Castlewood Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05776827 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

FOR

CASTLEWOOD PROPERTIES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Silver

REGISTERED OFFICE:

32 Castlewood Road

London

N16 6DW

REGISTERED NUMBER:

05776827 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

4

411

484

Investment property

5

1,655,904

1,655,904

1,656,315

1,656,388

CURRENT ASSETS

Debtors

6

2,310

2,310

Cash at bank

31,577

128,116

33,887

130,426

CREDITORS

Amounts falling due within one year

7

(351,863

)

(468,380

)

NET CURRENT LIABILITIES

(317,976

)

(337,954

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,338,339

1,318,434

CREDITORS

Amounts falling due after more than one year

8

(669,584

)

(691,250

)

NET ASSETS

668,755

627,184

CAPITAL AND RESERVES

Called up share capital

11

1

1

Revaluation reserve

12

528,506

528,506

Retained earnings

12

140,248

98,677

SHAREHOLDERS' FUNDS

668,755

627,184

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 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 January 2023 and were signed by:

J Silver - Director

1.	STATUTORY INFORMATION

Castlewood Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 net rent receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2021

and 30 April 2022

4,021

DEPRECIATION

At 1 May 2021

3,537

Charge for year

73

At 30 April 2022

3,610

NET BOOK VALUE

At 30 April 2022

411

At 30 April 2021

484

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2021

and 30 April 2022

1,655,904

NET BOOK VALUE

At 30 April 2022

1,655,904

At 30 April 2021

1,655,904

The director has confirmed that, there is no significant market value increase or decrease in properties.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

2,310

2,310

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Taxation and social security

8,103

924

Other creditors

343,760

467,456

351,863

468,380

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans (see note 9)

646,250

691,250

Other creditors

23,334

-

669,584

691,250

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loan

646,250

666,250

Repayable by instalments

Other loans more 5yrs instal

23,334

-

9.

LOANS

An analysis of the maturity of loans is given below:

30.4.22

30.4.21

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

25,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loan

646,250

666,250

Repayable by instalments

Other loans more 5yrs instal

23,334

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.22

30.4.21

£

£

Bank loans

646,250

691,250

Other loans

23,334

-

669,584

691,250

1. The mortgage is secured by a first charge over the company's investment properties and bear interest at variable rates.

2. Under the bank loan, £23,334 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.22

30.4.21

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2021

98,677

528,506

627,183

Profit for the year

41,571

41,571

At 30 April 2022

140,248

528,506

668,754

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Silver.