Company registration number 05603067 (England and Wales)
CASTLEHAVEN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CASTLEHAVEN HOLDINGS LIMITED
COMPANY INFORMATION
Directors
I F Barry
R Barry
Secretary
S Barry
Company number
05603067
Registered office
77a Boston Manor Road
Brentford
Middlesex
TW8 9JQ
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
Business address
77a Boston Manor Road
Brentford
Middlesex
TW8 9JQ
CASTLEHAVEN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
CASTLEHAVEN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Business Review
The principal activity of the business is a holding company for our subsidiaries. The two main companies within the group are Ballycommon Services Limited, who resource and supply professionals, skilled trades and labour to the Civil Engineering, Construction and Rail sectors throughout the UK. Ballycommon Rail is a contractor who operate in the rail sector.
The group’s turnover for the year is approaching £24 million, returning to regular levels after the spikes in the March 2022 and March 2023 financial statements which occurred as a result of a specific project in those years. Turnover was also impacted by Network rail’s budgetary period CP6 coming to a close. The company continues its focus on managing overheads and identifying efficiencies to support margins. Our EBITDA for the year ending March 2024 was £99,655 (2023 £232,519).
Ballycommon Services continues to deliver a professional service to its customers which by in large is down to the diligent, high quality, well trained staff we employ and operatives we supply to our customers.
Ballycommon Rail have paused operations whilst conducting an in depth strategic review of the business . Despite two difficult years of trading, we believe opportunities still exist within the contracting sector, particularly the latter stages of HS2 and the commencement of Network Rail’s new budgetary period, CP7. Ballycommon Rail are ready to take advantage of commercial opportunities and provide strategic advice to other companies within the group.
The directors would like to place on record their gratitude to all stakeholders who have contributed to Castlehaven Holdings Limited during the period.
The Group continues to work on major infrastructure projects and rail projects throughout the UK. Castlehaven Holdings continues to be a good corporate citizen and where practicably possible chooses environmentally and social options that benefit the communities we operate in.
Principal risks and uncertainties
The group’s principal activities expose them to a variety of risks which are managed by ensuring thorough implementation and management of financial controls.
Credit Risk
The group's credit risks arise from trade debtors and the amount recoverable from contracts. The group has a structured procedure to manage these risks by setting limits for individual clients based on past trading history and current third party credit information.
Liquidity Risk
The group seeks to manage liquidity risks by the use of a combination of cash reserves and long term debt instruments. The group is confident it will continue to manage its liquidity and meet obligations as they fall due.
Health & Safety
The group recognize the importance of health, safety and wellbeing of all staff, employees, sub contractors, customers and the wider sectors we work in. The group and board continue to ensure improvement to health, safety and wellbeing remain a key objective.
Staff, Employees and workers
The group’s reputation is dependent on the continued provision of well trained, qualified management, staff, and workers. The group is an equal opportunity employer and is opposed to all forms of discrimination including on the grounds of age, ethnicity, gender, religion or sexual orientation.
CASTLEHAVEN HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key performance indicators
The board uses a range of financial and non-financial indicators to help manage its operations. Key financial KPI’s include, Turnover, Profit (after tax) and Balance Sheet Net Assets.
2024
2023
2022
£
£
£
Turnover
23,666,682
32,310,700
59,114,607
Profit/(Loss) after tax
(116,226)
(157,143)
2,686,598
Net assets
3,467,965
3,584,191
3,775,334
EBITDA
99,655
232,519
3,990,555
Results and dividends
The group’s results are in line with managements expectations with detail provided further in the financial statements and comment provided in the strategic review.
No dividends have been paid during the period (2023 £34,000) and the directors do not recommend the payment of a dividend at this time.
R Barry
Director
27 January 2025
CASTLEHAVEN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company and group continued to be that of operating of own or leased real estate and deliver skilled staff to enable completion of construction projects across the United Kingdom.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
I F Barry
R Barry
Auditor
Mercer & Hole LLP were reappointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
R Barry
Director
27 January 2025
CASTLEHAVEN HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CASTLEHAVEN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASTLEHAVEN HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Castlehaven Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 the parent company's affairs as at 31 March 2024 and of the group's loss 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.
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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.
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 report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CASTLEHAVEN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASTLEHAVEN HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
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 financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
gaining an understanding of management's controls designed to prevent and detect irregularities; and
identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
CASTLEHAVEN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASTLEHAVEN HOLDINGS LIMITED
- 7 -
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 2006. Our 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.
