Castlegate Union Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC639728 (Scotland)

Castlegate Union Limited

Unaudited Financial Statements

for the Period 23 August 2019 to 31 August 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Keane

Mrs J Keane

R T E Capper

SECRETARY:

Mrs J Keane

REGISTERED OFFICE:

C/o Whitelaw Wells

9 Ainslie Place

Edinburgh

EH3 6AT

REGISTERED NUMBER:

SC639728 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

The Mound

Edinburgh

EH1 1YZ

FIXED ASSETS

Investment property

4

1,000,000

CURRENT ASSETS

Debtors

5

29,702

Cash at bank

30,261

59,963

CREDITORS

Amounts falling due within one year

6

937,851

NET CURRENT LIABILITIES

(877,888

)

TOTAL ASSETS LESS CURRENT LIABILITIES

122,112

PROVISIONS FOR LIABILITIES

15,468

NET ASSETS

106,644

CAPITAL AND RESERVES

Called up share capital

7

100

Fair value reserve

8

65,942

Retained earnings

8

40,602

SHAREHOLDERS' FUNDS

106,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2020 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 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 Board of Directors and authorised for issue on 20 May 2021 and were signed on its behalf by:

C Keane - Director

1.	STATUTORY INFORMATION

Castlegate Union Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income. Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to these incentives is accrued and subsequently released of the full period of the lease agreement. Property sales are recognised with reference to completion date.

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to the fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year-end is included in the fair value reserve with the relevant change in fair value.

Taxation

Taxation for the period 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 period 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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

918,590

Revaluations

81,410

At 31 August 2020

1,000,000

NET BOOK VALUE

At 31 August 2020

1,000,000

Fair value at 31 August 2020 is represented by:

£

Valuation in 2020

81,410

Cost

918,590

1,000,000

If investment property had not been revalued it would have been included at the following historical cost:

£

Cost

918,590

Investment property was valued on an open market basis on 31 August 2020 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

27,400

Other debtors

2,302

29,702

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

2,425

Taxation and social security

14,835

Other creditors

920,591

937,851

Within other creditors is a director's current account which is unsecured, interest free, and has no fixed

terms of repayment.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 were issued during the period for cash of £ 100 .

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

Profit for the period

106,544

106,544

Revaluation in the year

(81,410

)

81,410

-

Deferred tax movement

15,468

(15,468

)

-

At 31 August 2020

40,602

65,942

106,544

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

9.	RELATED PARTY DISCLOSURES

During the year, one of the directors lent £452,453 to the company, which is unsecured, interest free and has no fixed terms of repayments and was outstanding at the year end.

A further £452,452 was leant by and is due to CSKP Limited, a company that is owned by one of the directors.

10.	GOING CONCERN

The company is dependant upon the continued support of it's director and related parties, who have advanced the company funds to purchase investment property.

The directors going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.