495

1,376

 

Castlewedge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

888

360

Taxation and social security

8,555

8,745

Accruals and deferred income

2,091

2,320

Other creditors

51,706

111,707

63,240

123,132

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr B W Weightman

Interest free loan, repayable on demand

(111,706)

60,000

(51,706)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr B W Weightman

Interest free loan, repayable on demand

(113,356)

1,954

(304)

(111,706)