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REGISTERED NUMBER: 08430531 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 April 2024

for

EXETER CASTLE MANAGEMENT COMPANY LIMITED

EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531)

Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EXETER CASTLE MANAGEMENT COMPANY LIMITED

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: D A Gollop





REGISTERED OFFICE: 1 Fair Oak Court
Clyst Honiton
Exeter
EX5 2BB





REGISTERED NUMBER: 08430531 (England and Wales)





ACCOUNTANTS: Haines Watts
3 Southernhay West
Exeter
Devon
EX1 1JG

EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531)

Balance Sheet
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 72,085 79,358
Investment property 6 6,641,567 6,641,567
6,713,652 6,720,925

CURRENT ASSETS
Debtors 7 3,191 6,148
Cash at bank 103,394 68,555
106,585 74,703
CREDITORS
Amounts falling due within one year 8 (3,605,113 ) (3,747,965 )
NET CURRENT LIABILITIES (3,498,528 ) (3,673,262 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,215,124

3,047,663

PROVISIONS FOR LIABILITIES (457,436 ) (348,268 )
NET ASSETS 2,757,688 2,699,395

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 2,757,588 2,699,295
2,757,688 2,699,395

EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531)

Balance Sheet - continued
30 APRIL 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 December 2024 and were signed by:





D A Gollop - Director


EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024


1. COMPANY INFORMATION

Exeter Castle Management Company 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 (£).


The company's principal place of business is: Exeter Castle, Castle Street, Exeter, EX4 3PU.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The company relies on the continued financial support of both it's parent company and a related party company. Both these entities have advanced loans to the company on an informal basis. All three entities are under the common control of D A Gollop who has confirmed that no repayment of the outstanding loans will be sought by the lendors in the foreseeable future. It is therefore considered that it is remains appropriate to prepare the financial statements on the going concern basis.

Turnover
Turnover includes rent receivable from investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures, fittings & equipment - 20% on reducing balance
Motor vehicles - 2% on reducing balance

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation 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 balance sheet date.


EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
COST
At 1 May 2023 116,961 44,530 68,500 229,991
Additions - 2,424 - 2,424
Disposals - (36,959 ) - (36,959 )
At 30 April 2024 116,961 9,995 68,500 195,456
DEPRECIATION
At 1 May 2023 114,037 33,883 2,713 150,633
Charge for year 2,924 2,388 1,315 6,627
Eliminated on disposal - (33,889 ) - (33,889 )
At 30 April 2024 116,961 2,382 4,028 123,371
NET BOOK VALUE
At 30 April 2024 - 7,613 64,472 72,085
At 30 April 2023 2,924 10,647 65,787 79,358

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 6,641,567
NET BOOK VALUE
At 30 April 2024 6,641,567
At 30 April 2023 6,641,567

EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. INVESTMENT PROPERTY - continued

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2017 1,657,695
Valuation in 2022 410,023
Cost 4,573,849
6,641,567

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,573,849 4,573,849

The director has assessed the valuation of the property and considers that the market value of the
property remains unchanged.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 50 90
Other debtors 3,141 6,058
3,191 6,148

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,916 8,754
Amounts owed to group undertakings 27,945 64,862
Taxation and social security 58,304 38,147
Other creditors 3,512,948 3,636,202
3,605,113 3,747,965

9. SECURED DEBTS

Barclays Bank PLC have fixed and floating charges registered against the company's assets.

EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. RESERVES






Retained
earnings
Investment
property
revaluation
reserve



Totals
£££

At 1 May 2023977,7821,721,5132,699,295
Profit for the year167,621-167,621
Revaluation---
Deferred tax adjustment on revaluation-(109,328)(109,328)
As at 30 April 20241,145,4031,612,1852,757,588

Disclosed above are the cumulative effect of the investment properties gains and losses as a separate component of shareholders' funds, the investment property revaluation reserve. This is to clearly distinguish between the distributable retained earnings reserves, and the non-distributable investment property revaluation reserves.

11. RELATED PARTY DISCLOSURES

Related entity

Included in other creditors (amounts falling due within one year) is a loan from a company in which Mr D Gollop is a director.

At the balance sheet date the outstanding loan balance was £3,473,181 (2023: £3,598,181).

The loan is interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is JFK Exeter Limited.