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REGISTERED NUMBER: 03736009 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

TOPCASTLE PROPERTIES LIMITED

TOPCASTLE PROPERTIES LIMITED (REGISTERED NUMBER: 03736009)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 6


TOPCASTLE PROPERTIES LIMITED (REGISTERED NUMBER: 03736009)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 161 189
Investment property 5 3,910,001 4,000,001
3,910,162 4,000,190

CURRENT ASSETS
Debtors 6 24,397 45,634
Cash at bank and in hand 2,656,124 2,517,998
2,680,521 2,563,632
CREDITORS
Amounts falling due within one year 7 (5,014,047 ) (4,990,165 )
NET CURRENT LIABILITIES (2,333,526 ) (2,426,533 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,576,636

1,573,657

CAPITAL AND RESERVES
Called up share capital 4 4
Fair value reserve 205,229 295,229
Retained earnings 1,371,403 1,278,424
1,576,636 1,573,657

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 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.

TOPCASTLE PROPERTIES LIMITED (REGISTERED NUMBER: 03736009)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 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 21 October 2024 and were signed on its behalf by:





Mr C F Garner - Director


TOPCASTLE PROPERTIES LIMITED (REGISTERED NUMBER: 03736009)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

TOPCASTLE PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03736009

Registered office: 8-10 Broad Street
Hanley
Stoke on Trent
Staffordshire
ST1 4EU

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in pound sterling, which is the functional currency of the entity.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(i) Bad Debt Provision

The entity makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience.

(ii) Investment property

Investment property is included at fair value and is revalued by the directors to its fair value at each reporting date. Any changes in fair value are recognised in other comprehensive income/profit or loss.
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

(iii) Estimated useful lives and residual values of fixed assets

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

REVENUE RECOGNITION
The revenue shown in the profit and loss account represents property rental and service charges receivable during the year, exclusive of Value Added Tax. Revenue is recognised on a receivable basis.

TOPCASTLE PROPERTIES LIMITED (REGISTERED NUMBER: 03736009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

INVESTMENT PROPERTY
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

TOPCASTLE PROPERTIES LIMITED (REGISTERED NUMBER: 03736009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 May 2023
and 30 April 2024 500
DEPRECIATION
At 1 May 2023 311
Charge for year 28
At 30 April 2024 339
NET BOOK VALUE
At 30 April 2024 161
At 30 April 2023 189

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 4,000,001
Revaluations (90,000 )
At 30 April 2024 3,910,001
NET BOOK VALUE
At 30 April 2024 3,910,001
At 30 April 2023 4,000,001

TOPCASTLE PROPERTIES LIMITED (REGISTERED NUMBER: 03736009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. INVESTMENT PROPERTY - continued

Investment property was revalued to it's fair value by the directors as at 30 April 2024.

The directors consider the investment properties are stated at fair value as at 30 April 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 10,791 11,534
Other debtors 13,606 34,100
24,397 45,634

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Taxation and social security 44,030 67,441
Other creditors 4,970,017 4,922,724
5,014,047 4,990,165

8. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the shareholders the total sum of £4,894,591 (2023 - £4,843,996 ).

All other transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.