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Registered number: 06508131 CASTLEPEARL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CASTLEPEARL LIMITED COMPANY INFORMATION
Directors | K K Shah
| A Shah
| S K Shah
Registered number | 06508131
Registered office | Unit 14a
| Brunswick Industrial Park
| Brunswick Way
| London
| N11 1JL
Independent auditor | Adler Shine LLP
| Chartered Accountants & Statutory Auditor
| Aston House
| Cornwall Avenue
| London
| N3 1LF
CASTLEPEARL LIMITED CONTENTS
| Page
Group strategic report | 1
Directors' report | 2 - 3
Independent auditor's report | 4 - 7
Consolidated statement of comprehensive income | 8
Consolidated balance sheet | 9 - 10
Company balance sheet | 11 - 12
Consolidated statement of cash flows | 13 - 14
Consolidated analysis of net debt | 15
Notes to the financial statements | 16 - 36
CASTLEPEARL LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The Group's principal activities during the year continued to be the purchasing and selling of motor vehicle parts to trade customers, as well as having an e-commerce presence. The Group has also invested in commercial and residential properties.
Business review
The directors are pleased to report a profit for the year considering the difficult trading conditions in respect to industry competition and the uncertain economic and financial climate.
Principal risks and uncertainties
The Group is subject to a number of risks, key risks being competition and interest rate. Competition risk is a daily occurrence which we carefully manage. Recently larger motor factors have had large injections of cash by private equity firms, their sole plan is to gain market share by under cutting smaller factors. The Directors believe they are managing this well by having open discussions with trade customers and working with them to gain trust and formulate a pricing structure. In regard to interest rate risk, the Group uses various financial instruments to ensure continued cash flow, adequate to underpin the continued trading and further development of the business. The existence of financial instruments exposes the Group to several financial risks. For example, the covenant headroom from the debt financing.
Financial key performance indicators
The Group's key financial and other performance indicators during the period were as follows: Unit 2024 2023 Turnover £'000 9,308 8,868 Gross Profit £'000 4,822 4,279 Gross Margin % 51.8 48.2
Other key performance indicators
The business relies on the Group’s relations with its trade customers. We believe our success is thanks to the team we have, who ensure we get the right product to the customer first time; this is beneficial to the customer as it means they are not wasting their time waiting for a replacement part. This report was approved by the board and signed on its behalf.
A Shah Director
Date: 27 August 2025
Page 1
CASTLEPEARL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £82,129 (2023 - £275,851). During the year, dividends of £276,000 (2023 - £242,000) were paid to the Group's shareholders.
Directors
The Directors who served during the year were:
K K Shah
A Shah
S K Shah
Future developments
The Directors continue to seek opportunities to reduce cost and expand revenue from both exisiting branch capabilities, as well as looking to acquire and/or develop further branches. Page 2
CASTLEPEARL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditor
The auditor, Adler Shine LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
A Shah Director
Date: 27 August 2025
Page 3
CASTLEPEARL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEPEARL LIMITED
Opinion
We have audited the financial statements of Castlepearl Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Page 4
CASTLEPEARL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEPEARL LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
CASTLEPEARL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEPEARL LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have: • considered the nature of the industry and sectors, control environment and business performance; • made enquires of management about their own identification and assessment of the risk of irregularities; • performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias; • undertaken appropriate sample based testing of bank transactions; • identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; • discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. Page 6
CASTLEPEARL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLEPEARL LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Alexander Chrysaphiades FCA (Senior statutory auditor) for and on behalf of Adler Shine LLP Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N3 1LF 27 August 2025 Page 7
CASTLEPEARL LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 9,307,622 | 8,868,084
Cost of sales |  | (4,691,216) | (4,589,579)
Gross profit |  | 4,616,406 | 4,278,505
Administrative expenses |  | (4,166,932) | (3,494,877)
Other operating income | 5 | 51,000 | 75,500
Fair value movements |  | - | (65,000)
Operating profit | 6 | 500,474 | 794,128
Interest receivable and similar income | 10 | 12,915 | 2,257
Interest payable and similar expenses | 11 | (503,339) | (462,563)
Profit before taxation |  | 10,050 | 333,822
Tax on profit | 12 | 72,079 | (57,971)
Profit for the financial year |  | 82,129 | 275,851
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 82,129 | 275,851
|  | 82,129 | 275,851
There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 16 to 36 form part of these financial statements.
