Raglan Castle Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02835055 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Raglan Castle Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N O T Crump

W A L Crump

P M Lawton

E E James

A J Wilkinson

P Badham

SECRETARY:

W A L Crump

REGISTERED OFFICE:

21 Gold Tops

Newport

South Wales

NP20 4PG

REGISTERED NUMBER:

02835055 (England and Wales)

ACCOUNTANTS:

Guilfoyle Sage LLP

21 Gold Tops

Newport

South Wales

NP20 4PG

SOLICITORS:

RDP Law

Wentwood House

Langstone Business Village

Priory Drive

Newport

NP18 2HJ

FIXED ASSETS

Tangible assets

5

1

1

Investment property

6

1,300,000

900,000

1,300,001

900,001

CURRENT ASSETS

Debtors

7

43,921

8,706

Cash at bank

5,084

14,540

49,005

23,246

CREDITORS

Amounts falling due within one year

8

67,733

65,849

NET CURRENT LIABILITIES

(18,728

)

(42,603

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,281,273

857,398

CREDITORS

Amounts falling due after more than one year

9

(150,603

)

(169,015

)

PROVISIONS FOR LIABILITIES

(119,519

)

(85,098

)

NET ASSETS

1,011,151

603,285

CAPITAL AND RESERVES

Called up share capital

11

334,300

334,300

Share premium

10,750

10,750

Fair value reserve

12

739,937

339,358

Retained earnings

(73,836

)

(81,123

)

SHAREHOLDERS' FUNDS

1,011,151

603,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 6 December 2023 and were signed on its behalf by:

W A L Crump - Director

E E James - Director

1.	STATUTORY INFORMATION

Raglan Castle Properties 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.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis as the directors believe that the company will be able to obtain sufficient funding to secure the continued financing of the company's activities for the foreseeable future.

The significant accounting policies applied in the presentation of these financial statements are set out

below. These policies have been consistently applied to all periods presented unless otherwise stated.

Tangible fixed assets

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

Plant and machinery etc

-

15% 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.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

5,177

DEPRECIATION

At 1 April 2022

and 31 March 2023

5,176

NET BOOK VALUE

At 31 March 2023

1

At 31 March 2022

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

900,000

Revaluations

400,000

At 31 March 2023

1,300,000

NET BOOK VALUE

At 31 March 2023

1,300,000

At 31 March 2022

900,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2011

367,947

Valuation in 2017

(100,000

)

Valuation in 2021

125,000

Valuation in 2023

400,000

Cost

507,053

1,300,000

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

31.3.23

31.3.22

£

£

Cost

507,053

507,053

The investment property was valued on an open market basis on 31 March 2023 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

43,921

8,706

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

15,000

15,000

Trade creditors

100

100

Other creditors

52,633

50,749

67,733

65,849

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

150,603

169,015

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

90,603

109,015

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

165,603

184,015

The bank loan and overdraft are secured by a first legal charge dated 10th December 1993, over the freehold property and by a first legal charge, dated 15th February 2000 over the freehold land.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

334,300

Ordinary

£1

334,300

334,300

12.

RESERVES

Fair

value

reserve

£

At 1 April 2022

339,358

Investment property revaluation

400,579

At 31 March 2023

739,937

13.	RELATED PARTY DISCLOSURES

Included within Other Creditors are loans from shareholders as follows:

Shareholder pledges (directors) £ 8,800

Shareholder pledges (other) £ 31,350

The loans are repayable on demand and do not attract interest.

14.	POST BALANCE SHEET EVENTS

The Directors are in the process of negotiating the sale of 100% of the shares in the Raglan Castle Properties Ltd to a third party.