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Registered number: 00917458









CASTLEBROOK HOLDINGS LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024
 


 
CASTLEBROOK HOLDINGS LIMITED
REGISTERED NUMBER: 00917458

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
2,696,150
2,379,941

Investment property
 6 
25,555,000
26,655,000

  
28,251,150
29,034,941

Current assets
  

Debtors
 7 
588,736
6,311,972

Cash at bank and in hand
  
680,005
559,908

  
1,268,741
6,871,880

Creditors: amounts falling due within one year
 8 
(3,108,708)
(3,064,769)

Net current (liabilities)/assets
  
 
 
(1,839,967)
 
 
3,807,111

Total assets less current liabilities
  
26,411,183
32,842,052

Creditors: amounts falling due after more than one year
 9 
(11,278,282)
(17,410,008)

  

Net assets
  
15,132,901
15,432,044


Capital and reserves
  

Called up share capital 
 10 
174
174

Share premium account
 11 
3,659,744
3,659,744

Profit and loss account
 11 
11,472,983
11,772,126

  
15,132,901
15,432,044


Page 1

 
CASTLEBROOK HOLDINGS LIMITED
REGISTERED NUMBER: 00917458

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 October 2024.


................................................
R. S. Testler
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CASTLEBROOK HOLDINGS 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 incorporated in England and Wales. The company registered number is 00917458. The company's registered office is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, CM23 3BT and its trading address is 64 Highgate High Street, London, N6 5HX. This company is part of a group.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The Company has made a small loss in the year due to a devaluation of investment properties. The decline has slowed and, with interest rates having stabilised and inflation reducing to a more acceptable level, we are optimistic that we have reached the bottom of the cycle and are cautiously optimistic that the market will improve over the course of the next 12 months. Accordingly, the aggregate capital value of the portfolio should increase.
The Company has a strong net asset position, again, both at and post 31st March 2024.The assets are predominantly fixed, with Investment Properties and Listed Investments contributing to a high percentage of the Company's assets. The directors have historically retained cash within the business with anticipated further investment into property, to grow the value of the Company. 
However, the Company is leveraged and with interest rates having risen, interest payments rose substantially and the directors chose to pay down debt, rather than trying to invest, thus easing the pressure on both cashflow and banking covenants. The liquidity we had was a strength during difficult times and the strategy to reduce borrowings was fully supported by the Bank.
The good relationship with the Bank, coupled with a prudent approach to the way the Company is run, will aid any future refinancing decisions. Cash balances at the year end were £680,005 but this sum will grow every quarter as we seek to retain tenants, and income, and ensure that voids are kept to a minimum. The financial statements have therefore been prepared on a going concern basis assuming that the Bank will continue to remain supportive and the financial statements do not include any amendments or disclosures that would be required, were this not the case.

Page 3

 
CASTLEBROOK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

  
2.4

Turnover

Turnover represents rental income and service charges receivable during the year from investment properties.
Rental income and service charges from investment properties is accrued on a time apportioned basis under the term of the lease.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in Statement of Income and Retained Earnings in the year in which they are incurred.

Page 4

 
CASTLEBROOK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Current and deferred 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 balance sheet 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 balance sheet 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

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 the Statement of Income and Retained Earnings.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
CASTLEBROOK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Key accounting estimates

Included within the accounts is a significant accounting estimate in respect of the value of the Investment Properties. These properties have been externally valued by Knight Frank LLP. 
The properties have been valued using common industry methods of valuation for commercial property. The process uses transactional evidence of similar investment properties that have been recently sold, or are being marketed for sale, and fully reflect the current attitude of property investors, for assets of this nature. Each asset has been individually valued to take account of its use, location, quality of occupier, lease length and passing rent. These factors impact on the yield percentage used to calculate the value of the property.
The valuations provided are at arm's length and undertaken by a recognised commercial property valuer. Accordingly, the directors believe the assessments to be accurate and market facing. They have been calculated to fully reflect the investment market, as 31 March 2024, and the aggregate valuation of the properties included within the accounts is £25,555,000 (2023 - £26,655,000).


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).


5.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2023
100
2,379,841
2,379,941


Additions
-
743,541
743,541


Disposals
-
(551,296)
(551,296)


Revaluations
-
123,964
123,964



At 31 March 2024
100
2,696,050
2,696,150

Page 6

 
CASTLEBROOK HOLDINGS LIMITED
 

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

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Castlebrook Properties Limited
Property investment
Ordinary
99%


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
26,655,000


Deficit on revaluation
(1,100,000)



At 31 March 2024
25,555,000

The 2024 valuations were made by Knight Frank LLP, on an open market value for existing use basis.

The deficit on revaluation of £1,100,000 (2023 - £2,010,000) has been included within the Statement of Income and Retained Earnings.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
31,645,448
31,645,448

Impairment
(8,030,448)
(8,030,448)

23,615,000
23,615,000


7.


Debtors

2024
2023
£
£

Trade debtors
492,413
544,811

Other debtors
1,929
5,605,498

Prepayments and accrued income
94,394
63,512

Corporation tax
-
98,151

588,736
6,311,972


Page 7

 
CASTLEBROOK HOLDINGS LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
600,000
600,000

Trade creditors
71,051
40,211

Amounts owed to group undertakings
1,412,653
1,241,301

Corporation tax
78,358
-

Other taxation and social security
76,978
245,215

Other creditors
161,768
216,092

Accruals and deferred income
707,900
721,950

3,108,708
3,064,769



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,278,282
17,410,008

11,278,282
17,410,008


The bank loans of £12,021,064 (2023 - £18,197,063) are secured by legal charges over the assets of the company and that of a subsidiary company.
During the year the directors opted to make additional repayments to the bank, totalling £5,576,000.

Page 8

 
CASTLEBROOK HOLDINGS LIMITED
 

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

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



174 (2023 - 174) Ordinary shares of £1 each
174
174



11.


Reserves

Share premium account

The share premium account represents the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

The profit and loss account represents cumulative profit and losses, net of dividends and other adjustments.
Amounts included in the profit and loss account in respect of  fair value movements on investment properties and listed investments are considered non distributable reserves. 


12.


Related party transactions

During the year the company incurred expenses of £154,486 (2023 - £159,232) in companies in which the directors held a material interest.
Expenditure was recharged from a subsidiary during the year totalling £91,049 (2023 - £125,303). The amount due to the subsidiary company at the year end was £1,412,653 (2023 - £1,241,301). During the year, the company received a dividend of £420,057 from the subsidiary company.
During the year, the company operated a loan account with a company under common control. During the year the company made payments of £3,579,950 to the company under common control and received receipts of £3,659,189. The amount due from the company under common control at the year end amounted to £Nil (2023- £79,239)

During the year the company operated a loan account with the directors. The amount due to the directors at the year end and within other creditors is £140,968 (2023 - £150,000). This is repayable on demand and no interest has been charged. 


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 21 October 2024 by Mark Roach (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 9