Page 8
CASTLEPEARL LIMITED REGISTERED NUMBER: 06508131 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 440,048 |  | 493,748
Tangible assets | 15 |  | 4,695,342 |  | 4,860,994
Investment property | 17 |  | 3,373,570 |  | 3,838,570
|  |  | 8,508,960 |  | 9,193,312
Current assets |  |  |  |  |
Stocks | 18 | 1,484,709 |  | 1,654,103 |
Debtors: amounts falling due within one year | 19 | 890,123 |  | 809,753 |
Cash at bank and in hand | 20 | 29,878 |  | 82,714 |
|  | 2,404,710 |  | 2,546,570 |
Creditors: amounts falling due within one year | 21 | (1,978,922) |  | (1,796,031) |
Net current assets |  |  | 425,788 |  | 750,539
Total assets less current liabilities |  |  | 8,934,748 |  | 9,943,851
Creditors: amounts falling due after more than one year | 22 |  | (5,077,449) |  | (5,723,900)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 26 | (581,014) |  | (749,795) |
|  |  | (581,014) |  | (749,795)
Net assets |  |  | 3,276,285 |  | 3,470,156
Capital and reserves |  |  |  |  |
Called up share capital | 27 |  | 135 |  | 135
Revaluation reserve | 28 |  | 1,904,235 |  | 1,904,235
Capital redemption reserve | 28 |  | 3,045 |  | 3,045
Investment property reserve | 28 |  | - |  | 135,093
Profit and loss account | 28 |  | 1,368,870 |  | 1,427,648
Equity attributable to owners of the parent Company |  |  | 3,276,285 |  | 3,470,156
Page 9
CASTLEPEARL LIMITED REGISTERED NUMBER: 06508131 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A Shah
Director
Date: 27 August 2025
The notes on pages 16 to 36 form part of these financial statements. Page 10
CASTLEPEARL LIMITED REGISTERED NUMBER: 06508131 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 1,818,000 |  | 1,818,000
|  |  | 1,818,000 |  | 1,818,000
Current assets |  |  |  |  |
Cash at bank and in hand | 20 | 8 |  | 8 |
|  | 8 |  | 8 |
Creditors: amounts falling due within one year | 21 | (1,201,145) |  | (1,201,145) |
Net current liabilities |  |  | (1,201,137) |  | (1,201,137)
Total assets less current liabilities |  |  | 616,863 |  | 616,863
Net assets |  |  | 616,863 |  | 616,863
Capital and reserves |  |  |  |  |
Called up share capital | 27 |  | 135 |  | 135
Capital redemption reserve | 28 |  | 45 |  | 45
Profit and loss account brought forward |  | 616,683 |  | 616,683 |
Profit for the year |  | 276,000 |  | 242,000 |
Other changes in the profit and loss account |  | (276,000) |  | (242,000) |
Profit and loss account carried forward |  |  | 616,683 |  | 616,683
|  |  | 616,863 |  | 616,863
Page 11
CASTLEPEARL LIMITED REGISTERED NUMBER: 06508131 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A Shah
Director
Date: 27 August 2025
The notes on pages 16 to 36 form part of these financial statements. Page 12
CASTLEPEARL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 82,129 | 275,851
Adjustments for: |  |
Amortisation of intangible assets | 53,700 | 6,250
Depreciation of tangible assets | 243,760 | 229,805
Loss on disposal of tangible assets | 23,650 | (10,525)
Interest paid | 503,339 | 462,563
Interest received | (12,915) | (2,257)
Taxation charge | (72,079) | 57,971
Decrease in stocks | 169,394 | 42,003
Decrease/(increase) in debtors | 11,086 | (48,198)
(Increase) in amounts owed by groups | (103,392) | (28,538)
(Decrease)/increase in creditors | (247,851) | 449,258
Increase in amounts owed to groups | 103,392 | 28,304
Net fair value losses recognised in P&L | - | 65,000
Corporation tax (paid) | (25,070) | (203,312)
Net cash generated from operating activities | 729,143 | 1,324,175
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (499,998)
Purchase of tangible fixed assets | (78,108) | (337,222)
Sale of tangible fixed assets | (23,650) | 74,600
Sale of investment properties | 465,000 | -
Interest received | 12,915 | 2,257
HP interest paid | (1,536) | -
Net cash from investing activities | 374,621 | (760,363)
Cash flows from financing activities |  |
Repayment of loans | (641,793) | (197,740)
Repayment of/new finance leases | (87,429) | 171,808
Dividends paid | (276,000) | (242,000)
Interest paid | (501,803) | (462,563)
Net cash used in financing activities | (1,507,025) | (730,495)
Net (decrease) in cash and cash equivalents | (403,261) | (166,683)
Cash and cash equivalents at beginning of year | (158,212) | 8,471
Page 13
CASTLEPEARL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
