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Registered number: 323928 CASTLE LANE SECURITIES LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
CASTLE LANE SECURITIES LIMITED
COMPANY INFORMATION
DIRECTORS | Mark Pears
| Sir Trevor Pears CMG
| David Pears
| WPG Registrars Limited
COMPANY SECRETARY | William Bennett
REGISTERED NUMBER | 323928
REGISTERED OFFICE | 12th Floor Aldgate Tower
| 2 Leman Street
| London
| E1W 9US
INDEPENDENT AUDITORS | Gravita Audit II Limited
| Chartered Accountants & Statutory Auditor
| Aldgate Tower
| 2 Leman Street
| London
| E1 8FA
CASTLE LANE SECURITIES LIMITED
CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8 - 9
Statement of Changes in Equity | 10 - 11
Notes to the Financial Statements | 12 - 22
CASTLE LANE SECURITIES LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PRINCIPAL ACTIVITY
The principal activity of the company is property investment.
DIRECTORS
The directors who served during the year were:
Mark Pears
Sir Trevor Pears CMG
David Pears
WPG Registrars Limited
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 1
CASTLE LANE SECURITIES LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
SMALL COMPANIES NOTE
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 10 November 2025 and signed on its behalf.
William Bennett Secretary
Page 2
CASTLE LANE SECURITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLE LANE SECURITIES LIMITED OPINION We have audited the financial statements of Castle Lane Securities Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 April 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 3
CASTLE LANE SECURITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLE LANE SECURITIES LIMITED (CONTINUED) OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Page 4
CASTLE LANE SECURITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLE LANE SECURITIES LIMITED (CONTINUED) The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including, but not limited to, the Companies Act 2006, and taxation legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙understanding the business model as part of the control and business environment; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and; ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; ∙reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations; and ∙reading the minutes of meetings of those charged with governance. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentations or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. Page 5
CASTLE LANE SECURITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLE LANE SECURITIES LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. USE OF OUR REPORT This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Ian Hughes ACA (Senior statutory auditor) for and on behalf of Gravita Audit II Limited Chartered Accountants Statutory Auditor Aldgate Tower 2 Leman Street London E1 8FA 17 November 2025 Page 6
CASTLE LANE SECURITIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 10,062,668 | 9,462,096
Cost of sales |  | (4,630,377) | (4,160,099)
GROSS PROFIT |  | 5,432,291 | 5,301,997
Administrative expenses |  | (1,018,822) | (1,328,990)
Profit on sale of investment properties | 3 | 981,553 | 902,290
Fair value movements | 10 | 2,696,925 | (2,587,437)
OPERATING PROFIT |  | 8,091,947 | 2,287,860
Income from fixed assets investments |  | 12 | 28
Interest receivable and similar income |  | 21,994 | 71,779
Interest payable and similar charges | 6 | (2,909,688) | (2,600,558)
PROFIT/(LOSS) BEFORE TAX |  | 5,204,265 | (240,891)
Tax on profit/(loss) | 7 | (768,460) | 848,155
PROFIT FOR THE YEAR |  | 4,435,805 | 607,264
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 4,435,805 | 607,264
The notes on pages 12 to 22 form part of these financial statements.
Page 7
CASTLE LANE SECURITIES LIMITED REGISTERED NUMBER:323928
STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 8 |  | 121,300 |  | 142,706
Investments | 9 |  | 575 |  | 575
Investment property | 10 |  | 227,255,737 |  | 220,133,792
|  |  | 227,377,612 |  | 220,277,073
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 2,127,502 |  | 2,325,172 |
Cash at bank and in hand |  | 296,578 |  | 272,724 |
|  | 2,424,080 |  | 2,597,896 |
Creditors: amounts falling due within one year | 12 | (38,945,488) |  | (37,241,464) |
NET CURRENT LIABILITIES |  |  | (36,521,408) |  | (34,643,568)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 190,856,204 |  | 185,633,505
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 13 | (27,719,154) |  | (26,932,260) |
|  |  | (27,719,154) |  | (26,932,260)
NET ASSETS |  |  | 163,137,050 |  | 158,701,245
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital |  |  | 10,000 |  | 10,000
Investment property revaluation reserve | 14 |  | 88,449,973 |  | 86,147,484
Profit and loss account | 14 |  | 74,677,077 |  | 72,543,761
TOTAL EQUITY |  |  | 163,137,050 |  | 158,701,245
Page 8
CASTLE LANE SECURITIES LIMITED REGISTERED NUMBER:323928
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 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 were approved and authorised for issue by the board and were signed on its behalf on 10 November 2025.