Mark Cassidy FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
Trinity Court
Church Street
Rickmansworth
WD3 1RT
27 January 2025
CASTLEHAVEN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
23,666,682
32,310,700
Cost of sales
(19,569,726)
(27,769,926)
Gross profit
4,096,956
4,540,774
Administrative expenses
(4,475,394)
(4,626,487)
Other operating income
125,593
16,636
Operating loss
4
(252,845)
(69,077)
Interest receivable and similar income
7
90
69
Interest payable and similar expenses
8
(296,671)
(218,540)
Fair value gains and losses on investment properties
9
258,626
-
Loss before taxation
(290,800)
(287,548)
Tax on loss
10
174,574
130,405
Loss for the financial year
26
(116,226)
(157,143)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CASTLEHAVEN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
973,466
1,169,632
Investment properties
14
785,000
526,374
1,758,466
1,696,006
Current assets
Stocks
17
50,251
50,251
Debtors
18
6,944,626
6,509,772
Cash at bank and in hand
12,098
632,766
7,006,975
7,192,789
Creditors: amounts falling due within one year
19
(5,218,541)
(4,981,877)
Net current assets
1,788,434
2,210,912
Total assets less current liabilities
3,546,900
3,906,918
Creditors: amounts falling due after more than one year
20
(66,257)
(135,214)
Provisions for liabilities
Deferred tax liability
23
12,678
187,513
(12,678)
(187,513)
Net assets
3,467,965
3,584,191
Capital and reserves
Called up share capital
25
1
1
Revaluation reserve
26
193,969
Profit and loss reserves
26
3,273,995
3,584,190
Total equity
3,467,965
3,584,191
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
R Barry
Director
Company registration number 05603067 (England and Wales)
CASTLEHAVEN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
14
785,000
526,374
Investments
15
316,376
316,276
1,101,376
842,650
Current assets
Debtors
18
481,876
421,626
Cash at bank and in hand
201
84,580
482,077
506,206
Creditors: amounts falling due within one year
19
(1,212,547)
(1,249,147)
Net current liabilities
(730,470)
(742,941)
Total assets less current liabilities
370,906
99,709
Provisions for liabilities
Deferred tax liability
23
64,657
(64,657)
-
Net assets
306,249
99,709
Capital and reserves
Called up share capital
25
1
1
Revaluation reserve
26
193,969
Profit and loss reserves
26
112,279
99,708
Total equity
306,249
99,709
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £206,540 (2023 - £7,238 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
R Barry
Director
Company registration number 05603067 (England and Wales)
CASTLEHAVEN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1
3,775,333
3,775,334
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(157,143)
(157,143)
Dividends
11
-
-
(34,000)
(34,000)
Balance at 31 March 2023
1
3,584,190
3,584,191
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(116,226)
(116,226)
Transfers
-
193,969
(193,969)
-
Balance at 31 March 2024
1
193,969
3,273,995
3,467,965
CASTLEHAVEN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1
126,469
126,470
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
7,239
7,239
Dividends
11
-
-
(34,000)
(34,000)
Balance at 31 March 2023
1
99,708
99,709
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
206,540
206,540
Transfers
-
193,969
(193,969)
-
Balance at 31 March 2024
1
193,969
112,279
306,249
CASTLEHAVEN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(850,516)
3,064,738
Interest paid
(80,080)
(218,540)
Income taxes refunded/(paid)
272,677
(941,235)
Net cash (outflow)/inflow from operating activities
(657,919)
1,904,963
Investing activities
Purchase of tangible fixed assets
(168,790)
(461,155)
Proceeds from disposal of tangible fixed assets
79,173
162,611
Purchase of investment property
-
(98,366)
Interest received
90
69
Net cash used in investing activities
(89,527)
(396,841)
Financing activities
Proceeds from factoring account
260,337
-
Repayment of bank loans
-
(740,217)
Payment of finance leases obligations
(225,988)
(186,766)
Dividends paid to equity shareholders
(34,000)
Net cash generated from/(used in) financing activities
34,349
(960,983)
Net (decrease)/increase in cash and cash equivalents
(713,097)
547,139
Cash and cash equivalents at beginning of year
632,766
85,627
Cash and cash equivalents at end of year
(80,331)
632,766
Relating to:
Cash at bank and in hand
12,098
632,766
Bank overdrafts included in creditors payable within one year
(92,429)
-
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Castlehaven Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 77a Boston Manor Road, Brentford, Middlesex, TW8 9JQ.
