Company Registration No. 12351683 (England and Wales)
CASTLE VIEW DEVELOPMENTS 2019 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
The Old Carriage Works
Moresk Road
Truro
Cornwall
United Kingdom
TR1 1DG
CASTLE VIEW DEVELOPMENTS 2019 LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CASTLE VIEW DEVELOPMENTS 2019 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
865,695
940,013
Debtors
3
2,552
31
Cash at bank and in hand
142,308
43,281
1,010,555
983,325
Creditors: amounts falling due within one year
(720,743)
(220,470)
Net current assets
289,812
762,855
Creditors: amounts falling due after more than one year
4
(600,000)
Net assets
289,812
162,855
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
289,712
162,755
Total equity
289,812
162,855
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 year ended 31 December 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 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.
CASTLE VIEW DEVELOPMENTS 2019 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr E J Crossley
Director
Company registration number 12351683 (England and Wales)
CASTLE VIEW DEVELOPMENTS 2019 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Castle View Developments 2019 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Gwel An Nans, Threemilestone, Truro, Cornwall, England, TR3 6FU.
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, [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.
1.2
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.
Revenue is recognised to turnover upon exchange of contracts for the sale of properties.
1.3
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.
1.4
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CASTLE VIEW DEVELOPMENTS 2019 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: Nil (2023: Nil).
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,552
31
4
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
600,000
Within the above creditors, secured liabilities as at 31 December 2024 totalled £nil (2023: £600,000).
CASTLE VIEW DEVELOPMENTS 2019 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Related party transactions
Directors and Shareholders of Castle View Developments 2019 Limited
At 31 December 2024, Castle View Developments 2019 Ltd owed £100,001 in respect of previous advances made to the company. (2023 £100,001). The advances are free of interest and repayable on demand.
D & G Builders Cornwall Limited
A company owned by two Directors and Shareholders of the company.
At 31 December 2024, Castle View Developments 2019 Limited owed £250,000 in respect of a loan made to the company. (2023 £nil). The loan is interest free and repayable on demand.
During the year, Castle View Developments paid the company £233,971 for goods and services provided to the company. (2023: £495,957.) At 31 December 2024, the company is owed £nil in respect of these services. (2023: £nil.)
Ed Crossley & Associates Limited
A company owned by a Director and Shareholder of the company.
At 31 December 2024, Castle View Developments 2019 Limited owed £350,000 in respect of a loan made to the company. (2023 £100,000l). The loan is interest free and repayable on demand.
During the year, Castle View Developments paid the company £7,000 for services rendered to the company. (2023: £10,000.) At 31 December 2024, the company is owed £nil in respect of these services. (2023: £nil.)