Castletree Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03875861 (England and Wales)

Financial Statements for the Year Ended 30 April 2022

for

Castletree Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss C Phillips

Mr F Farrell

Mr A M Holden

SECRETARY:

Streatham Secretarial Limited

REGISTERED OFFICE:

Foresters Hall

25/27 Westow Street

London

SE19 3RY

REGISTERED NUMBER:

03875861 (England and Wales)

ACCOUNTANTS:

Gibsons Financial Limited

Chartered Accountants

Foresters Hall

25/27 Westow Street

Upper Norwood

London

SE19 3RY

FIXED ASSETS

Tangible assets

4

7,554,999

7,558,064

CURRENT ASSETS

Debtors

18,638

22,173

Cash at bank

54,110

78,114

72,748

100,287

CREDITORS

Amounts falling due within one year

(252,871

)

(337,114

)

NET CURRENT LIABILITIES

(180,123

)

(236,827

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,374,876

7,321,237

CREDITORS

Amounts falling due after more than one year

5

(936,072

)

(1,015,286

)

PROVISIONS FOR LIABILITIES

(551,817

)

(551,817

)

NET ASSETS

5,886,987

5,754,134

CAPITAL AND RESERVES

Called up share capital

200

200

Non distributable reserves

3,352,264

3,352,264

Retained earnings

2,534,523

2,401,670

SHAREHOLDERS' FUNDS

5,886,987

5,754,134

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 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 18 November 2022 and were signed on its behalf by:

Mr F Farrell - Director

1.	STATUTORY INFORMATION

Castletree Limited 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.

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 rents receivable excluding Value Added Tax.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Fixtures & fittings

-

20% on cost

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 balance sheet date.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 May 2021

7,877,516

Additions

2,805

At 30 April 2022

7,880,321

DEPRECIATION

At 1 May 2021

319,452

Charge for year

5,870

At 30 April 2022

325,322

NET BOOK VALUE

At 30 April 2022

7,554,999

At 30 April 2021

7,558,064

Cost or valuation at 30 April 2022 is represented by:

Investment

Improvements

Fixtures &

properties

to property

fittings

Totals

£

£

£

£

Valuation in 2010

1,192,830

-

-

1,192,830

Valuation in 2014

1,321,253

-

-

1,321,253

Valuation in 2017

1,390,000

-

-

1,390,000

Cost

3,639,296

17,681

319,261

3,976,238

7,543,379

17,681

319,261

7,880,321

The company's freehold and leasehold properties are held as investments and have been included in the accounts at directors' valuation. They consider the market value of the investment properties to be £7,543,379 as at 30 April 2022.

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30/4/22

30/4/21

£

£

Repayable by instalments

Bank loans

619,216

698,430

6.	SECURED DEBTS

The following secured debts are included within creditors:

30/4/22

30/4/21

£

£

Bank loans

1,015,286

1,094,500

The company's bank borrowings are secured by legal charges over its Investment Properties.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr F Farrell, a director of the company has advanced money to the company, which is repayable on demand and is included in creditors less than one year. During the year the company repaid part of the loan.The balance outstanding at the year end was £101,297 (2021: £200,225).No interest was paid for the loan.

8.	POST BALANCE SHEET EVENTS

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered the relevant information in making their assessment, particularly, in response to the Covid-19 pandemic. The Directors have taken into account the impact of the pandemic on their business, along with the measures that they can take to reduce the impact. Based on these assessments, given the measures that could be taken to mitigate the current adverse conditions and the current resources available, the Directors have concluded that the going concern basis is appropriate.