| Castlemore Group Holdings Limited |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Castlemore Group Holdings Limited for the year ended 31 December 2015 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Castlemore Group Holdings Limited for the year ended 31 December 2015 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook. |
| Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation. |
|
| Blenheim Partners |
| Chartered Accountants |
| Cedar Court |
| 221 Hagley Road |
| Hayley Green |
| West Midlands |
| B63 1ED |
|
| 26 September 2016 |
|
| Castlemore Group Holdings Limited |
| Registered number: |
06061228 |
| Abbreviated Balance Sheet |
| as at 31 December 2015 |
|
| Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Investments |
2 |
|
|
2,378,637 |
|
|
1,652,377 |
|
| Current assets |
| Debtors |
|
|
757,639 |
|
|
2,082,645 |
| Cash at bank and in hand |
|
|
241,713 |
|
|
571,176 |
|
|
|
999,352 |
|
|
2,653,821 |
|
| Creditors: amounts falling due within one year |
|
|
(11,985,635) |
|
|
(11,305,370) |
|
| Net current liabilities |
|
|
|
(10,986,283) |
|
|
(8,651,549) |
|
| Total assets less current liabilities |
|
|
|
(8,607,646) |
|
|
(6,999,172) |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(1,009,793) |
|
|
(1,489,225) |
|
|
|
| Net liabilities |
|
|
|
(9,617,439) |
|
|
(8,488,397) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
41,000 |
|
|
41,000 |
| Profit and loss account |
|
|
|
(9,658,439) |
|
|
(8,529,397) |
|
| Shareholders' funds |
|
|
|
(9,617,439) |
|
|
(8,488,397) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| JG Whateley |
| Director |
| Approved by the board on 26 September 2016 |
|
| Castlemore Group Holdings Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
As a result of the uncertainties over going concern described below, it is no longer appropriate to prepare the financial statements on a going concern basis, and a break-up basis has been adopted. |
|
|
Going concern |
|
The directors have considered the company's ability to continue as a going concern given the net liabilities of £9,617,439 (2014: £8,488,397), forecasts for a period of twelve months from the approval of these accounts and the insolvency, liquidations and dissolutions of a significant part of the company's subsidiary interests.
The directors consider that it is no longer appropriate to prepare the financial statements on a going concern basis. Consequently the directors have reduced the carrying value of assets to reflect break-up value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Group Accounts |
|
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a smallsized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. |
|
|
Investments |
|
Investments in subsidiaries are stated at cost less provisions due to a permanent diminution in the net realisable value. |
|
|
| 2 |
Investments |
£ |
|
|
Cost or valuation |
|
At 1 January 2015 |
1,652,377 |
|
Additions |
1,650,000 |
|
Disposals |
(923,740) |
|
|
At 31 December 2015 |
2,378,637 |
|
|
|
|
|
|
|
|
The company holds 20% or more of the share capital of the following companies: |
|
| Capital and |
Profit (loss) |
|
Company |
Shares held |
reserves |
for the year |
|
|
Class |
% |
£ |
£ |
|
Castlemore Holdings Limited |
Ordinary |
100 |
|
(14,281,070) |
|
(1,013,576) |
|
Extrablend Limited |
Ordinary |
100 |
|
241,514 |
|
(113,713) |
|
Castlemore Beckton Limited * |
Ordinary |
100 |
|
54,895 |
|
(2,001) |
|
|
Prior to 30 September 2009 a number of subsidiary undertakings, not listed above, were placed into an insolvency process whereby control of that subsidiary passed to an administrator, administrative receiver or liquidator. These subsidiaries have been excluded from the above list from the date the insolvency process began. The net liabilities of these subsidiaries at the date they were placed into an insolvency process was £69 million. The directors consider the carrying value of these investments at the year end to be £Nil. |
|
|
| 3 |
Loans |
2015 |
|
2014 |
| £ |
£ |
|
Creditors include: |
|
Secured loans |
1,726,275 |
|
1,972,856 |
|
|
|
|
|
|
|
|
|
|
Other loans are secured over certain listed investments held by the company. The loans are repayable in five annual installments of £480,000 plus interest. The final repayment is due on 11 November 2018. Interest is charged at 3.5% per annum. |
|
| 4 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
41,000 |
|
41,000 |
|
41,000 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Loans to directors |
| B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
JG Whateley |
|
Loan |
- |
|
707,639 |
|
- |
|
707,639 |
|
|
Loan is repayable on 28 October 2016. Interest is charged at 4%. |
