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REGISTERED NUMBER: 05757298 (England and Wales)












N & D Castle Gate Limited

Previously known as
The Balancing Eel Limited

Unaudited Financial Statements

for the Year Ended 31st May 2024






N & D Castle Gate Limited (Registered number: 05757298)
previously known as The Balancing Eel Limited






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


N & D Castle Gate Limited
previously known as The Balancing Eel Limited

Company Information
for the Year Ended 31st May 2024







DIRECTORS: N D Whitham
Mrs D Whitham





SECRETARY: N D Whitham





REGISTERED OFFICE: 48 Arwenack Street
Falmouth
Cornwall
TR11 3JH





REGISTERED NUMBER: 05757298 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

N & D Castle Gate Limited (Registered number: 05757298)
previously known as The Balancing Eel Limited

Statement of Financial Position
31st May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 12,129
Tangible assets 5 - 4,371
- 16,500

CURRENT ASSETS
Stocks - 8,173
Debtors 6 30,000 5,345
Cash at bank and in hand 57,442 74,445
87,442 87,963
CREDITORS
Amounts falling due within one year 7 (31,154 ) (60,563 )
NET CURRENT ASSETS 56,288 27,400
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,288

43,900

CREDITORS
Amounts falling due after more than one
year

8

-

(29,551

)

PROVISIONS FOR LIABILITIES - (740 )
NET ASSETS 56,288 13,609

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 56,286 13,607
56,288 13,609

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

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

N & D Castle Gate Limited (Registered number: 05757298)
previously known as The Balancing Eel Limited

Statement of Financial Position - continued
31st May 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 6th November 2024 and were signed on its behalf by:





N D Whitham - Director


N & D Castle Gate Limited (Registered number: 05757298)
previously known as The Balancing Eel Limited

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

N & D Castle Gate Limited is a private company, limited by shares , registered in England and Wales. 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business, was being written off over the remaining life of the lease which was due to expire in February 2025.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 5% on cost
Improvements to property - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

N & D Castle Gate Limited (Registered number: 05757298)
previously known as The Balancing Eel Limited

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are accounted for based on the accrual model. Grants relating to revenue are recognised in income in the periods in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2023 121,278
Disposals (121,278 )
At 31st May 2024 -
AMORTISATION
At 1st June 2023 109,149
Charge for year 6,930
Eliminated on disposal (116,079 )
At 31st May 2024 -
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 12,129

N & D Castle Gate Limited (Registered number: 05757298)
previously known as The Balancing Eel Limited

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

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and Computer
leasehold property fittings equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 3,032 3,620 19,079 583 26,314
Disposals (3,032 ) (3,620 ) (19,079 ) (583 ) (26,314 )
At 31st May 2024 - - - - -
DEPRECIATION
At 1st June 2023 2,582 3,594 15,511 256 21,943
Charge for year 147 6 891 68 1,112
Eliminated on disposal (2,729 ) (3,600 ) (16,402 ) (324 ) (23,055 )
At 31st May 2024 - - - - -
NET BOOK VALUE
At 31st May 2024 - - - - -
At 31st May 2023 450 26 3,568 327 4,371

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 30,000 -
Prepayments - 5,345
30,000 5,345

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts - 7,243
Trade creditors - 21,311
Tax 16,535 3,138
Social security and other taxes 576 1,253
VAT 7,806 18,374
Other creditors - 3,501
Directors' current accounts 3,657 3,398
Accrued expenses 2,580 2,345
31,154 60,563

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans - 1 to 5 years - 29,551

N & D Castle Gate Limited (Registered number: 05757298)
previously known as The Balancing Eel Limited

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

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year - 35,000
Between one and five years - 26,250
- 61,250

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans - 36,794

The bank loans were secured by a debenture over the company's assets, personal guarantees from the directors and legal charges over the lease of the fish and chip shop and the directors' residential property.