Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292024-02-294false2023-03-014falsefalsefalse 01526264 2023-03-01 2024-02-29 01526264 2022-03-01 2023-02-28 01526264 2024-02-29 01526264 2023-02-28 01526264 2022-03-01 01526264 c:CompanySecretary1 2023-03-01 2024-02-29 01526264 c:Director1 2023-03-01 2024-02-29 01526264 c:Director2 2023-03-01 2024-02-29 01526264 c:Director3 2023-03-01 2024-02-29 01526264 c:Director4 2023-03-01 2024-02-29 01526264 c:RegisteredOffice 2023-03-01 2024-02-29 01526264 c:Agent1 2023-03-01 2024-02-29 01526264 d:Buildings 2023-03-01 2024-02-29 01526264 d:Buildings 2024-02-29 01526264 d:Buildings 2023-02-28 01526264 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01526264 d:PlantMachinery 2023-03-01 2024-02-29 01526264 d:MotorVehicles 2023-03-01 2024-02-29 01526264 d:MotorVehicles 2024-02-29 01526264 d:MotorVehicles 2023-02-28 01526264 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01526264 d:OfficeEquipment 2023-03-01 2024-02-29 01526264 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01526264 d:CurrentFinancialInstruments 2024-02-29 01526264 d:CurrentFinancialInstruments 2023-02-28 01526264 d:Non-currentFinancialInstruments 2024-02-29 01526264 d:Non-currentFinancialInstruments 2023-02-28 01526264 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 01526264 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 01526264 d:ShareCapital 2023-03-01 2024-02-29 01526264 d:ShareCapital 2024-02-29 01526264 d:ShareCapital 2022-03-01 2023-02-28 01526264 d:ShareCapital 2023-02-28 01526264 d:ShareCapital 2022-03-01 01526264 d:RevaluationReserve 2023-03-01 2024-02-29 01526264 d:RevaluationReserve 2024-02-29 01526264 d:RevaluationReserve 2022-03-01 2023-02-28 01526264 d:RevaluationReserve 2023-02-28 01526264 d:RevaluationReserve 2022-03-01 01526264 d:OtherMiscellaneousReserve 2023-03-01 2024-02-29 01526264 d:OtherMiscellaneousReserve 2024-02-29 01526264 d:OtherMiscellaneousReserve 2022-03-01 2023-02-28 01526264 d:OtherMiscellaneousReserve 2023-02-28 01526264 d:OtherMiscellaneousReserve 2022-03-01 01526264 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 01526264 d:RetainedEarningsAccumulatedLosses 2024-02-29 01526264 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 01526264 d:RetainedEarningsAccumulatedLosses 2023-02-28 01526264 d:RetainedEarningsAccumulatedLosses 2022-03-01 01526264 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 01526264 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 01526264 c:OrdinaryShareClass1 2023-03-01 2024-02-29 01526264 c:OrdinaryShareClass1 2024-02-29 01526264 c:FRS102 2023-03-01 2024-02-29 01526264 c:Audited 2023-03-01 2024-02-29 01526264 c:FullAccounts 2023-03-01 2024-02-29 01526264 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01526264 d:Subsidiary1 2023-03-01 2024-02-29 01526264 d:Subsidiary1 1 2023-03-01 2024-02-29 01526264 c:Consolidated 2024-02-29 01526264 c:ConsolidatedGroupCompanyAccounts 2023-03-01 2024-02-29 01526264 2 2023-03-01 2024-02-29 01526264 6 2023-03-01 2024-02-29 01526264 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:01526264













CASTLEWOOD HOLDINGS LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024











 
CASTLEWOOD HOLDINGS LIMITED
 

 
COMPANY INFORMATION


Directors
A R Milner-Moore 
C R Milner-Moore 
S L Milner-Moore 
M A Milner-Moore 




Company secretary
Yvonne Jewell



Registered number
01526264



Registered office
The Sawmill
Wix Nr Manningtree

Colchester

Essex

CO11 2RS




Independent auditor
Sumer Auditco Limited
Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Lloyds Bank plc
Lloyds Avenue

