Castlewood (London) Limited 29/06/2017 iXBRL

Castlewood (London) Limited 29/06/2017 iXBRL

CASTLEWOOD (LONDON) LIMITED - Company Information

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29/06/2017 2017-06-29 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2016-07-01 Sage Accounts Production 18.11 - FRS xbrli:pure xbrli:shares iso4217:GBP 03742002 2016-07-01 2017-06-29 03742002 2017-06-29 03742002 2016-06-30 03742002 2015-07-01 2016-06-30 03742002 2016-06-30 03742002 2015-06-30 03742002 core:PlantMachinery 2016-07-01 2017-06-29 03742002 bus:RegisteredOffice 2016-07-01 2017-06-29 03742002 bus:Director1 2016-07-01 2017-06-29 03742002 bus:Director2 2016-07-01 2017-06-29 03742002 bus:CompanySecretary1 2016-07-01 2017-06-29 03742002 core:LandBuildings core:OwnedOrFreeholdAssets 2016-06-30 03742002 core:FurnitureFittingsToolsEquipment 2016-06-30 03742002 core:LandBuildings core:OwnedOrFreeholdAssets 2017-06-29 03742002 core:FurnitureFittingsToolsEquipment 2017-06-29 03742002 core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-07-01 2016-06-30 03742002 core:WithinOneYear 2017-06-29 03742002 core:WithinOneYear 2016-06-30 03742002 core:AfterOneYear 2017-06-29 03742002 core:AfterOneYear 2016-06-30 03742002 core:WithinOneYear 2015-06-30 03742002 core:AfterOneYear 2015-06-30 03742002 core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2016-06-30 03742002 core:ShareCapital 2017-06-29 03742002 core:ShareCapital 2016-06-30 03742002 core:HedgingReserve 2017-06-29 03742002 core:HedgingReserve 2016-06-30 03742002 core:RetainedEarningsAccumulatedLosses 2017-06-29 03742002 core:RetainedEarningsAccumulatedLosses 2016-06-30 03742002 core:RestatedAmount 2016-06-30 03742002 core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-06-30 03742002 core:RestatedAmount 2015-06-30 03742002 core:FurnitureFittingsToolsEquipment 2016-07-01 2017-06-29 03742002 core:RestatedAmount 2015-07-01 2016-06-30 03742002 core:LandBuildings core:OwnedOrFreeholdAssets 2016-06-30 03742002 core:FurnitureFittingsToolsEquipment 2016-06-30 03742002 bus:SmallEntities 2016-07-01 2017-06-29 03742002 bus:AuditExempt-NoAccountantsReport 2016-07-01 2017-06-29 03742002 bus:FullAccounts 2016-07-01 2017-06-29 03742002 bus:SmallCompaniesRegimeForAccounts 2016-07-01 2017-06-29 03742002 bus:PrivateLimitedCompanyLtd 2016-07-01 2017-06-29
Company registration number: 03742002
Castlewood (London) Limited
Unaudited filleted financial statements
29 June 2017
Castlewood (London) Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Castlewood (London) Limited
Directors and other information
Directors Mr M Grunfeld
Mr S Abeless
Secretary M Grunfeld
Company number 03742002
Registered office Medcar House
149A Stamford Hill
London
N16 5LL
Castlewood (London) Limited
Statement of financial position
29 June 2017
29/06/17 29/06/16
Note £ £ £ £
Fixed assets
Tangible assets 5 4,268,654 4,257,709
_______ _______
4,268,654 4,257,709
Current assets
Debtors 6 2,790,917 2,450,732
Cash at bank and in hand 13,054 73,191
_______ _______
2,803,971 2,523,923
Creditors: amounts falling due
within one year 7 ( 519,473) ( 512,787)
_______ _______
Net current assets 2,284,498 2,011,136
_______ _______
Total assets less current liabilities 6,553,152 6,268,845
Creditors: amounts falling due
after more than one year 8 ( 4,633,762) ( 4,399,100)
Provisions for liabilities ( 17,144) ( 25,870)
_______ _______
Net assets 1,902,246 1,843,875
_______ _______
Capital and reserves
Called up share capital 2 2
Fair value reserve 1,306,614 1,297,888
Profit and loss account 595,630 545,985