The group consists of Castlehaven Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Castlehaven Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered future expected cashflows, the strength of the group balance sheet and credit facilities in place for their going concern assessment. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the lease period of 15 years
Plant and equipment
25% on net book value
Fixtures and fittings
25% on net book value
Computers
25% on net book value
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or
are settled, or when the company transfers the financial asset and substantially all the risks and rewards of
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of
the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods and services
23,666,682
32,310,700
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
23,666,682
32,310,700
2024
2023
£
£
Other revenue
Interest income
90
69
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
36,700
35,500
Depreciation of owned tangible fixed assets
116,725
87,727
Depreciation of tangible fixed assets held under finance leases
235,775
213,869
Profit on disposal of tangible fixed assets
(66,717)
(19,941)
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
47
53
2
2
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,051,272
1,146,804
Social security costs
199,805
101,038
-
-
Pension costs
25,573
213,056
2,276,650
1,460,898
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
70,000
60,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
69
Other interest income
90
-
Total income
90
69
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
88
63,499
Interest on invoice finance arrangements
66,074
21,746
Other interest on financial liabilities
-
36,875
Interest on finance leases and hire purchase contracts
13,918
20,037
Other interest
216,591
76,383
Total finance costs
296,671
218,540
9
Amounts written off investments
2024
2023
£
£
Changes in the fair value of investment properties
258,626
-
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(128,177)
Adjustments in respect of prior periods
(4,942)
Total current tax
(133,119)
Deferred tax
Origination and reversal of timing differences
(174,574)
2,714
Total tax credit
(174,574)
(130,405)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(290,800)
(287,548)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(72,700)
(54,634)
Tax effect of expenses that are not deductible in determining taxable profit
42,434
31,989
Tax effect of utilisation of tax losses not previously recognised
(126,103)
Change in unrecognised deferred tax assets
20,742
Adjustments in respect of prior years
(4,942)
Effect of change in corporation tax rate
-
7,419
Permanent capital allowances in excess of depreciation
1,497
(5,627)
Other permanent differences
751
Deferred tax adjustments in respect of prior years
(145,805)
Taxation credit
(174,574)
(130,405)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
34,000
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
50,427
Amortisation and impairment
At 1 April 2023 and 31 March 2024
50,427
Carrying amount
At 31 March 2024
At 31 March 2023
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
122,205
89,823
4,589
47,990
102,728
1,839,199
2,206,534
Additions
168,790
168,790
Disposals
(9,050)
(39,510)
(110,364)
(158,924)
At 31 March 2024
122,205
89,823
4,589
38,940
63,218
1,897,625
2,216,400
Depreciation and impairment
At 1 April 2023
67,367
961
40,366
66,406
861,802
1,036,902
Depreciation charged in the year
5,988
907
1,906
9,085
334,614
352,500
Eliminated in respect of disposals
(8,628)
(36,611)
(101,229)
(146,468)
At 31 March 2024
73,355
1,868
33,644
38,880
1,095,187
1,242,934
Carrying amount
At 31 March 2024
122,205
16,468
2,721
5,296
24,338
802,438
973,466
At 31 March 2023
122,205
22,456
3,628
7,624
36,322
977,397
1,169,632
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 25 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
528,412
636,140
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
526,374
526,374
Net gains or losses through fair value adjustments
258,626
258,626
At 31 March 2024
785,000
785,000
The fair value of the investment property has been arrived at by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
316,376
316,276
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
316,276
Additions
100
At 31 March 2024
316,376
Carrying amount
At 31 March 2024
316,376
At 31 March 2023
316,276
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
16
Subsidiaries
The goodwill arising on the acquisition of the business is attributable to Ballycommon Services Limited.
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Ballycommon Rail Limited
77a Boston Manor Road, Brentford TW8 9JQ
Ordinary
100.00
-
Ballycommon Services Limited
77a Boston Manor Road, Brentford TW8 9JQ
Ordinary
100.00
-
Castlehaven Properties Limited
77a Boston Manor Road, Brentford TW8 9JQ
Ordinary
100.00
-
Ballycommon Limited
77a Boston Manor Road, Brentford TW8 9JQ
Ordinary
100.00
-
Ballycommon Plant Limited
77a Boston Manor Road, Brentford TW8 9JQ
Ordinary
100.00
-
Pitshanger 204 Limited
77a Boston Manor Road, Brentford TW8 9JQ
Ordinary
-
100.00
The company being the ultimate parent company of Ballycommon Rail Limited (Company number 10464080) has decided to take the exemption from audit of Ballycommon Rail Limited for the year ended 31 March 2023 under sections 479A and 479C of the Companies Act 2006 and the company will provide guarantee for all the liabilities of Ballycommon Rail Limited as at 31 March 2024.
