Castleway Investment Management LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Castleway Investment Management LLP is a limited liability partnership, incorporated in England & Wales, registered number OC420783 . The Registered Office is Willowmere Barn Camps End, Castle Camps, Cambridge, Cambridgeshire, CB21 4TR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Going Concern Disclosure

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed. Where amounts are received in advance the recognition is deferred until such a time that the above conditions have been met.

Rental income represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Other income

Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. Dividend income is recognised when the right to receive payment is established.

2.4. Tangible Fixed Assets and Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 5% on cost, Improvement to Property - 20% on cost, Computer equipment and Office Equipment - 33% on cost and Motor Vehicles - 10% on reducing balance.

Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Plant & Machinery	5% on cost
Motor Vehicles	10% on reducing balance
Fixtures & Fittings	33% on cost
Computer Equipment	33% on cost

2.5. Investment Properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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Castleway Investment Management LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2.8. Financial Instruments

Basic financial assets, including trade and other receivables and cash and bank balances 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 rate method.

Basic financial liabilities including trade and other payables 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

2.9. Investments

Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

2.10. Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2.11. Provision for liabilities

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the 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 end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: NIL (2024: NIL)

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Castleway Investment Management LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 April 2024	99,401
Additions	69,507

As at 31 March 2025	168,908

Depreciation
As at 1 April 2024	20,928
Provided during the period	14,602

As at 31 March 2025	35,530

Net Book Value
As at 31 March 2025	133,378

As at 1 April 2024	78,473

5. Investment Property

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	-	845,000

6. Investments

	Listed	Other	Total
	£	£	£
Cost or Valuation
As at 1 April 2024	12,008	845,000	857,008
Disposals	(12,008 )	(395,000 )	(407,008 )

As at 31 March 2025	-	450,000	450,000

Provision
As at 1 April 2024	-	-	-

As at 31 March 2025	-	-	-

Net Book Value
As at 31 March 2025	-	450,000	450,000

As at 1 April 2024	12,008	845,000	857,008

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	30,938	-
Amounts owed by group undertakings	350,000	-
Other debtors	113,299	122,313

	494,237	122,313

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Castleway Investment Management LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	12,198	-
Trade creditors	20,336	35,418
Bank loans and overdrafts	10,000	10,000
Amounts owed to group undertakings	25,197	-
Other creditors	27,092	1,509
Taxation and social security	2,488	-

	97,311	46,927

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	18,297	-
Bank loans	339,164	349,164

	357,461	349,164

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2025	2024
	£	£
Bank loans	336,664	336,664
Other Creditors	6,099	-

10. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	379,659		359,164

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	12,198	-
Later than one year and not later than five years	18,297	-

	30,495	-

	30,495	-

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		133,378		78,473
Investments	6		450,000		857,008

			583,378		935,481
CURRENT ASSETS
Stocks		108,884		101,548
Debtors	7	494,237		122,313
Cash at bank and in hand		16,255		11,826

		619,376		235,687
Creditors: Amounts Falling Due Within One Year	8	(97,311 )		(46,927 )

NET CURRENT ASSETS (LIABILITIES)			522,065		188,760

TOTAL ASSETS LESS CURRENT LIABILITIES			1,105,443		1,124,241

Creditors: Amounts Falling Due After More Than One Year	9		(357,461 )		(349,164 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			747,982		775,077

REPRESENTED BY:
Equity
Members' other interests
Members' capital		747,982		775,077

			747,982		775,077

TOTAL MEMBERS' INTEREST
Amounts due from members			(36,008)		(25,222)
Members' other interests			747,982		775,077

			711,974		749,855