Cornhill

Ipswich

Suffolk

IP1 1DG




Solicitors
Birkett Long LLP
Essex House

42 Crouch Street

Colchester

Essex

CO3 3HH






 
CASTLEWOOD HOLDINGS LIMITED
 


CONTENTS



Pages
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 8
Consolidated Statement of Comprehensive Income (including Profit and Loss Account)
9 - 10
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12 - 13
Consolidated Statement of Changes in Equity
14 - 15
Company Statement of Changes in Equity
16 - 17
Consolidated Statement of Cash Flows
18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 39



 
CASTLEWOOD HOLDINGS LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Business review and key performance indicators
 
The directors are pleased with the performance of the Group for the year, which has been achieved within a challenging marketplace. Gross profit remains strong as can be seen in the key performance indicator of EBITDA (Earnings before interest, tax, depreciation and amortisation) was £723,233 (2023 - £850,586).
The Group and parent Company have remained in a strong cash position and have a significant level of capital and reserves.
The Group and parent Company remains well positioned by virtue of the range of activities performed, which also helps mitigate its exposure to the risk of a downturn in any one specific area of operations.
It is the view of the directors that the market value of the freehold assets is significantly in excess of their carrying value in the financial statements.

Principal risks and uncertainties
 
The directors have considered the general uncertainties within the economy as a whole. Whilst the nature of the company's activities mean that it is less affected by these than some other companies, the directors acknowledge the inherent risks and uncertainties arising and continue to actively manage and mitigate these wherever possible.

Going concern

The financial statements have been prepared on the going concern basis. Forecasting indicates that liabilities will continue to be met as they fall due for a period of at least 12 months following the date of accounts approval. The accounts are therefore prepared on a going concern basis. In forming this opinion on the application of the going concern basis, the directors confirm their view that the Company will continue to trade.
The directors have assessed the principal risks and uncertainties above and believe that liabilities will continue to be met as they fall due for a period of at least 12 months following the date of approval of these financial statements.

Financial key performance indicators
 
The directors regularly review the gross profit margin and the net assets position. These are considered the key performance indicators and, overall, have remained strong during the year:
The gross profit margin of the group has remained healthy and was 24.6% during the year (2023 - 22.3%).
The Group's net assets have continued to grow, increasing from £5,382,360 at 28 February 2023 to £5,660,782 at 29 February 2024 due to ongoing profitability.


This report was approved by the board on 27 November 2024 and signed on its behalf.



A R Milner-Moore
Director


- 1 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activities

The principal activity of the group during the year was that of sawmillers, softwood distributors and trussed rafter manufacturers.
The parent company operated as a holding company during the year and owns all of the freehold property of the group.

Results and dividends

The consolidated profit for the year, after taxation, amounted to £455,842 (2023 - £639,483).

During the year the Company paid dividends of £177,420 (2023 - £137,520).

Directors

The directors who served during the year and up to the date of this report were:

A R Milner-Moore 
C R Milner-Moore 
S L Milner-Moore 
M A Milner-Moore 


- 2 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Future developments

It is the intention of the directors to maintain the Group's activities on a similar basis in the future. Whilst no significant developments are currently planned, the directors continually look for opportunities to grow the business.

Financial instruments

The Group only enters into basic financial instruments such as trade and other debtors and creditors.
Price risk - the Group is exposed to potential cost increases from suppliers, especially during times of relatively high inflation. However, these prices are managed as far as possible so any resultant impact on gross profit can be mitigated.
Credit risk - credit risk is managed by regularly reviewing trade debtors and the credit terms offered to customers.
Liquidity risk - the Group has healthy cash reserves which help it to mitigate the risk in this area. Sufficient cash reserves are retained at all times to ensure that this risk remains low on an ongoing basis.
Cash flow risk - this risk is managed and mitigated as outlined above regarding the Group's liquidity.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Sumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 November 2024 and signed on its behalf.
 





A R Milner-Moore
Director


- 3 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEWOOD HOLDINGS LIMITED

Opinion


We have audited the financial statements of Castlewood Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated Statement of Comprehensive Income (including Profit and Loss Account), the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.



- 4 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEWOOD HOLDINGS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.



- 5 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEWOOD HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.



- 6 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEWOOD HOLDINGS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the group and company are subject to laws and regulations that directly affect the financial statements including financial reporting legislation, the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the group and company are subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, the Environmental Protection Act 1990, the Pollution Prevention and Control Act 1999, Lifting Operations and Lifting Equipment Regulations 1998 (LOLER), employment law, and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review procedures to identify any unexpected movements in account balances which may be indicative of fraud.
 

