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Registered number: 01161188
CASTLEBROOK PROPERTIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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CASTLEBROOK PROPERTIES LIMITED
REGISTERED NUMBER: 01161188
BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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CASTLEBROOK PROPERTIES LIMITED
REGISTERED NUMBER: 01161188
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
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 statement of income and retained earnings 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 by:
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R. S. Testler
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The notes on pages 3 to 9 form part of these financial statements.
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CASTLEBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company is a private company limited by shares and is incorporated in England and Wales. The company's registered number is 01161188. The company's registered office is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, CM23 3BT. The companies trading address is 64 Highgate High Street, London, N6 5HX. This company is part of a group.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover 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. Turnover 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:
Turnover represents rental income and service charges receivable during the year from investment properties.
Rental income and service charges from investment properties is accrued on a time apportioned basis under the term of the lease.
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 the Statement of Income and Retained Earnings.
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.
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Cash and cash equivalents
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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.
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CASTLEBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
Finance costs are charged to Statement of Income and Retained Earnings 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.
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.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in Statement of Income and Retained Earnings based on the transaction price.
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CASTLEBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Provisions for liabilities
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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.
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Current and deferred taxation
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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 operates and generates 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; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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.
Included within the accounts is a significant accounting estimate in respect of the value of the Investment Properties. These properties have been externally valued by Knight Frank LLP.
The properties have been valued using common industry methods of valuation for commercial property. The process uses transactional evidence of similar investment properties that have been recently sold, or are being marketed for sale, and fully reflect the current attitude of property investors, for assets of this nature. Each asset has been individually valued to take account of its use, location, quality of occupier, lease length and passing rent. These factors impact on the yield percentage used to calculate the value of the property.
The valuations provided are at arm's length and undertaken by a recognised commercial property valuer. Accordingly, the directors believe the assessments to be accurate and market facing. They have been calculated to fully reflect the investment market, at 31 March 2025, and the aggregate valuation of the properties included within the accounts is £17,725,000 (2024 - £17,910,000).
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CASTLEBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The average monthly number of employees, including directors, during the year was 6 (2024 - 5).
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The 2025 valuations were made by Knight Frank LLP, on an open market value for existing use basis.
The deficit on revaluation of £185,000 (2024 - £830,000) has been included within the Statement of Income and Retained Earnings.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Amounts owed by group undertakings
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Prepayments and accrued income
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CASTLEBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Revaluation of investment properties
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Pension timing difference
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CASTLEBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Allotted, called up and fully paid
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100 (2024 - 100) Ordinary shares of £1 each
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Profit and loss account
The profit and loss account represents cumulative distributable and non-distributable reserves as at the balance sheet date.
The company is a guarantor to the borrowings of the immediate parent company, Castlebrook Holdings Limited. The balance owed at the year end was £11,421,064 (2024 - £12,021,064). The borrowings are secured by legal charges over the assets of the company and the parent company.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,370 (2024 - £4,136) . Contributions totalling £850 (2024 - £837) were payable to the fund at the balance sheet date and are included in creditors.
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Transactions with directors
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During the year the company operated a loan account with the director. At the year end the balance due from the director was £898 (2024 - balance due to the director was £103,608). During the year personal expenses were paid on behalf of the director totalling £3,215 (2024 - £4,046) and amounts drawn totalled £101,290 (2024 - £42,208). During the year the director made repayments of £Nil (2024 - £107,412). The loan is interest free and has been repaid post year end.
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CASTLEBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Related party transactions
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During the year the company incurred expenses of £83,256 (2024- £86,353) in companies in which the directors held a material interest.
During the year, the company recharged expenses of £264,685 (2024 - £91,409) to its parent company. The amount due from the parent company at the year end was £1,996,604 (2024 - £1,412,653).
During the year, the company recharged expenses of £92,457 (2024 - £10,754) to a company under common control. The amount due from them at the year end was £92,457 (2024 - £10,754).
During the year, the company operated a loan account with a company under common control. At the year end, the amount owed to them was £1,110 (2024 - £nil).
During the year the company operated a loan account with the directors. The amount due to the directors at the year end and within other creditors is £202,854 (2024 - £308,956). The amount due from the directors at the year end and within other debtors is £898 (2024 - £nil). This loan is repayable on demand and no interest has been charged.
During the year the company operated a loan account with a shareholder. The amount due to the shareholder at the year end and within other creditors is £2,961 (2024 - £4,243). This is repayable on demand and no interest has been charged.
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The immediate and ultimate holding company is Castlebrook Holdings Limited, a company registered in England and Wales. The registered address of Castlebrook Holdings Limited is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, CM23 3BT.
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 23 October 2025 by Mark Roach ACA (Senior Statutory Auditor) on behalf of Price Bailey LLP.
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