BrightAccountsProduction v1.0.0 v1.0.0 2024-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the business is that of a retail shop specialising in food, beverages and tobacco. 5 March 2025 16 17 NI651752 2024-12-31 NI651752 2023-12-31 NI651752 2022-12-31 NI651752 2024-01-01 2024-12-31 NI651752 2023-01-01 2023-12-31 NI651752 uk-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI651752 uk-curr:PoundSterling 2024-01-01 2024-12-31 NI651752 uk-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 NI651752 uk-bus:FullAccounts 2024-01-01 2024-12-31 NI651752 uk-core:ShareCapital 2024-12-31 NI651752 uk-core:ShareCapital 2023-12-31 NI651752 uk-core:RetainedEarningsAccumulatedLosses 2024-12-31 NI651752 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI651752 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-12-31 NI651752 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI651752 uk-bus:FRS102 2024-01-01 2024-12-31 NI651752 uk-core:Goodwill 2024-01-01 2024-12-31 NI651752 uk-core:PlantMachinery 2024-01-01 2024-12-31 NI651752 uk-core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 NI651752 uk-core:Goodwill 2023-12-31 NI651752 uk-core:Goodwill 2024-12-31 NI651752 uk-core:CurrentFinancialInstruments 2024-12-31 NI651752 uk-core:CurrentFinancialInstruments 2023-12-31 NI651752 uk-core:WithinOneYear 2024-12-31 NI651752 uk-core:WithinOneYear 2023-12-31 NI651752 uk-core:AfterOneYear 2024-12-31 NI651752 uk-core:AfterOneYear 2023-12-31 NI651752 uk-core:EmployeeBenefits 2023-12-31 NI651752 uk-core:EmployeeBenefits 2024-01-01 2024-12-31 NI651752 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 NI651752 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-12-31 NI651752 uk-core:OtherDeferredTax 2024-12-31 NI651752 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-12-31 NI651752 uk-core:EmployeeBenefits 2024-12-31 NI651752 uk-core:ParentEntities 2024-01-01 2024-12-31 NI651752 uk-countries:NorthernIreland 2024-01-01 2024-12-31 NI651752 uk-bus:Director1 2024-01-01 2024-12-31 NI651752 uk-bus:Director2 2024-01-01 2024-12-31 NI651752 uk-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
Company Registration Number: NI651752
 
 
Castle Shop & Hardware Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 December 2024
Castle Shop & Hardware Ltd
Company Registration Number: NI651752
BALANCE SHEET
as at 31 December 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 4 225,000 237,500
Tangible assets 5 61,036 8,800
───────── ─────────
Fixed Assets 286,036 246,300
───────── ─────────
 
Current Assets
Stocks 6 186,796 253,676
Debtors 7 18,802 11,535
Cash and cash equivalents 298,130 46,332
───────── ─────────
503,728 311,543
───────── ─────────
Creditors: amounts falling due within one year 8 (158,318) (142,243)
───────── ─────────
Net Current Assets 345,410 169,300
───────── ─────────
Total Assets less Current Liabilities 631,446 415,600
 
Creditors:
amounts falling due after more than one year 9 (655,296) (306,712)
 
Provisions for liabilities 10 27,858 (37)
───────── ─────────
Net Assets 4,008 108,851
═════════ ═════════
 
Capital and Reserves
Called up share capital 10 10
Retained earnings 3,998 108,841
───────── ─────────
Equity attributable to owners of the company 4,008 108,851
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 5 March 2025 and signed on its behalf by
           
           
________________________________     ________________________________
Damian O'Neill     Shauna O'Neill
Director     Director
           



Castle Shop & Hardware Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024

   
1. General Information
 
Castle Shop & Hardware Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 25a Aghascrebagh Road, Greencastle, Omagh, Co Tyrone, BT79 8HJ, Northern Ireland which is also the principal place of business of the company. The principal activity of the business is that of a retail shop specialising in food, beverages and tobacco. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 25% Reducing Balance
  Fixtures, fittings and equipment - 15% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 16, (2023 - 17).
 
  2024 2023
  Number Number
 
Employees 16 17
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 January 2024 250,000 250,000
  ───────── ─────────
 
At 31 December 2024 250,000 250,000
  ───────── ─────────
Amortisation
At 1 January 2024 12,500 12,500
Charge for financial year 12,500 12,500
  ───────── ─────────
At 31 December 2024 25,000 25,000
  ───────── ─────────
Net book value
At 31 December 2024 225,000 225,000
  ═════════ ═════════
At 31 December 2023 237,500 237,500
  ═════════ ═════════
         
5. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost
At 1 January 2024 11,650 74 11,724
Additions - 64,035 64,035
  ───────── ───────── ─────────
At 31 December 2024 11,650 64,109 75,759
  ───────── ───────── ─────────
Depreciation
At 1 January 2024 2,914 10 2,924
Charge for the financial year 2,184 9,615 11,799
  ───────── ───────── ─────────
At 31 December 2024 5,098 9,625 14,723
  ───────── ───────── ─────────
Net book value
At 31 December 2024 6,552 54,484 61,036
  ═════════ ═════════ ═════════
At 31 December 2023 8,736 64 8,800
  ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 186,796 253,676
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 15,385 7,125
Taxation - 1,391
Prepayments and accrued income 3,417 3,019
  ───────── ─────────
  18,802 11,535
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 98,509 136,901
Taxation 56,428 2,132
Accruals:
Pension accrual 381 210
Other accruals 3,000 3,000
  ───────── ─────────
  158,318 142,243
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Amounts owed to group undertakings 473,988 306,712
Other loans 181,308 -
  ───────── ─────────
  655,296 306,712
  ═════════ ═════════
 
 
During the year, the company received £250,000 advance rebate from Musgrave NI to be used to assist with the refit of the store to Centra specification. The term of the loan is 5 years and will be interest free provided no event of default occurs. The directors of the company have gave a joint and several personal guarantee in the principal sum of £450,000 in relation to this loan from Musgrave NI.

Musgrave Retail Partners NI Limited have a fixed and floating charge with a negative pledge over the property of Castle Shop and Hardware Ltd.

Northern Bank Limited has a fixed and floating charge with a negative pledge over the property of Castle Shop & Hardware Ltd.
           
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2024 2023
  £ £ £ £
 
At financial year start 37 - 37 25,178
Charged to profit and loss 15,223 (43,118) (27,895) (25,141)
  ───────── ───────── ───────── ─────────
At financial year end 15,260 (43,118) (27,858) 37
  ═════════ ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2024.
           
12. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
13. Parent company
 
The company regards Castle Paving Northern Ireland Ltd as its parent company.
 
   
14. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
       
15. Loss on discontinued activity
 
During the year the company started a new venture but it did not succeed so therefore it ceased during the year. These costs are shown in the profit and loss under 'loss on discontinued activity'.