Company Registration No. 12714602 (England and Wales)
CASTELNAU PROPERTY INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CASTELNAU PROPERTY INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CASTELNAU PROPERTY INVESTMENTS LTD
Company Registration No. 12714602
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,545
2,060
Investment properties
4
1,916,800
1,916,800
1,918,345
1,918,860
Current assets
Debtors
5
4,013
659
Cash at bank and in hand
1,779
233,470
5,792
234,129
Creditors: amounts falling due within one year
6
(1,025,950)
(958,357)
Net current liabilities
(1,020,158)
(724,228)
Total assets less current liabilities
898,187
1,194,632
Creditors: amounts falling due after more than one year
7
(696,200)
(696,200)
Provisions for liabilities
(103,393)
(126,221)
Net assets
98,594
372,211
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
98,494
372,111
Total equity
98,594
372,211
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CASTELNAU PROPERTY INVESTMENTS LTD
Company Registration No. 12714602
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 April 2025
D Lynagh
Director
CASTELNAU PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Castelnau Property Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 85 Great Portland Street, London, UK, W1W 7LT.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Going concern
At the balance sheet date the company has net liabilities of true£1,020,158. The directors have confirmed that they will continue to support the company for the foreseeable future and are confident about the company's ability to trade as a going concern and meets its financial obligations. Therefore the accounts have been prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental of the property in normal course of business.
1.4
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:
Plant and equipment
25% reducing balance
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 credited or charged to profit or loss.
1.5
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.
1.6
Cash and cash equivalents
Cash at bank and in hand 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.
CASTELNAU PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
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.
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.
1.8
Equity instruments
Equity instruments issued by the company 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 company.
1.9
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 company’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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
CASTELNAU PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 and 31 July 2024
2,300
Depreciation and impairment
At 1 August 2023
240
Depreciation charged in the year
515
At 31 July 2024
755
Carrying amount
At 31 July 2024
1,545
At 31 July 2023
2,060
4
Investment property
2024
£
Fair value
At 1 August 2023
1,916,800
Additions
343,782
Revaluations
(343,782)
At 31 July 2024
1,916,800
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2024 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,337
659
Other debtors
676
4,013
659
CASTELNAU PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,900
19,320
Taxation and social security
10,860
Other creditors
1,005,190
939,037
1,025,950
958,357
Included in other creditors falling due within one year is a secured loan of £259,446 (2023 - £358,408).
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
696,200
696,200
Included in creditors due after one year are interest only mortgage loans secured by the assets to which they relate. Capital repayment is due at the end of the loan term.
8
Related party transactions
At the balance sheet date, the company owed the director D Lynagh £207,590 (2023 - £303,741). This loan is interest free and repayable on demand.
At the balance sheet date the company owed £162,300 to Lynagh Property Investments Limited, a connected company.
At the balance sheet date the company owed £304,500 to Agathist Ltd, a connected company.