Company registration number 11990055 (England and Wales)
CASTELL GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CASTELL GROUP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CASTELL GROUP LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 May 2023
Notes
£
£
£
£
Fixed assets
Investments
4
2,200
6,100
Current assets
Stocks
5
1,374,130
787,642
Debtors
6
1,718,844
2,439,065
Cash at bank and in hand
57
35,002
3,093,031
3,261,709
Creditors: amounts falling due within one year
7
(666,549)
(1,142,150)
Net current assets
2,426,482
2,119,559
Total assets less current liabilities
2,428,682
2,125,659
Creditors: amounts falling due after more than one year
8
(2,480,128)
(2,160,561)
Net liabilities
(51,446)
(34,902)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(51,546)
(35,002)
Total equity
(51,446)
(34,902)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period 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.
CASTELL GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr D Payne
Director
Company Registration No. 11990055
CASTELL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Castell Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Dyffryn Court Riverside Business Park, Swansea Vale, Swansea, SA7 0AP.
1.1
Reporting period
The current years financial statements represent a 10 month period compared to 12 months in the prior years financial statements. As a result the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
CASTELL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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.
CASTELL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
2
2
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,200
6,100
CASTELL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
6,100
Additions
1,000
At 31 March 2024
7,100
Impairment
At 1 June 2023
-
Impairment losses
4,900
At 31 March 2024
4,900
Carrying amount
At 31 March 2024
2,200
At 31 May 2023
6,100
5
Stocks
2024
2023
£
£
Work in progress
1,374,130
787,642
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,692,633
2,418,252
Other debtors
26,211
20,813
1,718,844
2,439,065
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Trade creditors
2,820
5,132
Amounts owed to group undertakings
591,366
1,123,908
Other creditors
67,363
8,110
666,549
1,142,150
CASTELL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
39,791
41,923
Other creditors
2,440,337
2,118,638
2,480,128
2,160,561
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
2,460,128
2,140,561
On 22 December 2022, Clive Hill Limited registered a fixed and floating charge over all the property or undertakings of the company.
On 22 December 2022, Clive Hill Limited registered a fixed charge over the following freehold properties. The freehold property known as the land and buildings on the south side of Samlet Road, Llansamlet, Swansea, SA7 9AG. The freehold property known as the land lying close to the north east of Mannesmann Close, Llansamlet, Swansea. The freehold property known as 108 Samlet Road, Llansamlet, Swansea, SA7 9AF. The freehold property known as 110 and 112 Samlet Road, Llansamlet, Swansea, SA7 9AF. The freehold property known as the land adjoining the former burial ground off Samlet Road, Llansamlet, Swansea, SA7 9AL. The freehold property known as part of Ashleigh’s complex, Samlet Road, Llansamlet, Swansea. The freehold property known as the land lying to the south of Samlet Road, Llansamlet, Swansea. The freehold property known as the Mission Hall, Neath Road, Llansamlet, Swansea. The freehold property known as the land lying to the south west of Samlet Road, Swansea Enterprise Park, Swansea, SA7 9AF. The charge also contains a negative pledge.
CASTELL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
9
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Barry Developments SPV 1 Ltd
164,058
25,616
Big Cam Ltd
285,486
-
105,306
Caerphilly Developments SPV 1 Ltd
146,357
30,461
Carmarthenshire Developments SPV 1 Ltd
87,813
3,104
Castell Building Services Ltd
39
48
Castell Construction Ltd
1,993,396
12,284
Castell Developments (Social Housing) Ltd
5,405
50,081
Castell Holdings Ltd
2,968
4,239
Castell Land Holdings RCT SPV 1 Ltd
33,530
Castell Land Holdings Swanea SPV 1 Ltd
9,650
Coity Developments SPV 1 Ltd
10,745
Dyfed Developments SPV 1 Ltd
1,941
88
Dyfed Developments SPV 2 Ltd
3,481
88
Neath Developments SPV 1 Ltd
551,236
287,155
Neath Developments SPV 2 Ltd
80,833
26,943
Newport Developments SPV 1 Ltd
25,233
169,747
Pontypridd Developments SPV 1 Ltd
60,157
225,882
Port Talbot Developments SPV 1 Ltd
180,596
171,912
Property Brothers Ltd
62,588
62,588
Pyle Developments SPV Ltd
13,567
71,350
Rhondda Developments SPV 1 Ltd
31,731
35,365
Rhondda Developments SPV 2 Ltd
15,170
Swansea Developments SPV 1 Ltd
59,877
121,228
Swansea Developments SPV 2 Ltd
192,784
195,637
TP Rhythm SPV
204,217
7,115
Ystrad Mynach Developments SPV 1 Ltd
56,349
82
10
Parent company
The parent and ultimate controlling party is Property Brothers Limited