- 7 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEWOOD HOLDINGS LIMITED (CONTINUED)

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Perry (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

28 November 2024

- 8 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (INCLUDING PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 29 FEBRUARY 2024


2024
2023
Notes
 £
£

  

Turnover
 4 
7,440,588
9,665,654

Cost of sales
  
(5,606,810)
(7,510,674)

Gross profit
  
1,833,778
2,154,980

Distribution costs
  
(373,157)
(417,201)

Administrative expenses
  
(921,801)
(1,031,922)

Operating profit
 5 
538,820
705,857

Share of operating profit in joint venture
  
21,446
51,396

Interest receivable and similar income
 10 
64,856
19,415

Profit before taxation
  
625,122
776,668

Tax on profit
 11 
(169,280)
(137,185)

Profit for the financial year
  
455,842
639,483

Profit for the year attributable to:
  

Owners of the parent Company
  
455,842
639,483

  
455,842
639,483

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
455,842
639,483

  
455,842
639,483

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income (including profit and loss account).

There was no other comprehensive income for 2024 (2023 - £Nil).

The notes on pages 20 to 39 form part of these financial statements.

All amounts relate to continuing activities.
The profit for the financial year of Castlewood Holdings Limited was £152,547 (2023 - £431,606).


- 9 -



 
CASTLEWOOD HOLDINGS LIMITED
 


CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Notes
£
£

Fixed assets
  

Tangible assets
 13 
1,679,629
1,515,367

Investments
 14 
271,415
264,969

  
1,951,044
1,780,336

Current assets
  

Stocks
 15 
759,962
953,425

Debtors: amounts falling due after more than one year
 16 
-
201,123

Debtors: amounts falling due within one year
 16 
1,887,793
1,831,650

Cash at bank and in hand
 17 
2,033,146
2,064,215

  
4,680,901
5,050,413

Creditors: amounts falling due within one year
 18 
(903,488)
(1,411,255)

Net current assets
  
 
 
3,777,413
 
 
3,639,158

Total assets less current liabilities
  
5,728,457
5,419,494

Provisions for liabilities
  

Deferred taxation
 19 
(67,675)
(37,134)

  
 
 
(67,675)
 
 
(37,134)

Net assets
  
5,660,782
5,382,360


- 10 -



 
CASTLEWOOD HOLDINGS LIMITED
REGISTERED NUMBER:01526264

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 20 
2,000
2,000

Revaluation reserve
 27 
182,238
181,680

Other reserves
 27 
372
372

Profit and loss account
 27 
5,476,172
5,198,308

Shareholders' funds
  
5,660,782
5,382,360


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




A R Milner-Moore
Director

The notes on pages 20 to 39 form part of these financial statements.


- 11 -



 
CASTLEWOOD HOLDINGS LIMITED
REGISTERED NUMBER:01526264


COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Notes
£
£

Fixed assets
  

Tangible assets
 13 
1,393,790
1,313,943

Investments
 14 
600
600

  
1,394,390
1,314,543

Current assets
  

Debtors: amounts falling due after more than one year
 16 
-
201,123

Debtors: amounts falling due within one year
 16 
818,769
647,541

Cash at bank and in hand
 17 
194,713
145,239

  
1,013,482
993,903

Creditors: amounts falling due within one year
 18 
(661,159)
(542,469)

Net current assets
  
 
 
352,323
 
 
451,434

Total assets less current liabilities
  
1,746,713
1,765,977

Deferred taxation
 19 
(5,609)
-

  
 
 
(5,609)
 
 
-

Net assets
  
1,741,104
1,765,977


Capital and reserves
  

Called up share capital 
 20 
2,000
2,000

Revaluation reserve
 27 
182,238
181,680

Other reserves
 27 
372
372

Profit and loss account carried forward
  
1,556,494
1,581,925

Shareholders' funds
  
1,741,104
1,765,977



- 12 -



 
CASTLEWOOD HOLDINGS LIMITED
REGISTERED NUMBER:01526264

    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The profit after tax of the parent Company for the year was £152,547 (2023 - £431,606).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




A R Milner-Moore
Director

The notes on pages 20 to 39 form part of these financial statements.

