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Company No: 09542376 (England and Wales)

# ANGEL CASTLES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

ANGEL CASTLES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

ANGEL CASTLES LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
ANGEL CASTLES LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investment property | 4 | 3,705,000 |  | 2,994,346
|  | 3,705,000 |  | 2,994,346
Current assets |  |  |  |
Debtors | 5 | 45,669 |  | 990
Cash at bank and in hand |  | 24,128 |  | 29,572
|  | 69,797 |  | 30,562
Creditors: amounts falling due within one year | 6 | ( 1,269,085) |  | ( 916,352)
Net current liabilities |  | (1,199,288) |  | (885,790)
Total assets less current liabilities |  | 2,505,712 |  | 2,108,556
Creditors: amounts falling due after more than one year | 7 | ( 2,003,664) |  | ( 1,599,562)
Provision for liabilities | 8 | ( 113,157) |  | ( 116,461)
Net assets |  | 388,891 |  | 392,533
Capital and reserves |  |  |  |
Called-up share capital | 9 | 1,260 |  | 1,260
Revaluation reserve |  | 339,474 |  | 349,386
Profit and loss account |  | 48,157 |  | 41,887
Total shareholders' funds |  | 388,891 |  | 392,533

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Angel Castles Limited (registered number: 09542376) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Dr L B Lovat Director |

22 November 2025

ANGEL CASTLES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
ANGEL CASTLES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Angel Castles Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised to the extent that it is probable that economic benefits will flow to the company 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:
Rental Income
Investment properties are rented to the tenants under tenancy contracts. The rental income received is recognised through the profit and loss on a straight-line basis over the term of the contract. Any rent-free period is spread over the period of the contract.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

##### Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Ordinary share capital

The ordinary share capital of the company is presented as equity.

##### 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.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 2 |  | 2

#### 3. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 2,150 |  | 2,150
At 31 March 2025 | 2,150 |  | 2,150
Accumulated depreciation |  |  |
At 01 April 2024 | 2,150 |  | 2,150
At 31 March 2025 | 2,150 |  | 2,150
Net book value |  |  |
At 31 March 2025 | 0 |  | 0
At 31 March 2024 | 0 |  | 0

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 2,994,346
Additions | 723,600
Fair value movement | (12,946)
As at 31 March 2025 | 3,705,000

Valuation

The 2025 valuations were made by the directors, on an open market value for existing use basis.

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Prepayments | 4,156 |  | 990
Other debtors | 41,513 |  | 0
| 45,669 |  | 990

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Amounts owed to related parties | 719,256 |  | 620,456
Amounts owed to directors | 497,078 |  | 267,696
Accruals | 5,932 |  | 8,478
Taxation and social security | 19,550 |  | 19,722
Other creditors | 27,269 |  | 0
| 1,269,085 |  | 916,352

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 2,003,664 |  | 1,599,562

Bank loans have been secured against investment property.

#### 8. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 116,461) |  | ( 56,104)
Credited/(charged) to the Statement of Income and Retained Earnings | 3,304 |  | ( 60,357)
At the end of financial year | ( 113,157) |  | ( 116,461)

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
660 A ordinary shares of £ 1.00 each | 660 |  | 660
600 B ordinary shares of £ 1.00 each | 600 |  | 600
| 1,260 |  | 1,260

#### 10. Related party transactions

Dr L B Lovat and L S Lovat, directors of the company, provided the company with an interest free loan. At the year end, Angel Castles Limited owed Dr L B Lovat and L S Lovat £497,078 (2024: £267,696).
At the year end, the company owed £719,256 (2024: £620,456) to London Gastroenterology Centre Limited, a company in which directors have an interest.

#### 11. Ultimate controlling party

The company is jointly controlled by Dr L B Lovat and L S Lovat.