Company Registration No. 00775641 (England and Wales)
Castle Hill Holdings Limited
Annual report and unaudited financial statements
for the year ended 28 February 2021
Pages for filing with the Registrar
Castle Hill Holdings Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Castle Hill Holdings Limited
Statement of financial position
As at 28 February 2021
Page 1
28 February 2021
28 February 2020
Notes
£
£
£
£
Current assets
Debtors
3
1
1
Net current assets
1
1
Capital and reserves
Called up share capital
1
1
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 12 November 2021
J W Lockwood
Director
Company Registration No. 00775641
Castle Hill Holdings Limited
Notes to the financial statements
For the year ended 28 February 2021
Page 2
1
Accounting policies
Company information
Castle Hill Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Scampton House, Scampton, Lincoln, LN1 2SF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The directors have had due regard to the impact of the COVID-19 pandemic on the financial performance and position of the company and concluded that they are not experiencing COVID-19 related issues and continue to have the ability to meet its liabilities as they fall due for the foreseeable future
Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
These financial statements are prepared from 1 July 2019 to 28 February 2020 as the company was acquired by Castle Square Developments Limited during the period. The accounting reference date was amended to align with the group. The comparative amounts presented in these financial statements (including the related notes) are therefore not entirely comparable.
1.4
Turnover
Turnover represents commercial rents receivable net of VAT and other sales related
taxes.
Rental income is recognised on an accruals basis over the term of the lease. Rent deposits received
from tenants under the terms of a rent deposit deed are held in a separate restricted bank account.
The deposit is included within other creditors falling due after more than one year.
1.5
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
Castle Hill Holdings Limited
Notes to the financial statements (continued)
For the year ended 28 February 2021
1
Accounting policies (continued)
Page 3
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's
balance sheet
when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Castle Hill Holdings Limited
Notes to the financial statements (continued)
For the year ended 28 February 2021
1
Accounting policies (continued)
Page 4
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Castle Hill Holdings Limited
Notes to the financial statements (continued)
For the year ended 28 February 2021
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2020 : 5).
3
Debtors
28 February
28 February
2021
2020
Amounts falling due within one year:
£
£
Amounts due from group undertakings
1
1
4
Parent company
The parent company of Castle Hill Holdings Limited is Castle Square Developments Limited and its registered office is Scampton House, Scampton, Lincoln, LN1 2SF.
5
Related party transactions
Transactions with related parties
Dividends paid to directors as shareholders amounted to £nil (2020 - £40,000).
On 28 February 2020 the company transferred its net assets to it's parent undertaking, Castle Square Developments Limited and on the same day paid a dividend of £3,181,375.