CASTLE DEVELOPMENTS (DEVON) LTD

CASTLE DEVELOPMENTS (DEVON) LTD

CASTLE DEVELOPMENTS (DEVON) LTD - Company Information

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CASTLE DEVELOPMENTS (DEVON) LTD

Company Registration Number:
10975742 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2021

Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

CASTLE DEVELOPMENTS (DEVON) LTD

Contents of the Financial Statements

for the Period Ended 31 December 2021

Balance sheet
Notes

CASTLE DEVELOPMENTS (DEVON) LTD

Balance sheet

As at 31 December 2021


Notes
2021
2020


£
£
Current assets
Stocks: 720,202 92,660
Debtors:   2,449 5,528
Cash at bank and in hand: 3 249,396
Total current assets: 722,654 347,584
Creditors: amounts falling due within one year: 3 (437,150) (55,807)
Net current assets (liabilities): 285,504 291,777
Total assets less current liabilities: 285,504 291,777
Creditors: amounts falling due after more than one year: 4 (47,325) (50,000)
Total net assets (liabilities): 238,179 241,777
Capital and reserves
Called up share capital: 133 133
Share premium account: 24,967 24,967
Profit and loss account: 213,079 216,677
Shareholders funds: 238,179 241,777

The notes form part of these financial statements

CASTLE DEVELOPMENTS (DEVON) LTD

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 September 2022
and signed on behalf of the board by:

Name: Robert Withecombe
Status: Director

The notes form part of these financial statements

CASTLE DEVELOPMENTS (DEVON) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

The revenue is measured as the consideration received, net of VAT, for the sale of residential buildings. Revenue is recognised when the significant risks and rewards of ownership have been transferred to the purchaser at legal completion.

Other accounting policies

Property, including land held under development, acquired or being constructed for the sale in the ordinary course of business, is held as stock and work in progress at the lower of cost or net realisable value. Work in progress comprises the invoiced value of labour and materials incurred by the company for the construction of residential homes for sale.

CASTLE DEVELOPMENTS (DEVON) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

2. Employees

2021 2020
Average number of employees during the period 2 2

CASTLE DEVELOPMENTS (DEVON) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Creditors: amounts falling due within one year note

At the year end, the company owed W T Young & Son, a business owned by Director, Martin Young the sum of £84,969 for services rendered.At the year end, Castle Developments Devon Limited was in receipt of a working capital loan with interest, from Swanmoor Limited, a company wholly owned by Director Rob Withecombe. The balance between the company and Swanmoor Limited varied during the course of the year but was £329,704 on 31 December 2021.

CASTLE DEVELOPMENTS (DEVON) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Creditors: amounts falling due after more than one year note

The company is in receipt of a Bounce Back Loan from Santander Bank. During the course of the year, the terms of loan changed so that the loan term was extended from 6 years to 10 years. The loan is not secured against the companies assets and carries an interest rate of 2.5%. The balance at the end of the year was £47,325.

CASTLE DEVELOPMENTS (DEVON) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Related party transactions

Name of the related party: Martin Young, trading as WT Young & Son
Relationship:
Supply of building and construction services.
Description of the Transaction: Director Martin Young trades as WT Young & Son, a builder. WT Young & Son supplied services to the company for the building of residential homes during the course of the year. The services were provided by the company on an arms length basis. The invoiced value of the services provided which included labour and materials during the course of the year amounted to £372,960.27 and the balance at the year end owed to WT Young & Sons was £84,969.
£
Balance at 01 January 2021 21,902
Balance at 31 December 2021 84,969
Name of the related party: Swanmoor Limited
Relationship:
Provision of loan finance so support development activities.
Description of the Transaction: During the course of the year, Swanmoor Limited which is a shareholder in the company, lent money at interest (which amounted £9,386.73) to Castle Developments (Devon) Limited to support its residential development activities. The loan amount varied over the duration of the loan term and is repayable on demand.
£
Balance at 01 January 2021 4,411
Balance at 31 December 2021 329,704
Name of the related party: Swanmoor Limited
Relationship:
The provision of consultancy services
Description of the Transaction: Rob Withecombe is a Director of Swanmoor Limited and Swanmoor Limited is a shareholder in the company. During the course of the year, Swanmoor Limited supplied management consultancy and financial advisory services. The fees charged by Swanmoor Limited in the year amounted to £4,000.
£
Balance at 01 January 2021 5,500
Balance at 31 December 2021 0