- 13 -



 
CASTLEWOOD HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2023
2,000
181,680
372
5,198,308
5,382,360


Comprehensive income for the year

Profit for the year
-
-
-
455,842
455,842
Total comprehensive income for the year
-
-
-
455,842
455,842

Dividends: Equity capital
-
-
-
(177,420)
(177,420)

Transfer to profit and loss account
-
558
-
(558)
-


Total transactions with owners
-
558
-
(177,978)
(177,420)


At 29 February 2024
2,000
182,238
372
5,476,172
5,660,782


The notes on pages 20 to 39 form part of these financial statements.


- 14 -



 
CASTLEWOOD HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2022
2,000
182,238
372
4,695,787
4,880,397


Comprehensive income for the year

Profit for the year
-
-
-
639,483
639,483
Total comprehensive income for the year
-
-
-
639,483
639,483

Dividends: Equity capital
-
-
-
(137,520)
(137,520)

Transfer to profit and loss account
-
(558)
-
558
-


Total transactions with owners
-
(558)
-
(136,962)
(137,520)


At 28 February 2023
2,000
181,680
372
5,198,308
5,382,360


The notes on pages 20 to 39 form part of these financial statements.


- 15 -



 
CASTLEWOOD HOLDINGS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2023
2,000
181,680
372
1,581,925
1,765,977


Comprehensive income for the year

Profit for the year
-
-
-
152,547
152,547
Total comprehensive income for the year
-
-
-
152,547
152,547

Dividends: Equity capital
-
-
-
(177,420)
(177,420)

Transfer to profit and loss account
-
558
-
(558)
-


Total transactions with owners
-
558
-
(177,978)
(177,420)


At 29 February 2024
2,000
182,238
372
1,556,494
1,741,104


The notes on pages 20 to 39 form part of these financial statements.


- 16 -



 
CASTLEWOOD HOLDINGS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2022
2,000
182,238
372
1,287,281
1,471,891


Comprehensive income for the year

Profit for the year
-
-
-
431,606
431,606
Total comprehensive income for the year
-
-
-
431,606
431,606

Dividends: Equity capital
-
-
-
(137,520)
(137,520)

Transfer to profit and loss account
-
(558)
-
558
-


Total transactions with owners
-
(558)
-
(136,962)
(137,520)


At 28 February 2023
2,000
181,680
372
1,581,925
1,765,977


The notes on pages 20 to 39 form part of these financial statements.


- 17 -



 
CASTLEWOOD HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
455,842
639,483

Adjustments for:

Depreciation of tangible assets
98,162
93,333

Loss on disposal of tangible assets
(350)
-

Interest received
(64,856)
(19,415)

Dividends received
(15,000)
(20,000)

Taxation charge
169,280
137,185

Decrease in stocks
193,463
496,786

Decrease/(increase) in debtors
161,028
(293,669)

(Decrease) in creditors
(496,745)
(227,464)

Share of operating (loss) in joint ventures
(21,446)
(31,396)

Corporation tax (paid)
(135,809)
(58,007)

Net cash generated from operating activities

343,569
716,836

Cash flows from investing activities

Purchase of tangible fixed assets
(262,424)
(30,461)

Sale of tangible fixed assets
350
-

Interest received
64,856
19,415

Dividends received
-
20,000

Net cash from investing activities

(197,218)
8,954

Cash flows from financing activities

Dividends paid
(177,420)
(137,520)

Net cash used in financing activities
(177,420)
(137,520)

Net (decrease)/increase in cash and cash equivalents
(31,069)
588,270

Cash and cash equivalents at beginning of year
2,064,215
1,475,945

Cash and cash equivalents at the end of year
2,033,146
2,064,215


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,033,146
2,064,215



- 18 -



 
CASTLEWOOD HOLDINGS LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 FEBRUARY 2024




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

2,064,215

(31,069)

2,033,146


2,064,215
(31,069)
2,033,146

The notes on pages 20 to 39 form part of these financial statements.


