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CASTLETHORPE PROPERTIES LIMITED

Registered Number
11432917
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

CASTLETHORPE PROPERTIES LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

Mr A D Cleland
Dr C Cleland

Registered Address

45 Montagu Avenue
Newcastle Upon Tyne
NE3 4JJ

Registered Number

11432917 (England and Wales)
CASTLETHORPE PROPERTIES LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property3730,838730,838
730,838730,838
Current assets
Debtors410,249498
Cash at bank and on hand210,62288,323
220,87188,821
Creditors amounts falling due within one year5(247,789)(245,252)
Net current assets (liabilities)(26,918)(156,431)
Total assets less current liabilities703,920574,407
Creditors amounts falling due after one year6(630,386)(519,987)
Net assets73,53454,420
Capital and reserves
Called up share capital100100
Profit and loss account73,43454,320
Shareholders' funds73,53454,420
The financial statements were approved and authorised for issue by the Board of Directors on 25 February 2025, and are signed on its behalf by:
Dr C Cleland
Director
Registered Company No. 11432917
CASTLETHORPE PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. These financial statements for the year ended 30 June 2024 are the company’s first financial statements that comply with FRS 102. The company’s date of transition to FRS 102 is 1 July 2023. Its last financial statements prepared in accordance with FRS 105 were for the year ended 30 June 2023. The transition to FRS 102 has resulted in the following changes to accounting policies and notes: Investment properties: Under the entity’s previous financial reporting framework, investment properties were measured at open market value, with changes in value taken direct to an investment property revaluation reserve. Under FRS 102, investment properties are included in the balance sheet at fair value. Changes in fair value are recognised in profit or loss.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Financial instruments
The company 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.
2.Average number of employees

20242023
Average number of employees during the year00
3.Investment property
The director considers that £730,838 is a fair representation of fair value at the year end based on market value for existing use. On a historical cost basis the investment properties would have been included at an original cost of £730,838.

£
Fair value at 01 July 23730,838
At 30 June 24730,838
4.Debtors: amounts due within one year

2024

2023

££
Prepayments and accrued income10,249498
Total10,249498
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security5,7877,658
Other creditors232,566228,940
Accrued liabilities and deferred income9,4368,654
Total247,789245,252
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts630,386519,987
Total630,386519,987
7.Creditors: amounts due after 5 years
Bank borrowings due after more than five years amount to £630,386.
8.Secured creditors
Bank borrowings are secured on the investment properties.
9.Related party transactions
During the year the directors had a loan account with the company. As at 30 June 2024 the company owed the directors £224,810.