Castro Estates Limited 31/03/2020 iXBRL

Castro Estates Limited 31/03/2020 iXBRL

CASTRO ESTATES LIMITED - Company Information

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31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 03734342 2019-04-01 2020-03-31 03734342 2020-03-31 03734342 2019-03-31 03734342 2018-04-01 2019-03-31 03734342 2019-03-31 03734342 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 03734342 bus:Director1 2019-04-01 2020-03-31 03734342 core:FurnitureFittingsToolsEquipment 2019-03-31 03734342 core:LandBuildings core:OwnedOrFreeholdAssets 2020-03-31 03734342 core:FurnitureFittingsToolsEquipment 2020-03-31 03734342 core:WithinOneYear 2020-03-31 03734342 core:WithinOneYear 2019-03-31 03734342 core:AfterOneYear 2020-03-31 03734342 core:AfterOneYear 2019-03-31 03734342 core:LandBuildings core:OwnedOrFreeholdAssets 2019-03-31 03734342 core:ShareCapital 2020-03-31 03734342 core:ShareCapital 2019-03-31 03734342 core:RetainedEarningsAccumulatedLosses 2020-03-31 03734342 core:RetainedEarningsAccumulatedLosses 2019-03-31 03734342 core:LandBuildings core:OwnedOrFreeholdAssets 2019-04-01 2020-03-31 03734342 core:FurnitureFittingsToolsEquipment 2019-03-31 03734342 bus:SmallEntities 2019-04-01 2020-03-31 03734342 bus:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 03734342 bus:FullAccounts 2019-04-01 2020-03-31 03734342 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 03734342 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 03734342 core:OtherMembersGroupNotDefinedElsewhere 2019-04-01 2020-03-31 03734342 core:OtherMembersGroupNotDefinedElsewhere 2018-04-01 2019-03-31 03734342 core:OtherMembersGroupNotDefinedElsewhere 2020-03-31 03734342 core:OtherMembersGroupNotDefinedElsewhere 2019-03-31 03734342 1 2019-04-01 2020-03-31
Company registration number: 03734342
Castro Estates Limited
Unaudited filleted financial statements
31 March 2020
Castro Estates Limited
Contents
Statement of financial position
Notes to the financial statements
Castro Estates Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 3,090,756 3,091,009
_______ _______
3,090,756 3,091,009
Current assets
Debtors 6 38,097 7,700
Investments 7 324,815 37,117
Cash at bank and in hand 88,438 50,820
_______ _______
451,350 95,637
Creditors: amounts falling due
within one year 8 ( 63,562) ( 38,835)
_______ _______
Net current assets 387,788 56,802
_______ _______
Total assets less current liabilities 3,478,544 3,147,811
Creditors: amounts falling due
after more than one year 9 ( 1,372,620) ( 1,001,415)
Provisions for liabilities ( 272,023) ( 275,065)
Accruals and deferred income ( 1,200) ( 15,662)
_______ _______
Net assets 1,832,701 1,855,669
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,832,601 1,855,569
_______ _______
Shareholders funds 1,832,701 1,855,669
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 December 2020 , and are signed on behalf of the board by:
Mr C P Astin
Director
Company registration number: 03734342
Castro Estates Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Mill Road, Cambridge, CB1 2AD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being not less than next 12 months from the approval of these financial statements. The company is well placed to manage its business risks successfully despite the current uncertain economic outlook. Forecasts have been prepared and the directors expect the company to continue to generate profits.Covid-19 situation caused a major disruption to state economies and companies' prospects all over the world. The management have considered the downside scenarios to estimate the impact of Covid-19 situation on the company and to establish if the company is financially viable for the foreseeable future. Due to the strong commercial performance and favourable market conditions evidence so far during COVID-19 pandemic and also based on the company's cash forecast, the cash forecast is not sensitive to COVID-19. This allows the company to have surplus cash even in the scenario of ongoing lockdown therefore support the going concern assumption. Thus, the directors continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The judgment and key source of estimation uncertainty that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is in respect of the fair value of the investment properties.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property letting, goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the letting of property is recognised on an accruals basis and it is probable that the associated economic benefits will flow to the entity.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively . Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference .
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - investment property carried at fair value
Fixtures, fittings and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to property, plant and equipment and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2019 and 31 March 2020 3,090,000 12,995 3,102,995
_______ _______ _______
Depreciation
At 1 April 2019 - 11,986 11,986
Charge for the year - 253 253
_______ _______ _______
At 31 March 2020 - 12,239 12,239
_______ _______ _______
Carrying amount
At 31 March 2020 3,090,000 756 3,090,756
_______ _______ _______
At 31 March 2019 3,090,000 1,009 3,091,009
_______ _______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 April 2019 and 31 March 2020 3,090,000
_______
Investment property is stated at fair value, with the valuations carried out by Mr C P Astin , director, based on original valuations by Barker Storey Matthews.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 March 2020
Aggregate cost 1,624,904 1,624,904
Aggregate depreciation - -
_______ _______
Carrying amount 1,624,904 1,624,904
_______ _______
At 31 March 2019
Aggregate cost 1,624,904 1,624,904
Aggregate depreciation - -
_______ _______
Carrying amount 1,624,904 1,624,904
_______ _______
6. Debtors
2020 2019
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 2,700
Other debtors 38,097 5,000
_______ _______
38,097 7,700
_______ _______
7. Investments
2020 2019
£ £
Investment property available for sale 324,815 37,117
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 35,195 33,544
Trade creditors 18,428 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 7,713 13
Social security and other taxes 2,226 5,278
Other creditors - -
_______ _______
63,562 38,835
_______ _______
Bank loans are secured by charges on the company's assets.
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 1,372,620 1,001,415
_______ _______
Bank loans are secured by charges on the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £ - (2019 £ 853,052 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Events after the end of the reporting period
The COVID-19 outbreak has developed rapidly in 2020, with a significant number of infections. Measures taken by various governments to contain the virus have affected economic activity. We have taken a number of measures to monitor and prevent the effects of the COVID-19 virus such as safetyand health measures for our people (like social distancing and working from home).At this stage, the impact on our business and results is limited. We will continue to follow the various national institutes policies and advice and in parallel will do our utmost to continue our operations in the best and safest way possible without jeopardizing the health of our people.We also refer to the Going Concern paragraph in Note 3.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
Group companies ( 10,400) 2,700 ( 7,713) 2,687
_______ _______ _______ _______
The loans are interest free and repayable to / (by) the company on demand.