Castle North West Limited Filleted accounts for Companies House (small and micro)

CASTLE NORTH WEST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI635066

Castle North West Limited

Filleted Unaudited Financial Statements

30 November 2020

Castle North West Limited

Financial Statements

Year ended 30 November 2020

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 9

Castle North West Limited

Officers and Professional Advisers

The board of directors	Mr F Boyd
	Ms M Boyd

Company secretary	Mr M Lamont

Registered office	2nd Floor (Killultagh) The Linenhall
	32-38 Linenhall Street
	Belfast
	Antrim
	United Kingdom
	BT2 8BG

Accountants	Maneely Mc Cann
	Chartered Accountants
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Barclays
	Imperial House
	Donegall Square East
	Belfast
	BT1 5HD

	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Castle North West Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Castle North West Limited

Year ended 30 November 2020

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 November 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Maneely Mc Cann Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

21 July 2021

Castle North West Limited

Statement of Financial Position

30 November 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		4,544,100	4,546,350

Current assets

Debtors	6	2,805,377	201,642
Investments	7	68,342	64,995
Cash at bank and in hand		147,277	38,261
		------------	---------
		3,020,996	304,898

Creditors: amounts falling due within one year	8	160,025		39,940
		------------		---------
Net current assets			2,860,971	264,958
			------------	------------
Total assets less current liabilities			7,405,071	4,811,308

Creditors: amounts falling due after more than one year	9	2,351,880	–
		------------	------------
Net assets		5,053,191	4,811,308
		------------	------------

Capital and reserves

Called up share capital	102	102
Revaluation reserve	3,533,319	3,533,319
Profit and loss account	1,519,770	1,277,887
	------------	------------
Shareholders funds	5,053,191	4,811,308
	------------	------------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 30 November 2020 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 year 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 .

Castle North West Limited

Statement of Financial Position (continued)

30 November 2020

These financial statements were approved by the board of directors and authorised for issue on 21 July 2021 , and are signed on behalf of the board by:

Mr F Boyd

Director

Company registration number: NI635066

Castle North West Limited

Notes to the Financial Statements

Year ended 30 November 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2nd Floor (Killultagh) The Linenhall, 32-38 Linenhall Street, Belfast, Antrim, BT2 8BG, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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

All fixed assets are initially recorded at cost. Fixtures and fittings are not depreciated as these assets are considered unlikely to suffer from economic obsolescence. Land & buildings Land and buildings are revalued in accordance with FRS 102, and any surplus or deficits thereon are credited to a revaluation reserve. Deficits arising are charged to the income statement if not exceeded by previous revaluation surpluses and if the deficit is not considered to be temporary. The annual depreciation charge which would be necessary to write down the book value of the assets to residual value is considered to be immaterial and is therefore not provided for. An impairment review is carried out at each balance sheet date and any impairment in value is recognised in accordance with FRS 102.

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:

	Fixtures and fittings	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 2 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 December 2019 and 30 November 2020	4,544,100	9,000	4,553,100
	------------	-------	------------
Depreciation
At 1 December 2019	–	6,750	6,750
Charge for the year	–	2,250	2,250
	------------	-------	------------
At 30 November 2020	–	9,000	9,000
	------------	-------	------------
Carrying amount
At 30 November 2020	4,544,100	–	4,544,100
	------------	-------	------------
At 30 November 2019	4,544,100	2,250	4,546,350
	------------	-------	------------

Revaluation of land and buildings Land and buildings are valued by the directors on an open market value for existing use basis, having regard to any recent professional valuations and marketing material provided by external agents. The directors are of the opinion that the market valuations of the land and buildings are not materially different from that shown in the accounts. Tangible assets held at valuation The historical cost of land and buildings at 30 November 2020 was £1,010,781 (2019: £1,010,781). Included within land and buildings is land with a net book value of £4,544,100 (2019: £4,544,100).

6. Debtors

	2020	2019
	£	£
Amounts owed by related parties	2,615,598	1,700
Other debtors	189,779	199,942
	------------	---------
	2,805,377	201,642
	------------	---------

The debtors above include the following amounts falling due after more than one year:

	2020	2019
	£	£
Amounts owed by related parties	2,615,598	–
	------------	----

7. Investments

	2020	2019
	£	£
Current asset investments	68,342	64,995
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	85,940	–
Trade creditors	1,354	13,752
Accruals and deferred income	14,527	4,095
Corporation tax	57,266	21,455
Social security and other taxes	938	638
	---------	--------
	160,025	39,940
	---------	--------

Bank loans and overdrafts are secured by way of fixed and floating charges over the land and buildings held by the company.

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	2,351,880	–
	------------	----

10. Related party transactions

Control The company is controlled by its shareholders, Mr B. Boyd and Ms F. Boyd. Transactions Ms F. Boyd is a director of a related company for which expenses totalling £1,700 were paid by the company during the previous year. The balance due at the year end to the company was £Nil (2019: £1,700). Mr B. Boyd and Ms F. Boyd are directors of a related company to which monies were advanced totalling £2,500,000 in the year. Interest is charged on this balance and at the year end the amount due to the company was £2,615,598 (2019: £Nil).