ACCOUNTS - Final Accounts preparation

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.

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CASTLEGATE PROPERTY COMPANY LIMITED

REGISTERED NUMBER: 00433970

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

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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.

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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.

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.

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CASTLEGATE PROPERTY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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

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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