|  | 2024 | 2023
|  | £ | £
Cash and cash equivalents at the end of year | (561,473) | (158,212)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 29,878 | 82,714
Bank overdrafts | (591,351) | (240,926)
| (561,473) | (158,212)
The notes on pages 16 to 36 form part of these financial statements.
Page 14
CASTLEPEARL LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | At 31 December 2024
| £ | £ | £
Cash at bank and in hand | 82,714 | (52,836) | 29,878
Bank overdrafts | (240,926) | (350,425) | (591,351)
Debt due after 1 year | (5,616,158) | 646,451 | (4,969,707)
Debt due within 1 year | (193,912) | (4,658) | (198,570)
Finance leases | (222,382) | 87,429 | (134,953)
| (6,190,664) | 325,961 | (5,864,703)
The notes on pages 16 to 36 form part of these financial statements.
Page 15
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Castlepearl Limited is a private company limited by shares registered in England and Wales (company registration no. 06508131). The address of the registered office is given in the company information on the first page of these financial statements. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are prepared in Pounds Sterling, which is the functional currency of the Group, rounded to the nearest £1. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015. Page 16
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Operating leases: the Group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 17
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 18
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Straight line over 50 years
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures & fittings | - | 15% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 19
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.14 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. Page 20
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. Page 21
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Page 22
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.22 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Group's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The Directors consider the critical accounting policies where judgements and estimations have been applied relate to: Tangible fixed assets Judgements have been made in relation to the lives of tangible fixed assets, in particular the valuation and the useful economic life and residual values. The Directors have concluded that the asset values and residual values are appropriate. Property valuations Investment properties are recognised at cost, and subsequently at fair value at each reporting date, with changes in fair value recognised in profit or loss. There is judgement involved in assessing the value of each property. Stocks Stocks are recognised at cost, and subsequently at the lower of the cost and net realisable value. There is judgement involved in assessing the level of inventory provision required in respect of slow-moving inventory. Page 23
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sales | 9,307,622 | 8,868,084
|  | 9,307,622 | 8,868,084
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 9,307,251 | 8,858,793
| Rest of the world | 371 | 9,291
|  | 9,307,622 | 8,868,084
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net rents receivable | 51,000 | 75,500
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible assets | 243,760 | 229,805
| Amortisation of intangible fixed assets | 53,700 | 6,250
| Loss/(profit) on disposal of tangible assets | 23,650 | (10,525)
| Other operating lease rentals | 145,055 | 103,039
| Auditors remuneration | 34,783 | 30,820
Page 24
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 33,250 | 32,000
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 2,329,441 | 1,934,332
| Social security costs | 219,742 | 183,871
| Cost of defined contribution scheme | 122,508 | 88,082
|  | 2,671,691 | 2,206,285
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Directors | 3 | 3
|  | Employees | 78 | 64
|  |  | 81 | 67
| The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL)
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 23,934 | -
|  | 23,934 | -
| During the year retirement benefits were accruing to no Directors (2023 - NIL) in respect of defined contribution pension schemes.