_______ _______
Shareholders funds 1,902,246 1,843,875
_______ _______
For the period ending 29 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 May 2018 , and are signed on behalf of the board by:
Mr M Grunfeld
Director
Company registration number: 03742002
Castlewood (London) Limited
Notes to the financial statements
Period ended 29 June 2017
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Castlewood (London) Ltd, Medcar House, 149A Stamford Hill, London, N16 5LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Staff costs
The average number of persons employed by the company during the period amounted to 1 (2016: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 4,236,956 137,606 4,374,562
Additions 15,140 1,324 16,464
_______ _______ _______
At 29 June 2017 4,252,096 138,930 4,391,026
_______ _______ _______
Depreciation
At - 116,853 116,853
Charge for the year - 5,519 5,519
_______ _______ _______
At 29 June 2017 - 122,372 122,372
_______ _______ _______
Carrying amount
At 29 June 2017 4,252,096 16,558 4,268,654
_______ _______ _______
At 29 June 2016 4,236,956 20,753 4,257,709
_______ _______ _______
6. Debtors
29/06/17 29/06/16
£ £
Trade debtors 6,551 -
Other debtors 2,784,366 2,450,732
_______ _______
2,790,917 2,450,732
_______ _______
7. Creditors: amounts falling due within one year
29/06/17 29/06/16
£ £
Bank loans and overdrafts 144,000 144,000
Corporation tax 14,500 30,274
Social security and other taxes 8,847 6,889
Other creditors 352,126 331,624
_______ _______
519,473 512,787
_______ _______
8. Creditors: amounts falling due after more than one year
29/06/17 29/06/16
£ £
Bank loans and overdrafts 4,633,762 4,399,100
_______ _______
Bank loans are secured by legal charges over the company's investment properties.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
Reconciliation of equity
At 1 July 2015 At 29 June 2016
Previously stated Effect of transition FRS 102 (restated) Previously stated Effect of transition FRS 102 (restated)
£ £ £ £ £ £
Fixed assets 4,119,633 - 4,119,633 4,257,709 - 4,257,709
Current assets 1,387,542 - 1,387,542 2,523,923 - 2,523,923
Creditors amounts falling due within 1 year ( 423,801) - ( 423,801) ( 512,787) - ( 512,787)
_______ _______ _______ _______ _______ _______
Net current assets 963,741 - 963,741 2,011,136 - 2,011,136
_______ _______ _______ _______ _______ _______
Total assets less current liabilities 5,083,374 - 5,083,374 6,268,845 - 6,268,845
Creditors amounts falling due after more than 1 year ( 3,266,023) - ( 3,266,023) ( 4,399,100) - ( 4,399,100)
Provisions for liabilities - ( 32,670) ( 32,670) - ( 25,870) ( 25,870)
_______ _______ _______ _______ _______ _______
Net assets 1,817,351 ( 32,670) 1,784,681 1,869,745 ( 25,870) 1,843,875
_______ _______ _______ _______ _______ _______
Equity 1,817,350 ( 32,670) 1,784,680 1,869,745 ( 25,870) 1,843,875
_______ _______ _______ _______ _______ _______
Reconciliation of profit or loss for the period
At 29 June 2016
Previously stated Effect of transition FRS 102 (restated)
£ £ £
Turnover 774,080 - 774,080
Cost of sales ( 232,122) - ( 232,122)
_______ _______ _______
Gross profit 541,958 - 541,958
Administrative expenses ( 252,503) - ( 252,503)
_______ _______ _______
Operating profit 289,455 - 289,455
Other interest receivable and similar income 54 - 54
Interest payable and similar expenses ( 232,332) - ( 232,332)
Tax on Profit ( 4,783) 6,800 2,017
_______ _______ _______
Profit after taxation 52,394 6,800 59,194
_______ _______ _______
Profit for the financial period 52,394 6,800 59,194
_______ _______ _______