David Pears
Director
The notes on pages 12 to 22 form part of these financial statements. Page 9
CASTLE LANE SECURITIES LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2024 | 10,000 | 86,147,484 | 72,543,761 | 158,701,245
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |
Profit for the year | - | - | 4,435,805 | 4,435,805
Transfer realised gains to retained earnings | - | (894,212) | 894,212 | -
Deferred tax movements | - | (786,894) | 786,894 | -
Transfer revaluation during the year | - | 3,983,595 | (3,983,595) | -
OTHER RESERVE MOVEMENTS FOR THE YEAR | - | 2,302,489 | (2,302,489) | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 2,302,489 | 2,133,316 | 4,435,805
AT 30 APRIL 2025 | 10,000 | 88,449,973 | 74,677,077 | 163,137,050
| The notes on pages 12 to 22 form part of these financial statements.
Page 10
CASTLE LANE SECURITIES LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2023 | 10,000 | 88,454,926 | 69,629,055 | 158,093,981
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |
Profit for the year | - | - | 607,264 | 607,264
Transfer realised gains to retained earnings | - | (1,134,268) | 1,134,268 | -
Deferred tax movements | - | 763,205 | (763,205) | -
Transfer revaluation during the year | - | (1,936,379) | 1,936,379 | -
OTHER RESERVE MOVEMENTS FOR THE YEAR | - | (2,307,442) | 2,307,442 | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | (2,307,442) | 2,914,706 | 607,264
AT 30 APRIL 2024 | 10,000 | 86,147,484 | 72,543,761 | 158,701,245
| The notes on pages 12 to 22 form part of these financial statements.
Page 11
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | GENERAL INFORMATION
Castle Lane Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London E1W 9US.The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD. 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 company's functional and presentational currency is GBP and rounded to the nearest £1. 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. The company is the parent undertaking of a small group with its own subsidiary being dormant and as such the company is taking exemption from the requirement to prepare group accounts as required by the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group. The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The financial statements have been prepared on a going concern basis even though the company has net current liabilities of £36,521,408 (2024 - £34,643,568). The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.
| 2.3 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the rents receivable.
| 2.4 | PROPERTY TRANSACTIONS
Purchases and sales of properties are included on the basis of completions occurring during the year.
| 2.5 | 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. Page 12
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | TANGIBLE FIXED ASSETS (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures & fittings | - | 15% reducing balance
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.
| 2.6 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by the directors 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 Income statement.
| 2.7 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.8 | DEBTORS
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.
| 2.9 | CASH AND CASH EQUIVALENTS
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.
| 2.10 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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. Page 13
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.10 | FINANCIAL INSTRUMENTS (CONTINUED)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets 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 profit or loss. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 14
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.10 | FINANCIAL INSTRUMENTS (CONTINUED)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.11 | CREDITORS
Short term creditors are measured at the transaction price.
| 2.12 | REPAIRS AND MAINTENANCE
All repairs, maintenance costs and renewals are written off as incurred. Certain refurbishment costs which are part of major property refurbishment programmes may, depending on the nature of the works being undertaken, be capitalised in the statement of financial position as part of investment properties.
| 2.13 | FINANCE COSTS
Finance costs are charged to profit or loss 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.
| 2.14 | 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.
| 2.15 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method. Page 15
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.16 | PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
| 2.17 | CURRENT AND DEFERRED TAXATION
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 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. 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 reporting date.
