Castlegreen Limited - Filleted accounts

CASTLEGREEN LIMITED - Company Information

Registered number

SC560178

Castlegreen Limited

Filleted Accounts

31 March 2018

Castlegreen Limited
Registered number:		SC560178
Balance Sheet
as at 31 March 2018

Notes			2018
£
Fixed assets
Tangible assets	2		8,142

Current assets
Debtors	3	9,630
Cash at bank and in hand		2,983
		12,613

Creditors: amounts falling due within one year	4	(23,313)

Net current liabilities			(10,700)

Net liabilities			(2,558)

Capital and reserves
Profit and loss account			(2,558)

Shareholder's funds			(2,558)

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 member has 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Timothy Moriarty
Director
Approved by the board on 15 January 2019

Castlegreen Limited
Notes to the Accounts
for the year ended 31 March 2018


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Tangible fixed assets
				Land and buildings
£
	Cost
	Additions			8,882
	At 31 March 2018			8,882

	Depreciation
	Charge for the year			740
	At 31 March 2018			740

	Net book value
	At 31 March 2018			8,142


3	Debtors		2018
£

	Trade debtors		9,630


4	Creditors: amounts falling due within one year		2018
£

	Trade creditors		(1,200)
	Taxation and social security costs		9,000
	Other creditors		15,513
			23,313


5	Related party transactions		2018
£

	Charles Mailey
	Director

	Dividends paid		-


	Charles Mailey is a director in Castlegreen Ltd and the sole shareholder and director of its supplier Unitlife Ltd. Unitlife ltd provides services to Castlegreen Ltd on normal commercial terms, the value of which during the period were as follows:

	Supply of repairs services during the year		480
	Amounts due to Unitlife Ltd at the balance sheet date		-


	Charles Mailey is a director in Castlegreen Ltd and a paticipator in one of its customers, Unit 23. Unit 23 rents comercial property from Castlegreen Ltd on normal commercial terms, the value of which during the period were as follows:


	Net invoiced sales during the year		17,500
	Amounts due from Unit 23 at the balance sheet date		5,150


	Charles Mailey is a director in Castlegreen Ltd and a paticipator in Castlegreen Tenants Association. Castlegreen Ltd received monies and paid monies on behalf of Castlegreen Tenants Association during the year, the value of which during the period were as follows:


	Amounts received by Castlegreen Tenants Association on behalf of Castlegreen Ltd during the year		5,865
	Amounts (paid) by Castlegreen Tenants Association on behalf of Castlegreen Ltd during the year		(13,000)
	Amounts due from / (due to) Castlegreen Tenants Association at the balance sheet date		(7,135)


	Timothy Moriarty
	Director

	Dividends paid		-

	Ian Graham is a director in Castlegreen Ltd and a paticipator in Castlegreen Tenants Association. Castlegreen Ltd received monies and paid monies on behalf of Castlegreen Tenants Association during the year, the value of which during the period were as follows:


	Amounts received by Castlegreen Tenants Association on behalf of Castlegreen Ltd during the year		5,865
	Amounts (paid) by Castlegreen Tenants Association on behalf of Castlegreen Ltd during the year		(13,000)
	Amounts due from / (due to) Castlegreen Tenants Association at the balance sheet date		(7,135)


	Ian Graham is a director in Castlegreen Ltd and a paticipator in one of its customers, Graham Upholstray. Graham Upholstray rents comercial property from Castlegreen Ltd on normal commercial terms, the value of which during the period were as follows:


	Net invoiced sales during the year		1,600
	Amounts due from Graham Upholstray at the balance sheet date		-


	Timothy Moriarty
	Director

	Dividends paid		-

	Timothy Moriarty is a director in Castlegreen Ltd and a paticipator in Castlegreen Tenants Association. Castlegreen Ltd received monies and paid monies on behalf of Castlegreen Tenants Association during the year, the value of which during the period were as follows:


	Amounts received by Castlegreen Tenants Association on behalf of Castlegreen Ltd during the year		5,865
	Amounts (paid) by Castlegreen Tenants Association on behalf of Castlegreen Ltd during the year		(13,000)
	Amounts due from / (due to) Castlegreen Tenants Association at the balance sheet date		(7,135)


	Timothy Moriary is a director in Castlegreen Ltd and a paticipator in one of its customers, Beachwood Garage. Beachwood Garage rents comercial property from Castlegreen Ltd on normal commercial terms, the value of which during the period were as follows:


	Net invoiced sales during the year		1,150
	Amounts due from Beachwood Garage at the balance sheet date		100


6	Controlling party

	The Company is controlled by its directors.


7	Other information

	Castlegreen Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	Unit 23 Skatepark, The Old Bond
	45-50 Castlegreen Street
	Dumbarton
	Glasgow
	G82 1JD