Company registration number: 01317486
Annual report and unaudited financial statements
for the year ended 30 September 2023
for
Kingscastle Limited
Pages for filing with the Registrar
Company registration number: 01317486
Kingscastle Limited
Balance sheet
as at 30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 4,800 -
Investments 5 3,016,018 3,016,018
3,020,818 3,016,018
Current assets
Stocks 7,340,540 10,390,540
Debtors 51,730,566 48,857,287
Cash at bank and in hand 63,863 17,229
59,134,969 59,265,056
Creditors: amounts falling due within one year
(26,983,921) (26,433,108)
Net current assets 32,151,048 32,831,948
Total assets less current liabilities 35,171,866 35,847,966
Creditors: Amounts falling due after more than one year
(8,370,500) (8,370,500)
NET ASSETS 26,801,366 27,477,466
Capital and reserves
Called up share capital 116 116
Share premium account 6,664,984 6,664,984
Profit and loss account 20,136,266 20,812,366
TOTAL EQUITY 26,801,366 27,477,466
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 September 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 01317486
Kingscastle Limited
Balance sheet - continued
as at 30 September 2023
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr H GWYN-JONES, Director
6 July 2026
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Kingscastle Limited
Notes to the financial statements
for the year ended 30 September 2023
1 Company information
Kingscastle Limited is a private company registered in England and Wales. Its registered number is 01317486. The company is limited by shares. Its registered office is Apartment 1, New Wardour Castle, Tisbury, Salisbury, Wiltshire, SP3 6RH.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Presentation currency
The company’s financial statements are presented in sterling.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company’s ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles:
Motor vehicles - 20% straight line
Investments in subsidiaries
Investments in subsidiaries are recognised at cost.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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Kingscastle Limited
Notes to the financial statements - continued
for the year ended 30 September 2023
2 Accounting policies - continued
Financial instruments
The company has elected to apply the provisions of Section 11 ’Basic Financial Instruments’ and Section 12 ’Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company’s balance sheet 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Classification of 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 deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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. Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Leases Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
























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Kingscastle Limited
Notes to the financial statements - continued
for the year ended 30 September 2023
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3 Average number of employees
During the year the average number of employees was 2 (2022 - 2).
4 Tangible fixed assets
Motor vehicles
£
Cost
Additions 6,000
At 30 September 2023 6,000
Depreciation
Charge for year 1,200
At 30 September 2023 1,200
Net book value
At 30 September 2023 4,800
At 30 September 2022 -
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Kingscastle Limited
Notes to the financial statements - continued
for the year ended 30 September 2023
5 Fixed asset investments
Investments other than loans
Shares in group undertakings and participating interests




Other investments other than loans


Totals
£ £ £
Cost
At 1 October 2022 3,015,803 215 3,016,018
At 30 September 2023 3,015,803 215 3,016,018
Net book value
At 30 September 2023 3,015,803 215 3,016,018
At 30 September 2022 3,015,803 215 3,016,018
6 Advances, credit and guarantees granted to the director
The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022.
2023 2022
£ £
Henry Gwyn-Jones
Amounts advanced 1,450,369 -
Balance outstanding at end of year 1,450,369 -
7 Related party transactions
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Kingscastle Limited
Notes to the financial statements - continued
for the year ended 30 September 2023
7 Related party transactions - continued
At the year end, there were amounts owing from non wholly owed subsidiary undertakings of £7,465,025 (2022 - £7,429,248). and provisions amounting to £4,037,442 (2022 - £4,037,442) have been made against these debts. The amounts owing are unsecured, interest free and repayable on demand. At the year end, there were amount owing to non wholly owned subsidiary undertakings of £3,336,076 (2022 - £3,481,076). These amounts are unsecured, interest free and repayable on demand. At the year end there was an amount owing to the ultimate parent undertaking of £8,687,814 (2022 - £8,232,991). Some of this balance carries an interest rate of 4% per annum, the remainder being interest free. The company has security over the some of the assets of its ultimate parent undertaking for the interest bearing balance, the remainder being unsecured. All amounts are repayable on demand. At the year end, there were amounts owed by subsidiaries of the ultimate parent undertaking amounting to £15,619,420 (2022 - £15,525,518). These amounts are unsecured, interest free and repayable on demand. At the year end, there were amounts owed by companies under the control of a director amounting to £54,439 (2022 - £64,844) and provisions of £64,844 (2022 - £64,844). These amounts are unsecured, interest free and repayable on demand. At the year end there were amounts owing to companies under the control of a director of £331,673 (2022 - £663,329). These amounts are unsecured, interest free and repayable on demand. At the year end, there was an amount owing to a company in which a former director of this company was also a director of £Nil (2022 - £318,207). This amount is unsecured, interest free and repayable on demand.












8 Guarantees and other financial commitments
During the year the company had given a cross guarantee against liabilities of subsidiary companies, The maximum potential liability as at the year end was £ (2022 - £3,838,750).
9 Secured creditors
Loans totaling £ (2022 - £2,462,000) secured by a fixed charge on certain stock items of the company. Loans totaling £8,370,500 (2022 - £8,370,000) are secured by a fixed charge on certain stock items of the company and cross guarantees from other group companies. Other creditors due over one year totaling £102,392 (2022 - £1,512,500) are secured by a fixed charge on certain stock items of the company.



10 Directors’ transactions
During the year the company made advances totalling £1,467,198 (2022 - £55,979) to a director. In addition, the director settled liabilities of the company amounting to £16,829 (2022 - £231,684). The net amount advanced in total was settled by a related company. The maximum advanced during the period was £1,467,198 (2022 - £104,270). At the year end, the amount owing to the company was £1,450,369 (2022 - £Nil).



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Kingscastle Limited
Notes to the financial statements - continued
for the year ended 30 September 2023
11 Controlling party
The ultimate parent undertaking is Topaz UK Developments Limited.
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