Page 25
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 12,915 | 2,257
11. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 501,803 | 462,563
| Finance leases and hire purchase contracts | 1,536 | -
12. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 96,702 | 87,298
| Total current tax | 96,702 | 87,298
| Deferred tax |  |
| Origination and reversal of timing differences | (168,781) | (29,327)
| Total deferred tax | (168,781) | (29,327)
| Taxation on (loss)/profit on ordinary activities | (72,079) | 57,971
Page 26
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 10,050 | 333,822
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | 2,513 | 83,455
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 13,425 | 1,563
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 3,731 | 3,619
| Capital allowances for year in excess of depreciation | 45,877 | (30,032)
| Short term timing difference leading to an increase (decrease) in taxation | (168,781) | (29,327)
| Book profit on chargeable assets | 32,473 | 18,650
| Changes in provisions leading to an increase (decrease) in the tax charge | - | 16,250
| Marginal relief | (1,317) | (6,207)
| Total tax charge for the year | (72,079) | 57,971
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. The main UK corporation tax rate is to change from 19% to 25% with effect from 1 April 2023. The deferred tax liability arising has been calculated using 25%.
13. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends paid on equity capital | 276,000 | 242,000
Page 27
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 January 2024 | 536,998
| At 31 December 2024 | 536,998
| Amortisation |
| At 1 January 2024 | 43,250
| Charge for the year on owned assets | 53,700
| At 31 December 2024 | 96,950
| Net book value |
| At 31 December 2024 | 440,048
| At 31 December 2023 | 493,748
Page 28
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Tangible fixed assets
| Group
|  | Freehold property | Motor vehicles | Fixtures & fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 5,205,000 | 680,785 | 935,649 | 6,821,434
| Additions | - | 22,719 | 55,389 | 78,108
| At 31 December 2024 | 5,205,000 | 703,504 | 991,038 | 6,899,542
| Depreciation |  |  |  |
| At 1 January 2024 | 887,811 | 306,317 | 766,312 | 1,960,440
| Charge for the year on owned assets | 126,021 | 19,141 | 25,003 | 170,165
| Charge for the year on financed assets | - | 73,595 | - | 73,595
| At 31 December 2024 | 1,013,832 | 399,053 | 791,315 | 2,204,200
| Net book value |  |  |  |
| At 31 December 2024 | 4,191,168 | 304,451 | 199,723 | 4,695,342
| At 31 December 2023 | 4,317,189 | 374,468 | 169,337 | 4,860,994
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Motor vehicles | 196,867 | 222,381
Cost or valuation at 31 December 2024 is as follows:
|  |  | Freehold property
|  |  | £
|  | At cost | 3,652,329
|  | At valuation: |
|  | Prior periods | 1,552,671
|  |  | 5,205,000
Page 29
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15.Tangible fixed assets (continued)
| If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Group |  |
| Cost | 3,652,329 | 3,652,329
| Accumulated depreciation | (1,430,508) | (1,357,461)
| Net book value | 2,221,821 | 2,294,868
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 1,818,000
| At 31 December 2024 | 1,818,000
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Headbuild Limited | Ordinary | 100%
| Pearlcastle Limited | Ordinary | 100%
Page 30
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 3,838,570
| Disposals | (465,000)
| At 31 December 2024 | 3,373,570
The 2024 valuations were made by the Directors, on an open market value for existing use basis.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Revaluation reserves |  |
| At 1 January 2024 | 135,093 | 365,607
| Net deficit in movement properties | (135,093) | (230,514)
| At 31 December 2024 | - | 135,093
| Company
The 2024 valuations were made by the Directors, on an open market value for existing use basis.