The company being the ultimate parent company of Ballycommon Limited (Company number: 08142647) has decided to take the exemption from audit Ballycommon Limited for the year ended 31 March 2024 under sections 479A and 479C of the Companies Act 2006 and the company will provide guarantee for all the liabilities of Ballycommon Limited as at 31 March 2024.
Pitshanger 204 Limited was incorporated on 20 February 2024. It was dormant during the period ended 31/03/2024
Ballycommon Plant Limited was dormant during the year to 31/03/2024
Castlehaven Properties Limited was dormant during the year to 31/03/2024.
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
50,251
50,251
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,463,313
3,153,560
Corporation tax recoverable
2,266
275,204
Amounts owed by group undertakings
-
-
261,876
261,876
Other debtors
1,076,713
803,702
220,000
159,750
Prepayments and accrued income
2,402,334
2,277,306
6,944,626
6,509,772
481,876
421,626
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,418,104
1,065,338
Obligations under finance leases
22
51,636
208,667
Trade creditors
333,670
766,621
10,500
Amounts owed to group undertakings
1,201,747
1,201,647
Other taxation and social security
2,023,990
926,145
-
-
Other creditors
754,903
1,211,045
1,000
34,000
Accruals and deferred income
636,238
804,061
9,800
3,000
5,218,541
4,981,877
1,212,547
1,249,147
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
22
66,257
135,214
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,325,675
1,065,338
Bank overdrafts
92,429
1,418,104
1,065,338
-
-
Payable within one year
1,418,104
1,065,338
The long-term loans are secured by fixed charges over the assets held by the group.
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
51,636
208,667
In two to five years
66,257
135,214
117,893
343,881
-
-
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Finance lease obligations
(Continued)
- 28 -
Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
126,741
192,678
Tax losses
(176,723)
(4,089)
Revaluations
64,657
-
Disallowable provisions
(1,997)
(1,076)
12,678
187,513
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
64,657
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
187,513
-
(Credit)/charge to profit or loss
(174,574)
64,657
Effect of change in tax rate - profit or loss
(261)
-
Liability at 31 March 2024
12,678
64,657
The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,573
213,056
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Retirement benefit schemes
(Continued)
- 29 -
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
10
10
1
1
26
Reserves
Profit and loss reserves
Includes all current and prior periods retained profits and losses.
27
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
62,648
68,305
-
-
Between two and five years
90,261
152,081
-
-
152,909
220,386
-
-
28
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
745,000
750,000
Other related parties
17,000
34,000
"Other related parties" are related by virtue of having directors in common or by virtue of being amounts owed to a director. See Directors' transactions note for further details.
The above amounts are interest free and payable on demand.
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
28
Related party transactions
(Continued)
- 30 -
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
883,745
495,299
Company
Other related parties
220,000
168,750
"Other related parties" are related by virtue of having directors in common or by virtue of being amounts owed to a director. See Directors' transactions note for further details.
The above amounts are interest free and payable on demand.
Other information
The company has taken advantage of the exemption available under FRS 102 from the requirement to make disclosures concerning transactions with fellow group companies.
29
Directors' transactions
Included in other creditors is £1,000 due to the directors from the group. All amounts are interest free and repayable on demand.
Dividends totalling £0 (2023 - £17,000) were paid in the year in respect of shares held by the company's directors.
30
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss after taxation
(116,226)
(157,143)
Adjustments for:
Taxation credited
(174,574)
(130,405)
Finance costs
296,671
218,540
Investment income
(90)
(69)
Non-operating income treated as financing activity
(216,591)
-
Gain on disposal of tangible fixed assets
(66,717)
(19,941)
Fair value gain on investment properties
(258,626)
Depreciation and impairment of tangible fixed assets
352,500
301,596
Movements in working capital:
(Increase)/decrease in debtors
(707,792)
4,978,911
Increase/(decrease) in creditors
40,929
(2,126,751)
Cash (absorbed by)/generated from operations
(850,516)
3,064,738
CASTLEHAVEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
31
Analysis of changes in net debt - group
1 April 2023
Cash flows
Market value movements
31 March 2024
£
£
£
£
Cash at bank and in hand
632,766
(620,668)
-
12,098
Bank overdrafts
(92,429)
-
(92,429)
632,766
(713,097)
-
(80,331)
Borrowings excluding overdrafts
(1,065,338)
(476,928)
216,591
(1,325,675)
Obligations under finance leases
(343,881)
225,988
-
(117,893)
(776,453)
(964,037)
216,591
(1,523,899)
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