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Company Registration Number: 00433970 CASTLEGATE PROPERTY COMPANY LIMITED UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2025
CASTLEGATE PROPERTY COMPANY LIMITED REGISTERED NUMBER: 00433970 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,205,000 |  | 1,155,000
|  |  | 1,205,000 |  | 1,155,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 15,047 |  | 25,176 |
Cash at bank and in hand |  | 114,048 |  | 146,813 |
|  | 129,095 |  | 171,989 |
Creditors: amounts falling due within one year | 6 | (29,484) |  | (47,158) |
Net current assets |  |  | 99,611 |  | 124,831
Total assets less current liabilities |  |  | 1,304,611 |  | 1,279,831
Net assets |  |  | 1,304,611 |  | 1,279,831
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 6,000 |  | 6,000
Capital redemption reserve | 7 |  | 2,564 |  | 2,564
Profit and loss account | 7 |  | 1,296,047 |  | 1,271,267
|  |  | 1,304,611 |  | 1,279,831
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2025.
Mrs S J Chalmers
Director
The notes on pages 3 to 6 form part of these financial statements. Page 1
CASTLEGATE PROPERTY COMPANY LIMITED REGISTERED NUMBER: 00433970 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 Page 2
CASTLEGATE PROPERTY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Armstrong Watson, First floor, One Strawberry Lane, Newcastle upon Tyne, NE1 4BX. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 entity. The following principal accounting policies have been applied:
| 2.2 | Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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 turnover is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Taxation
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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Page 3
CASTLEGATE PROPERTY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | 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.
|  | Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% |
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.
| 2.5 | Investment property
Investment property is carried at fair value determined annually 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.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average employee | 2 | 2
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CASTLEGATE PROPERTY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Tangible fixed assets
|  | Freehold investment property | Plant and machinery | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 1,155,000 | 3,568 | 1,158,568
| Revaluations | 50,000 | - | 50,000
| At 31 March 2025 | 1,205,000 | 3,568 | 1,208,568
| Depreciation |  |  |
| At 1 April 2024 | - | 3,568 | 3,568
| At 31 March 2025 | - | 3,568 | 3,568
| Net book value |  |  |
| At 31 March 2025 | 1,205,000 | - | 1,205,000
| At 31 March 2024 | 1,155,000 | - | 1,155,000
| Tangible assets held at valuation The freehold investment property portfolio in England was independently valued as at 31 March 2025 by Sanderson Weatherall, Chartered Surveyors, in accordance with the RICS valuation - Global Standards (January 2025), published by the Royal Institution of Chartered Surveyors (''RICS'') (''the Red Book'') and the IVSC International Standards (IVS). The valuation was prepared on the market value for existing use. The heritable (Scottish equivalent of English freehold) property in Scotland was independently valued as at 31 March 2025 by J & E Shepherd, Chartered Surveyors, in accordance with the RICS valuation - Global Standards (January 2025) incorporatinng the IVSC International Valuation Standards. The directors consider that the valuations provided are a reliable basis for the freehold property valuation at the balance sheet date. On a historical cost basis the properties would have been included at an original cost of £814,442 (2024: £814,442). The amount of corporation tax which would become payable in the event of the sale of properties at the amount stated is £nil.
Page 5
CASTLEGATE PROPERTY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,379 | 16,501
| Other debtors | 50 | 50
| Prepayments and accrued income | 12,618 | 8,625
|  | 15,047 | 25,176
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 72
| Corporation tax | 7,877 | 19,862
| Other taxation and social security | - | 2,138
| Accruals and deferred income | 21,607 | 25,086
|  | 29,484 | 47,158
7. | Reserves
Investment property revaluation reserve Included within the profit and loss account is a non-distributable reserve. This reserve records the cumulative fair value movements on investment properties valued above original cost and amounts to £561,512 (2024: £551,512).
8. | Related party transactions
| Dividends totalling £3,188 (2024: £11,250) were paid to the directors during the year. Other than the dividends paid disclosed above, there are no related party transactions requiring to be disclosed in accordance with Financial Reporting Standard 102 Section 1A.
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