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REGISTERED NUMBER: SC639728 (Scotland)




















Castlegate Union Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024






Castlegate Union Limited (Registered number: SC639728)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Castlegate Union Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: C Keane
Mrs J Keane
R T E Capper



SECRETARY: Mrs J Keane



REGISTERED OFFICE: C/o Whitelaw Wells
9 Ainslie Place
Edinburgh
EH3 6AT



REGISTERED NUMBER: SC639728 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
The Mound
Edinburgh
EH1 1YZ

Castlegate Union Limited (Registered number: SC639728)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 20,065 1
Investment property 5 900,000 900,000
920,065 900,001

CURRENT ASSETS
Debtors 6 168,623 169,554
Cash at bank 50,199 26,822
218,822 196,376
CREDITORS
Amounts falling due within one year 7 937,615 939,055
NET CURRENT LIABILITIES (718,793 ) (742,679 )
TOTAL ASSETS LESS CURRENT LIABILITIES 201,272 157,322

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 (18,590 ) (18,590 )
Retained earnings 8 219,762 175,812
SHAREHOLDERS' FUNDS 201,272 157,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

Castlegate Union Limited (Registered number: SC639728)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:





C Keane - Director


Castlegate Union Limited (Registered number: SC639728)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Castlegate Union Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting 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 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.

Turnover
Turnover represents rental income. Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to these incentives is accrued and subsequently released of the full period of the lease agreement. Property sales are recognised with reference to completion date.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to the fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year-end is included in the fair value reserve with the relevant change in fair value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Castlegate Union Limited (Registered number: SC639728)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments
The company only 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.

All loans with related parties are all repayable on demand.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Investments
Investments in unlisted undertakings are recognised at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 September 2023 1
Additions 20,064
At 31 August 2024 20,065
NET BOOK VALUE
At 31 August 2024 20,065
At 31 August 2023 1

Castlegate Union Limited (Registered number: SC639728)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 900,000
NET BOOK VALUE
At 31 August 2024 900,000
At 31 August 2023 900,000

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2020 81,410
Valuation in 2022 (100,000 )
Cost 918,590
900,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 918,590 918,590

Investment property was valued on an open market basis on 31 August 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,800 6,731
Other debtors 162,823 162,823
168,623 169,554

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,150 1,429
Taxation and social security 14,515 14,221
Other creditors 920,950 923,405
937,615 939,055

Within other creditors is a director's current account which is unsecured, interest free, and has no fixed terms of repayment.

Castlegate Union Limited (Registered number: SC639728)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 September 2023 175,812 (18,590 ) 157,222
Profit for the year 43,950 43,950
At 31 August 2024 219,762 (18,590 ) 201,172

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

9. RELATED PARTY DISCLOSURES

A total of £452,453 (2023: £454,655) was outstanding and due to one of the directors at the year end.

At the year end a further £452,452 (2023: £452,452) is due to CSKP Limited, a company that is owned by the other director.

10. GOING CONCERN

The company is dependant upon the continued support of it's director and related parties, who have advanced the company funds to purchase investment property.