3. | PROFIT ON SALE OF INVESTMENT PROPERTIES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of investment properties | 4,479,431 | 3,633,353
| Historical cost | (2,603,666) | (1,596,795)
|  | 1,875,765 | 2,036,558
| Prior years fair value surplus realised | (894,212) | (1,134,268)
|  | 981,553 | 902,290
Page 16
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | AUDITORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditors' remuneration | 16,966 | 15,360
5. | EMPLOYEES
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 3
6. | INTEREST PAYABLE AND SIMILAR CHARGES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loans from group undertakings | 2,909,688 | 2,600,558
|  | 2,909,688 | 2,600,558
7. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 844,055 | 862,789
| Adjustments in respect of previous periods | (862,489) | (947,739)
|  | (18,434) | (84,950)
| TOTAL CURRENT TAX | (18,434) | (84,950)
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 786,894 | (763,205)
| TOTAL DEFERRED TAX | 786,894 | (763,205)
| TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES | 768,460 | (848,155)
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CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 7.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 5,204,265 | (240,891)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,301,067 | (60,223)
| EFFECTS OF: |  |
| Capital allowances for year in excess of depreciation | (213) | 370
| Adjustments to tax charge in respect of prior periods | (862,489) | (947,739)
| Short-term timing difference leading to an increase /(decrease) in taxation | 786,894 | (763,205)
| Book profit on chargeable assets | (245,388) | (225,573)
| Capital gains | 462,824 | 501,356
| Valuation (gains)/losses not taxable | (674,235) | 646,859
| TOTAL TAX CHARGE/(CREDIT) FOR THE YEAR | 768,460 | (848,155)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 18
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | TANGIBLE FIXED ASSETS
|  | Fixtures & fittings
|  | £
| COST OR VALUATION |
| At 1 May 2024 | 1,003,260
| At 30 April 2025 | 1,003,260
| DEPRECIATION |
| At 1 May 2024 | 860,554
| Charge for the year on owned assets | 21,406
| At 30 April 2025 | 881,960
| NET BOOK VALUE |
| At 30 April 2025 | 121,300
| At 30 April 2024 | 142,706
9. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies | Listed investments | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| At 1 May 2024 | 49 | 526 | 575
| At 30 April 2025 | 49 | 526 | 575
| SUBSIDIARY UNDERTAKING
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Haslam Court Management Limited | England | Management Company | Ordinary | 100%
| The registered office of the above subsidiary registered in England is 12th Floor, Aldgate Tower, Leman Street, London, E1W 9US.
Page 19
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | INVESTMENT PROPERTY
|  | Freehold investment property | Long term leasehold investment property | Total
|  | £ | £ | £
| VALUATION |  |  |
| At 1 May 2024 | 215,303,839 | 4,829,953 | 220,133,792
| Additions at cost | 7,922,897 | - | 7,922,897
| Disposals | (3,497,878) | - | (3,497,878)
| Fair value movement | 2,592,301 | 104,625 | 2,696,926
| AT 30 APRIL 2025 | 222,321,159 | 4,934,578 | 227,255,737
The 2025 valuations were made by the directors, on an open market value for existing use basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 111,086,550 | 107,053,988
|  | 111,086,550 | 107,053,988
| At the year end, the provision for diminution in value amounted to £3,345,288 (2024: £2,058,617).
11. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 58,375 | 1,824
| Other debtors | 2,059,995 | 2,323,348
| Prepayments and accrued income | 9,132 | -
|  | 2,127,502 | 2,325,172
Page 20
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 34,892,865 | 33,110,778
| Corporation tax | 844,055 | 862,489
| Other taxation and social security | 105 | 1,147
| Other creditors | 1,337,880 | 1,117,786
| Accruals and deferred income | 1,870,583 | 2,149,264
|  | 38,945,488 | 37,241,464
13. | DEFERRED TAXATION
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 26,932,260 | 27,695,465
| Charged/(released) to income statement | 786,894 | (763,205)
| AT END OF YEAR | 27,719,154 | 26,932,260
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tax on revaluation of investment properties | 27,719,154 | 26,932,260
|  | 27,719,154 | 26,932,260
14. | RESERVES
Investment property revaluation reserve The investment property revaluation reserve includes all current and prior year movements. Profit & loss account The profit and loss account includes all current and prior year retained profits and losses. Page 21
CASTLE LANE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15. | RELATED PARTY TRANSACTIONS
| The company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under FRS102 Section 1A, paragraph 1 AC.35 in connection with intra group transactions. The company received estate agents services from a partnership in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest, the cost of which amounted to £136,320 (2024- £132,655). The company received management services from CHP Management Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest, the cost of which amounted to £80,192 (2024 - £76,800).
16. | CONTROLLING PARTY
The company is a wholly owned subsidiary of The William Pears Group of Companies Limited. The company's ultimate holding company is William Pears Group Limited, a company incorporated in England. The registered office is 12th Floor Aldgate Tower, 2 Leman Street, London, E1W 9US.
17. | BANKING ARRANGEMENTS
The company, in common with certain family connected companies, participates in a group banking arrangement in respect of overdraft and loan facilities. Companies participating in this arrangement have a joint and several liability to the bank for the total group indebtedness. The total amount outstanding at 30 April 2025 was £Nil (2024 - £Nil). The directors do not consider that the bank will ever need recourse to this company, each family connected company having ample resources to meet its own liabilities.
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