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

REGISTERED NUMBER: SC639728 (Scotland)

Castlegate Union Limited

Unaudited Financial Statements

for the Year Ended 31 August 2021

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

1,000,000

CURRENT ASSETS

Debtors

5

23,740

29,702

Cash at bank

84,138

30,261

107,878

59,963

CREDITORS

Amounts falling due within one year

6

940,481

937,851

NET CURRENT LIABILITIES

(832,603

)

(877,888

)

TOTAL ASSETS LESS CURRENT LIABILITIES

167,397

122,112

PROVISIONS FOR LIABILITIES

21,574

15,468

NET ASSETS

145,823

106,644

CAPITAL AND RESERVES

Called up share capital

7

100

100

Fair value reserve

8

59,836

65,942

Retained earnings

8

85,887

40,602

SHAREHOLDERS' FUNDS

145,823

106,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 31 May 2022 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 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.

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 year was 3 (2020 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2020

and 31 August 2021

1,000,000

NET BOOK VALUE

At 31 August 2021

1,000,000

At 31 August 2020

1,000,000

Fair value at 31 August 2021 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:

2021

2020

£

£

Cost

918,590

918,590

Investment property was valued on an open market basis on 31 August 2021 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

23,640

27,400

Other debtors

100

2,302

23,740

29,702

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

536

2,425

Taxation and social security

17,152

14,835

Other creditors

922,793

920,591

940,481

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

2021

2020

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 September 2020

40,602

65,942

106,544

Profit for the year

39,179

39,179

Deferred tax movement

6,106

(6,106

)

-

At 31 August 2021

85,887

59,836

145,723

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 £2,202 (2020: £452,453) to the company, which is unsecured, interest free and has no fixed terms of repayments. At the year end a total of £454,655 (2020: £452,453) was outstanding at the year end.

At the year end a further £452,452 (2020: £452,452) is due to CSKP Limited, a company that is owned by one of the other 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.