REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
EXETER CASTLE MANAGEMENT COMPANY LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
EXETER CASTLE MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 08430531) |
Balance Sheet - continued |
30 APRIL 2024 |
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. |
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 |
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 |
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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Fixtures, |
Plant and | fittings | Motor |
machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 2023 | 977,782 | 1,721,513 | 2,699,295 |
Profit for the year | 167,621 | - | 167,621 |
Revaluation | - | - | - |
Deferred tax adjustment on revaluation | - | (109,328) | (109,328) |
As at 30 April 2024 | 1,145,403 | 1,612,185 | 2,757,588 |
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. |