Castledrive Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 02713835 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

31 MARCH 2014

FOR

CASTLEDRIVE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

M P Keehan

R D Stiles

H C Rawlings

SECRETARY:

R D Stiles

REGISTERED OFFICE:

18-22 Boundary Road

Hove

East Sussex

BN3 4EF

REGISTERED NUMBER:

02713835 (England and Wales)

ACCOUNTANTS:

Chisnall Comer Ismail & Co

Chartered Accountants

Maria House

35 Millers Road

Brighton

East Sussex

BN1 5NP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to six) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Castledrive Limited for the year ended 31 March 2014 which comprise the Profit

and Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses and the related

notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we

are subject to its ethical and other professional requirements which are detailed at

icaew.com/membershandbook.

This report is made solely to the Board of Directors of Castledrive Limited, as a body, in accordance with our

terms of engagement. Our work has been undertaken solely to prepare for your approval the financial

statements of Castledrive Limited and state those matters that we have agreed to state to the Board of

Directors of Castledrive Limited, as a body, in this report in accordance with AAF 2/10 as detailed at

icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to

anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Castledrive Limited has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit

of Castledrive Limited. You consider that Castledrive Limited is exempt from the statutory audit requirement

for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Castledrive

Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the

statutory financial statements.

Chisnall Comer Ismail & Co

Chartered Accountants

Maria House

35 Millers Road

Brighton

East Sussex

BN1 5NP

31 July 2014

FIXED ASSETS

Investment property

2

1,900,000

1,900,000

CURRENT ASSETS

Debtors

45,030

58,470

Cash at bank

6,795

17,458

51,825

75,928

CREDITORS

Amounts falling due within one year

3

133,123

121,923

NET CURRENT LIABILITIES

(81,298

)

(45,995

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,818,702

1,854,005

CREDITORS

Amounts falling due after more than one year

3

792,033

852,804

NET ASSETS

1,026,669

1,001,201

CAPITAL AND RESERVES

Called up share capital

4

6

6

Revaluation reserve

744,579

744,579

Profit and loss account

282,084

256,616

SHAREHOLDERS' FUNDS

1,026,669

1,001,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 July 2014 and were signed on its behalf by:

R D Stiles - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Investment property

Investment properties are included in the financial statements at their open market value at the

balance sheet date and the aggregate surplus or deficit is transferred to the revaluation reserve.

In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the

properties are not depreciated. This represents a departure from the requirement of the Companies

Act 2006 that depreciation is charged to write off the value of investment properties, less any residual

value, systematically over their useful lives. However these properties are not held for consumption but

for investment and the directors consider that systematic annual depreciation would be inappropriate.

In the opinion of the directors the accounting policy adopted is therefore necessary in order to provide

a true and fair view of the company's affairs. The amount of depreciation which might otherwise have

been shown cannot be separately identified or quantified.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2013

and 31 March 2014

1,900,000

NET BOOK VALUE

At 31 March 2014

1,900,000

At 31 March 2013

1,900,000

3.

CREDITORS

Creditors include an amount of £ 852,395 (2013 - £ 909,951 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

6

Ordinary

£1

6

6

5.	DIRECTORS LOANS

The following loans to a director subsisted during the years ended 31 March 2014 and 31 March 2013:

2014

2013

£

£

M P Keehan

Balance outstanding at start of year

10,000

-

Amounts advanced

-

10,000

Amounts repaid

(10,000

)

-

Balance outstanding at end of year

-

10,000