Castlelane Offsales Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI628286 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Castlelane Offsales Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Maguire

REGISTERED OFFICE:

2 Gravel Lane

Aghagallon

Craigavon

Armagh

BT67 0AZ

REGISTERED NUMBER:

NI628286 (Northern Ireland)

ACCOUNTANTS:

ASC Wylie UBU Ltd

Chartered Accountants

7 Lisburn Street

Hillsborough

Down

BT26 6AB

FIXED ASSETS

Tangible assets

4

262,086

268,160

CURRENT ASSETS

Stocks

70,000

55,000

Debtors

5

12,640

12,038

Cash at bank

51,755

45,288

134,395

112,326

CREDITORS

Amounts falling due within one year

6

376,108

363,260

NET CURRENT LIABILITIES

(241,713

)

(250,934

)

TOTAL ASSETS LESS CURRENT LIABILITIES

20,373

17,226

CREDITORS

Amounts falling due after more than one year

7

-

(2,000

)

PROVISIONS FOR LIABILITIES

(1,237

)

-

NET ASSETS

19,136

15,226

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

19,036

15,126

19,136

15,226

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 August 2020 and were signed by:

P Maguire - Director

1.	STATUTORY INFORMATION

Castlelane Offsales Limited is a private company, limited by shares , registered in Northern Ireland.

The company's registered number and registered office address can be found on the Company

Information page.

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 historical cost convention.

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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred 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 tax

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 have been enacted or substantively enacted by the year end 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 probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

271,111

13,269

284,380

Additions

-

1,240

1,240

At 31 December 2019

271,111

14,509

285,620

DEPRECIATION

At 1 January 2019

10,389

5,831

16,220

Charge for year

5,145

2,169

7,314

At 31 December 2019

15,534

8,000

23,534

NET BOOK VALUE

At 31 December 2019

255,577

6,509

262,086

At 31 December 2018

260,722

7,438

268,160

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

3,456

3,475

Other debtors

9,184

8,563

12,640

12,038

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

2,000

2,400

Trade creditors

56,651

50,324

Taxation and social security

4,426

8,351

Other creditors

313,031

302,185

376,108

363,260

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

2,000