- 19 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Castlewood Holdings Limited is a private company limited by share capital, incorporated in England and Wales, registration number 01526264. The registered office is The Sawmill, Wix Nr Manningtree, Colchester, Essex, CO11 2RS.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The result of the parent company is however disclosed at the foot of the Consolidated Statement of Comprehensive Income (including Profit and Loss Account). 
The financial statements are prepared in sterling and are rounded to the nearest £1. The Company and Group's functional currency is sterling.
Forecasting indicates that liabilities will continue to be met as they fall due for a period of at least 12 months following the date of accounts approval. The accounts are therefore prepared on a going concern basis.
In forming this opinion on the application of the going concern basis, the directors confirm their view that the Company will continue to trade.
The following principal accounting policies have been consistently applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The financial statements also include the group's share of profits and reserves of its joint venture company.


- 20 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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 Group 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.

 
2.4

Valuation of investments

Investments in subsidiaries and joint ventures are measured at cost less accumulated impairment in the individual company's financial statements.


- 21 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

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. Advantage has been taken of the transitional arrangements of FRS 102 in respect of assets previously revalued.

It is the Group's policy to account for its freehold land and property which is rented by the Parent Company to its subsidiary, Anglian Timber Limited, as a tangible fixed asset at deemed cost less depreciation.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
1% on deemed cost
Plant and machinery
-
10% on cost
Motor vehicles
-
25% - 33% on cost
Office equipment
-
33.3% on cost

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.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on these assets is transferred annually from the revaluation reserve to the profit and loss reserve.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


- 22 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at amortised cost. Impairments are accounted for when deemed necessary.

 
2.8

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.

 
2.9

Creditors

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

 
2.10

Financial instruments

The Group 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.
Financial assets and financial liabilities are measured amortised cost.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.


- 23 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The main estimations included within the accounts are stock provisions and debtor provisions.
The main area requiring judgement over estimation concerns the useful economic lives of fixed assets. Details regarding property values are included in the fixed assets note to the financial statements. As disclosed within the strategic report the directors consider that the market value of the freehold assets is significantly in excess of their carrying value in these financial statements.


- 24 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Turnover

Group turnover is wholly attributable to the principal business activities.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
98,162
93,333

Operating lease rentals
256,946
273,889


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
5,530
6,700

There are also fees payable to the Company's auditor for non-audit services of £4,050 (2023 - £3,800).
In addition, fees are payable to the Group auditor in respect of the subsidiary company Anglian Timber Limited as follows: £12,695 (2023 - £13,050) in respect of audit fees and £3,050 (2023 - £2,900) in respect of non-audit fees.


- 25 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,381,439
1,503,174
142,147
168,162

Social security costs
130,355
148,782
10,193
18,653

Cost of defined contribution scheme
123,651
100,203
43,140
44,540

1,635,445
1,752,159
195,480
231,355


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Production
35
36
-
-



Administration
5
5
-
-



Distribution
11
11
-
-



Directors
6
6
4
4

57
58
4
4


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
142,147
168,162

Group contributions to defined contribution pension schemes
43,140
44,540

185,287
212,702


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £41,867 (2023 - £97,704).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £43,140 (2023 - £42,590).


- 26 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Income from investments

29 February
28 February
2024
2023
£
£



Dividends receivable from joint venture
15,000
20,000

15,000
20,000


10.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
57,035
19,102

Other interest receivable
7,821
313

64,856
19,415


11.


Taxation


2024
2023
£
£

Current tax


Current tax on profits for the year
122,691
148,137

Adjustments in respect of previous periods
16,048
-


Total current tax
138,739
148,137

Deferred tax


Origination and reversal of timing differences
30,541
(10,952)

Total deferred tax
30,541
(10,952)


Tax on profit
169,280
137,185

- 27 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
625,122
776,668


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
156,281
147,567

Effects of:


Expenses not deductible for tax purposes
3,303
1,000

Adjustments to tax charge in respect of prior periods
16,048
-

Movement in pension fund leading to a change in tax
172
48

Other factors
(2,850)
(11,430)

Non-taxable income
(3,674)
-

Total tax charge for the year
169,280
137,185


Factors that may affect future tax charges

The Finance Act 2021 announced an increase of the main rate of UK corporation tax rate from 19% to 25% from 1 April 2023. This was enacted in June 2021. Accordingly, deferred tax assets and liabilities are stated at 25%.


12.


