Castlemead Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02985505 (England and Wales)

Financial Statements

for the Year Ended 31 March 2018

for

Castlemead Group Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J O'Donnell

R W Shackleton

G Paletta

SECRETARY:

R W Shackleton

REGISTERED OFFICE:

Abenbury House

17 Wilkinson Business Park

Clywedog Road South

Wrexham

LL13 9AE

REGISTERED NUMBER:

02985505 (England and Wales)

AUDITORS:

Sloan & Co.

Chartered Certified Accountants

Statutory Auditors

Granite Buildings

6 Stanley Street

Liverpool

Merseyside

L1 6AF

FIXED ASSETS

Tangible assets

3

76,269

134,282

Investments

4

-

1,395,181

76,269

1,529,463

CURRENT ASSETS

Stocks

895,044

964,770

Debtors

5

2,497,038

2,786,923

Cash at bank and in hand

467,387

110,281

3,859,469

3,861,974

CREDITORS

Amounts falling due within one year

1,592,529

2,683,640

NET CURRENT ASSETS

2,266,940

1,178,334

TOTAL ASSETS LESS CURRENT LIABILITIES

2,343,209

2,707,797

CREDITORS

Amounts falling due after more than one year

11,440

30,683

NET ASSETS

2,331,769

2,677,114

CAPITAL AND RESERVES

Called up share capital

23,086

23,086

Share premium

45,975

45,975

Capital redemption reserve

1,604

1,604

Retained earnings

2,261,104

2,606,449

SHAREHOLDERS' FUNDS

2,331,769

2,677,114

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2018 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 on 6 December 2018 and were signed on its behalf by:

R W Shackleton - Director

1.	STATUTORY INFORMATION

Castlemead Group 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Castlemead Group Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent,

Chiswell (Moorgate) Limited, .

Turnover

Turnover represents the value of properties sold, unrealised amounts recoverable on contracts and the value of

work done on long term contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

IT Equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

Fixtures and fittings

-

15% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Net realisable value being the known or estimated proceeds from the sale of properties less further costs of

completion.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The

amount recorded as revenue in respect of long term contracts is ascertained by reference to the value of the work

carried out to date. Attributable profit is recognised as the difference between recorded revenue and related

costs.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company has operated a defined contribution scheme. Contributions paid during the year are charged in the

profit and loss account.

Investments

Shares in Group undertakings are stated at cost less any provision for impairment.

Financial instruments

Financial assets and financial liabilities, in respect of financial instruments, are recognised on the company

balance sheet when the Company becomes a party to the contractual provisions of the instrument.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

440,053

Additions

550

Disposals

(120,359

)

Transfer to ownership

(50

)

At 31 March 2018

320,194

DEPRECIATION

At 1 April 2017

305,771

Charge for year

21,174

Eliminated on disposal

(83,020

)

At 31 March 2018

243,925

NET BOOK VALUE

At 31 March 2018

76,269

At 31 March 2017

134,282

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2017

85,494

Transfer to ownership

(17,994

)

At 31 March 2018

67,500

DEPRECIATION

At 1 April 2017

16,958

Charge for year

10,078

Eliminated on disposal

(5,765

)

At 31 March 2018

21,271

NET BOOK VALUE

At 31 March 2018

46,229

At 31 March 2017

68,536

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2017

and 31 March 2018

4,133,637

PROVISIONS

At 1 April 2017

2,738,456

Charge for year

1,395,181

At 31 March 2018

4,133,637

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

1,395,181

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Trade debtors

31,875

31,875

Amounts owed by group undertakings

2,182,956

2,497,962

2,214,831

2,529,837

The long term amounts owed by group undertakings are due to be repaid from the proceeds of future

developments.

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Other loans

500,000

1,650,000

Hire purchase contracts

25,960

49,702

525,960

1,699,702

The secured debts are secured primarily by specific legal mortgages over the properties on which the loans are

advanced, as the advances are made.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Hughes FCCA (Senior Statutory Auditor)

for and on behalf of Sloan & Co.

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.