| At 31 December 2024
18. | Stocks
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Finished goods and goods for resale | 1,484,709 | 1,654,103
|  | 1,484,709 | 1,654,103
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 31
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. | Debtors
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Trade debtors | 664,141 | 673,842
| Amounts owed by group undertakings | 131,930 | 28,538
| Other debtors | 37,782 | 39,345
| Prepayments and accrued income | 56,270 | 68,028
|  | 890,123 | 809,753
20. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 29,878 | 82,714 | 8 | 8
| Less: bank overdrafts | (591,351) | (240,926) | - | -
|  | (561,473) | (158,212) | 8 | 8
21. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank overdrafts | 591,351 | 240,926 | - | -
| Bank loans | 198,570 | 193,912 | - | -
| Trade creditors | 655,545 | 706,090 | - | -
| Amounts owed to group undertakings | 131,696 | 28,304 | 1,192,645 | 1,192,645
| Corporation tax | 84,686 | 14,617 | - | -
| Other taxation and social security | 222,764 | 211,024 | - | -
| Obligations under finance lease and hire purchase contracts | 27,211 | 114,640 | - | -
| Other creditors | 40,752 | 217,452 | 8,500 | 8,500
| Accruals and deferred income | 26,347 | 69,066 | - | -
|  | 1,978,922 | 1,796,031 | 1,201,145 | 1,201,145
| The bank overdraft is secured by a guarantee supported by a debenture creating a fixed and floating charge over the assets of the Group.
Page 32
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Bank loans | 4,969,707 | 5,616,158
| Net obligations under finance leases and hire purchase contracts | 107,742 | 107,742
|  | 5,077,449 | 5,723,900
23. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 198,570 | 193,912
| Amounts falling due 1-2 years |  |
| Bank loans | 220,143 | 188,991
| Amounts falling due 2-5 years |  |
| Bank loans | 4,749,564 | 5,427,167
|  | 5,168,277 | 5,810,070
| Bank loans are secured by a first legal charge over the Group's freehold and investment properties. Interest is payable at a margin of 3.1% above the Bank of England rate.
24. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Within one year | 27,211 | 116,601
| Between 1-5 years | 107,742 | 107,742
|  | 134,953 | 224,343
| Leases are secured over the assets to which they relate.
Page 33
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
25. | Financial instruments
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 29,878 | 29,878 | 8 | 8
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
26. | Deferred taxation
| Group
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (749,795) | (779,122)
| Charged to profit or loss | 168,781 | 29,327
| At end of year | (581,014) | (749,795)
| Company
|  | 2024 | 2023
| At end of year | - | -
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Accelerated capital allowances | (22,551) | (70,021)
| Feehold property revaluation | (558,463) | (634,744)
| Investment property revaluation | - | (45,030)
|  | (581,014) | (749,795)
Page 34
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
27. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 135 (2023 - 135) Ordinary Shares shares of £1.00 each | 135 | 135
28. | Reserves
Revaluation reserve The revaluation reserve is the amount arising on the revaluation of freehold property, being the difference between the amount of the asset determined under the historical cost convention and the amount determined by the fair value of the asset, net of associated deferred tax. The revaluation reserve is a non-distributable reserve. Capital redemption reserve The capital redemption reserve represents shares transferred following the redemption or purchase of the Group's own shares. Investment property revaluation reserve The revaluation reserve is the amount arising on the revaluation of investment property, being the difference between the amount of the asset determined under the historical cost convention and the amount determined by the fair value of the asset, net of associated deferred tax. The Investment property revaluation reserve is a non-distributable reserve and forms part of the Group's retained earnings. Profit & loss account The profit and loss account is represented by retained earnings.
29. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £60,106 (2023 - £4 9,258). No contributions were payable to the fund at either balance sheet date. Page 35
CASTLEPEARL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
30. | Commitments under operating leases
| At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 118,692 | 125,292
| Later than 1 year and not later than 5 years | 362,460 | 461,460
| Later than 5 years | 114,779 | 187,271
|  | 595,931 | 774,023
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 303 | 5,824
| Later than 1 year and not later than 5 years | - | 303
|  | 303 | 6,127
31. | Related party transactions
| The Company has taken advantage of exemptions available from disclosing transactions with the wholly owned subsidiary undertakings of the Group.
32. | Controlling party
There was no overall controlling party throughout the year.
Page 36