Dividends

29 February
28 February
2024
2023
£
£


Interim dividend paid on ordinary shares
177,420
137,520

177,420
137,520


- 28 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Tangible fixed assets

Group








Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
1,626,001
663,421
329,747
37,647
2,656,816


Additions
103,239
139,685
19,500
-
262,424


Disposals
-
(4,230)
-
-
(4,230)



At 29 February 2024

1,729,240
798,876
349,247
37,647
2,915,010



Depreciation


At 1 March 2023
324,153
523,692
255,957
37,647
1,141,449


Charge for the year on owned assets
14,321
39,009
44,832
-
98,162


Disposals
-
(4,230)
-
-
(4,230)



At 29 February 2024

338,474
558,471
300,789
37,647
1,235,381



Net book value



At 29 February 2024
1,390,766
240,405
48,458
-
1,679,629



At 28 February 2023
1,301,848
139,729
73,790
-
1,515,367


- 29 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

           13.Tangible fixed assets (continued)


Company









Freehold property
Motor vehicles
Total

£
£
£

Cost or valuation


At 1 March 2023
1,626,001
27,213
1,653,214


Additions
103,239
-
103,239



At 29 February 2024

1,729,240
27,213
1,756,453



Depreciation


At 1 March 2023
324,153
15,118
339,271


Charge for the year on owned assets
14,321
9,071
23,392



At 29 February 2024

338,474
24,189
362,663



Net book value



At 29 February 2024
1,390,766
3,024
1,393,790



At 28 February 2023
1,301,848
12,095
1,313,943







- 30 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

           13.Tangible fixed assets (continued)

Included in freehold land and buildings of the group and company is land valued at £293,317 which is not depreciated. The land and buildings of the main site were revalued to £448,095 in 1993 and the adjacent land was revalued to £250,000 in 1997. The directors have adopted the transitional arrangements of FRS 102 and do not in future intend to update this valuation and accordingly the freehold land and buildings are held at deemed cost.
On a historical basis, freehold land and buildings would have been included as follows: cost of £520,572 (2023 - £417,332) and accumulated depreciation of £104,926 (2023 - £90,604) resulting in a net book value of £415,646 (2023 - £326,728).
Assets held for use in operating leases
Included within fixed assets of the company and group are assets held for use in operating leases, for which the company receives rental income. The gross amount of assets on which leases are held is £1,729,240 (2023 - £1,626,001) and the accumulated depreciation is £338,474 (2023 - £324,153).


14.


Fixed asset investments

Group








Investment in joint ventures

£



Cost and net book value


At 1 March 2023
264,969


Share of retained profit
6,446



At 29 February 2024
271,415





- 31 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Company








Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 March 2023
100
500
600



At 29 February 2024
100
500
600





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Anglian Timber Limited
The Sawmill, Wix, Manningtree, Essex, CO11 2RS
Ordinary
100%

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Anglian Timber Limited
3,648,863
296,799


Participating interests


Castlewood Holdings Limited has a 50% owned joint venture in the name of Boxley Timber and Fencing Supplies limited, incorporated and registered in England and Wales. The investment in the joint venture company comprises 500 ordinary £1 shares representing 50% of share capital. The principal activity of the business is that of timber and fencing distributors. At the year end Castlewood Holdings Limited's share of the aggregate amount of capital and reserves was £270,915 (2023 - £264,969). The share of the retained profit for the year after dividends was £21,446 (2023 - £23,896).


- 32 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Stocks

Group
29 February
Group
28 February
2024
2023
£
£

Raw materials and consumables
759,962
953,425

759,962
953,425


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
-
201,123
-
201,123

-
201,123
-
201,123


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
1,044,156
1,074,940
-
-

Other debtors
811,006
729,989
786,138
617,979

Prepayments and accrued income
32,631
26,721
32,631
26,721

Deferred taxation (see note 22)
-
-
-
2,841

1,887,793
1,831,650
818,769
647,541


Other debtors due to the parent Company within and after more than one year, totalling £786,138, are amounts due from a related party. These amounts are secured against the assets of the related party and attract a market rate of interest. Detailed disclosure is provided within the related party note to these financial statements.


