2023-04-012024-03-312024-03-31false02206093Castle Developments 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Castle Developments Limited

Registered Number
02206093
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Castle Developments Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

BAHL, Catherine Elizabeth
DAINES, Andrew Elliot
DAINES, Janice Mary

Registered Address

2 Fordington Avenue
Winchester
SO22 5AW

Registered Number

02206093 (England and Wales)
Castle Developments Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets363975
Investment property4410,000410,000
410,639410,075
Current assets
Debtors53,8818,668
Cash at bank and on hand40,49550,553
44,37659,221
Creditors amounts falling due within one year6(28,245)(23,573)
Net current assets (liabilities)16,13135,648
Total assets less current liabilities426,770445,723
Provisions for liabilities7(28,873)(28,787)
Net assets397,897416,936
Capital and reserves
Called up share capital70,00070,000
Other reserves180,880180,880
Profit and loss account147,017166,056
Shareholders' funds397,897416,936
The financial statements were approved and authorised for issue by the Board of Directors on 18 November 2024, and are signed on its behalf by:
DAINES, Andrew Elliot
Director
Registered Company No. 02206093
Castle Developments Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Investment property
Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate. These values are 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 Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company 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.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 April 23985985
Additions589589
At 31 March 241,5741,574
Depreciation and impairment
At 01 April 23910910
Charge for year2525
At 31 March 24935935
Net book value
At 31 March 24639639
At 31 March 237575
4.Investment property
The 2024 valuations were made by the directors, on an open market value for existing use basis.

£
Fair value at 01 April 23410,000
At 31 March 24410,000
5.Debtors: amounts due within one year

2024

2023

££
Other debtors3,8813,300
Prepayments and accrued income-5,368
Total3,8818,668
6.Creditors: amounts due within one year

2024

2023

££
Taxation and social security-1,268
Other creditors24,32317,229
Accrued liabilities and deferred income3,9225,076
Total28,24523,573
7.Provisions for liabilities
The provision for deferred tax is made up of £28,750 in respect of fair value on investment property and £123 in respect of accelerated capital allowances on tangible assets.

2024

2023

££
Net deferred tax liability (asset)28,87328,787
Total28,87328,787
8.Related party transactions
During the year the directors had loan accounts with the company. At the balance sheet date the company owed the directors £17,179 (2023 £13,579). The loans are unsecured, interest free and repayable upon demand