0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 863,240 100,000 963,240 963,240 863,240 69,596 1,796 67,800 xbrli:pure xbrli:shares iso4217:GBP 03001093 2023-05-01 2024-04-30 03001093 2024-04-30 03001093 2023-04-30 03001093 2022-05-01 2023-04-30 03001093 2023-04-30 03001093 2022-04-30 03001093 bus:Director2 2023-05-01 2024-04-30 03001093 core:DeferredTaxation 2023-05-01 2024-04-30 03001093 core:AfterOneYear 2024-04-30 03001093 core:AfterOneYear 2023-04-30 03001093 core:WithinOneYear 2024-04-30 03001093 core:WithinOneYear 2023-04-30 03001093 core:ShareCapital 2024-04-30 03001093 core:ShareCapital 2023-04-30 03001093 core:RetainedEarningsAccumulatedLosses 2024-04-30 03001093 core:RetainedEarningsAccumulatedLosses 2023-04-30 03001093 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 03001093 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 03001093 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 03001093 core:DeferredTaxation 2023-04-30 03001093 core:DeferredTaxation 2024-04-30 03001093 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03001093 bus:SmallEntities 2023-05-01 2024-04-30 03001093 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03001093 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03001093 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03001093 bus:FullAccounts 2023-05-01 2024-04-30 03001093 core:AfterOneYear 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 03001093
CASTLEWELL HOMES LIMITED
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
CASTLEWELL HOMES LIMITED
Financial Statements
Year ended 30 April 2024
CONTENTS
PAGES
Balance Sheet
1 to 2
Notes to the Financial Statements
3 to 6
CASTLEWELL HOMES LIMITED
Balance Sheet
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
963,240
863,240
Current assets
Debtors
5
312,571
340,144
Cash at bank and in hand
1,162
2,870
----------
----------
313,733
343,014
Creditors: amounts falling due within one year
6
( 162,220)
( 191,709)
----------
----------
Net current assets
151,513
151,305
-------------
-------------
Total assets less current liabilities
1,114,753
1,014,545
Creditors: amounts falling due after more than one year
7
( 471,400)
( 471,400)
Provisions
8
( 67,800)
( 69,596)
-------------
-------------
Net assets
575,553
473,549
-------------
-------------
CASTLEWELL HOMES LIMITED
Balance Sheet (continued)
30 April 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
102
102
Profit and loss account
575,451
473,447
----------
----------
Total equity
575,553
473,549
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Mr J I Sternlight
Director
Company registration number: 03001093
CASTLEWELL HOMES LIMITED
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Taxation
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. For investment property that is measured at fair value, deferred tax is provided at the rate and allowances applicable to the sale of the property.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - i. Investment properties whose fair value can be measured reliably are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and ii. No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. The Company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
4. Tangible assets
Freehold investment properties
£
Fair value
At 1 May 2023
863,240
Revaluations
100,000
----------
At 30 April 2024
963,240
----------
Carrying amount
At 30 April 2024
963,240
----------
At 30 April 2023
863,240
----------
The Company's investment properties were valued by the Directors at 30 April 2024 based on their understanding of property market conditions and the specific properties concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the properties is £359,253.
5. Debtors
2024
2023
£
£
Trade debtors
2,931
Other debtors
312,571
337,213
----------
----------
312,571
340,144
----------
----------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
162,220
191,709
----------
----------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
471,400
471,400
----------
----------
The bank loans are secured on the Company's investment properties and are repayable after more than 5 years.
8. Provisions
Deferred tax
£
At 1 May 2023
69,596
Movement in the year
( 1,796)
---------
At 30 April 2024
67,800
---------
9. Related party transactions
Included in other debtors are amounts of £311,438 due from Companies connected with the Directors and Shareholders. The loans are interest-free and repayable on demand. Included in other creditors are amounts of £141,495 due to Companies connected with the Directors and Shareholders. The loans are interest-free and repayable on demand. Also included in other creditors is an amount of £20,725 due to a company connected with the Directors and Shareholders. The loan bears interest at 5% and is repayable on demand.