- 33 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Cash and cash equivalents

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,033,146
2,064,215
194,713
145,239

2,033,146
2,064,215
194,713
145,239



- 34 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

18.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Trade creditors
555,573
904,090
1,377
1,331

Amounts owed to group undertakings
-
-
568,500
348,932

Corporation tax
122,691
133,713
45,972
38,019

Other taxation and social security
127,628
104,071
33,664
29,887

Other creditors
9,683
10,733
-
-

Accruals and deferred income
87,913
258,648
11,646
124,300

903,488
1,411,255
661,159
542,469


Unless specified within the related party note to the financial statements, amounts due to related parties are interest free and repayable on demand. 


- 35 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

19.


Deferred taxation


Group



2024


£






At beginning of year
(37,134)


Profit or loss credit
(30,541)



At end of year
(67,675)

Company


2024


£






At beginning of year
2,841


Profit or loss credit
(8,450)



At end of year
(5,609)

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(67,675)
(37,134)
(5,609)
2,841

(67,675)
(37,134)
(5,609)
2,841


20.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



2,000 Ordinary shares of £1.00 each
2,000
2,000



- 36 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

21.


Contingencies

Under a group registration the Company is jointly and severally liable for value added tax due by other group companies.
The Company has entered into a loan guarantee on behalf of Boxley Timber & Fencing Supplies Limited, a joint venture company in which a 50% share is held. The guarantee covers a value of up to £165,000.


22.


Capital commitments




At 29 February 2024 the Group had capital commitments as follows:


Group
29 February
Group
28 February
2024
2023
£
£

Contracted for but not provided in these financial statements
172,274
35,720


23.


Pension commitments

The pension cost charge represents contributions payable by the Company and amounted to £43,140 (2023 - £44,540). 
The company had no unpaid contributions outstanding at the year end (2023 - £Nil). Within the group, there were unpaid contributions of £2,743 (2023 - £3,343) that are included in other creditors.


24.


Commitments under operating leases

At 29 February 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 February
Group
28 February
2024
2023
£
£

Not later than 1 year
243,990
175,532

Later than 1 year and not later than 5 years
230,316
4,638

474,306
180,170

- 37 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

25.


Related party transactions

The Company is taking advantage of the exemption provided by the related party criteria of FRS 102 not to disclose transactions between group companies where the subsidiary is wholly owned within the group.
At the balance sheet date the Company owed £568,500 to Anglian Timber Limited (2023 - £348,932).
During the year, net contributions of £10,000 (2023 - £10,000) were paid to the Castlewood Holdings Limited Retirement Benefits Scheme, a scheme in which some of the Company's directors are members.
Castlewood Developments Limited
During the year the group made purchases of £96,750 from Castlewood Developments Limited. At the balance sheet date, the Group owed Castlewood Developments Limited £nil.
In addition to this, the Company issued interest-bearing loans to Castlewood Developments Limited, a company under common control and ownership. The balance due from Castlewood Developments Limited at the year end is £786,138 (2023 - £819,102) and interest is charged at a market rate.
Lumberjacks Limited
During the year the group made sales of £330,133 (2023 - £459,161) and purchases of £62,945 (2023 - £83,005) to Lumberjacks Limited, a company under common control. At the balance sheet date the group was owed £nil (2023 - £40,082) from Lumberjacks Limited.
Boxley Timber & Fencing Supplies Limited
During the year the Company received dividends from Boxley Timber and Fencing Supplies Limited, a joint venture company, of £15,000 (2023 - £20,000).
The group made sales of £109,509 (2023 - £176,510) and purchases of £746 (2023 - £4,010). At the balance sheet date, Boxley Timber & Fencing Supplies Limited owed the Group £9,619 (2023 - £15,960).
Transactions with directors:
During the year the Company paid dividends to the directors as follows:
C R Milner-Moore £37,130 (2023 - £37,130).
A R Milner-Moore £42,631 (2023 - £42,631).
S L Milner-Moore £37,130 (2023 - £37,130).
Key management personnel are the directors' remunerated as disclosed within note 8.


26.


Controlling party

The company is controlled by the Milner-Moore family by virtue of their shareholding in the company.


- 38 -



 
CASTLEWOOD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

27.


Reserves

Revaluation reserve

Represents the revaluation of freehold property to date.

Profit and loss account

Represents accumulated profits and losses less distributions paid.

 

- 39 -