Castle 45 Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC258424 (Scotland)

Castle 45 Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs C M C Tong

SECRETARY:

Mr W K N Yiu

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

REGISTERED NUMBER:

SC258424 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

FIXED ASSETS

Tangible assets

4

-

Investment property

5

2,106,070

CURRENT ASSETS

Debtors

6

45,911

39,405

Cash at bank

12,157

1,237

58,068

40,642

CREDITORS

Amounts falling due within one year

7

1,489,805

1,433,967

NET CURRENT LIABILITIES

(1,431,737

)

(1,393,325

)

TOTAL ASSETS LESS CURRENT LIABILITIES

674,333

712,745

CREDITORS

Amounts falling due after more than one
year

8

641,037

695,961

NET ASSETS

33,296

16,784

CAPITAL AND RESERVES

Called up share capital

100

Fair value reserve

10

259,110

Retained earnings

(225,914

)

(242,426

)

SHAREHOLDERS' FUNDS

33,296

16,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 director and authorised for issue on 29 September 2025 and were signed by:

Mrs C M C Tong - Director

1.	STATUTORY INFORMATION

Castle 45 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 and revenue recognition

Revenue represents rental income, excluding value added tax. Rental income is recognised based on rent due in accordance with the respective rent agreements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Investment property

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

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2023

and 30 June 2024

150,000

DEPRECIATION

At 1 July 2023

and 30 June 2024

150,000

NET BOOK VALUE

At 30 June 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2023

and 30 June 2024

2,106,070

NET BOOK VALUE

At 30 June 2024

2,106,070

At 30 June 2023

2,106,070

Fair value at 30 June 2024 is represented by:

£

Valuation in 2014

30,148

Valuation in 2021

169,070

Cost

1,906,852

2,106,070

In the opinion of the directors, the investment property is included in the financial statements at its fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

45,911

39,405

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

68,343

67,788

Trade creditors

4,968

19,928

Taxation and social security

69,902

78,822

Other creditors

1,346,592

1,267,429

1,489,805

1,433,967

The director's current account is unsecured, interest free and has no fixed repayment period.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans

641,037

695,961

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

319,058

385,038

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Shanghai Commercial Bank

696,164

745,064

Within bank loans is an amount of £696,164 (2023: £745,064) secured over the company's investment properties and by personal guarantee executed by the director Mrs C C M Tong, for an amount not less than the outstanding balance of the loan.

On 13 July 2006, a standard security was created for all sums due or to become due to HSBC Bank Plc over property at 30 and 32 Leven Street, Edinburgh.

On 1 July 2014, a charge was created for all sums due or to become due to Shanghai Commercial Bank Limited over property at 45 Castle Street, Edinburgh.

On 1 July 2014, a charge was created for all sums due or to become due to Shanghai Commercial Bank Limited over properties at Renfield Street, Glasgow and Renfrew Street, Glasgow.

On 1 July 2014, a charge was created for all sums due or to become due to Shanghai Commercial Bank Limited over property at 5 Randolph Place, Edinburgh.

On 29 August 2018, a charge was created for all sums due or to become due to Ultimate Finance Limited over property at 30 and 32 Leven Street, Edinburgh. The charge contains a negative pledge.

On 29 August 2018, a charge was created for all sums due or to become due to Ultimate Finance Limited over property at 45 Castle Street, Edinburgh. The charge contains a negative pledge.

On 4 September 2018, a charge was created for all sums due or to become due to Ultimate Finance Limited over property at 5 Randolph Place, Edinburgh. The charge contains a negative pledge.

10.

RESERVES

Fair

value

reserve

£

At 1 July 2023

and 30 June 2024

259,110

11.	RELATED PARTY DISCLOSURES

Jasmine Holdings (Edinburgh) Limited is a company of which Mrs C C M Tong is a director and shareholder. During the year, Jasmine Holdings (Edinburgh) Limited loaned £108,400 to the company. The company repaid £32,302 to Jasmine Holdings (Edinburgh) Limited. The balance of £450,547 (2023: £374,449) was due to Jasmine Holdings (Edinburgh) Limited on 30 June 2024. The company also paid management fees of £30,000 (2023: £30,000) to Jasmine Holdings (Edinburgh) Limited for the year.

Primrose Guest House Limited is a company of which Mrs C C M Tong is a director. The balance of £1,000 (2023: £1,000) was due from Primrose Guest House Limited on 30 June 2024.

Hibiki Limited is a company of which Mrs C C M Tong is a director and shareholder. During the year, the company loaned £1,200 and paid expenses of £3,574 on behalf of Hibiki Limited. Hibiki Limited paid expenses of £170 on behalf of the company. The balance of £38,637 (2023: £34,033) was due from Hibiki Limited on 30 June 2024.

12.	POST BALANCE SHEET EVENTS

On 20 December 2024, a floating charge was created over all property or undertaking of the company to Together Commercial Finance Limited.

On 15 January 2025, a charge was created due to Together Commercial Finance Limited over property at 45 Castle Street, Edinburgh.

On 17 January 2025, a charge containing a negative pledge was created due to Together Commercial Finance Limited over property at 30 and 32 Leven Street, Edinburgh.

On 7 July 2025, a charge containing a negative pledge was created due to Together Commercial Finance Limited over property at 5 Randolph Place, Edinburgh.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs C C M Tong.