COMPANY REGISTRATION NO. 06705076 (England and Wales)
CASTLEGATE 535 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
CASTLEGATE 535 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
CASTLEGATE 535 LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
226,667
132,736
Tangible assets
4
409,722
-
636,389
132,736
Current assets
Stocks
51,577
-
Debtors
5
120,430
-
Cash at bank and in hand
3,585
500
175,592
500
Creditors: amounts falling due within one year
6
(304,959)
(558,839)
Net current liabilities
(129,367)
(558,339)
Total assets less current liabilities
507,022
(425,603)
Creditors: amounts falling due after more than one year
7
(210,527)
-
Net assets/(liabilities)
296,495
(425,603)
Capital and reserves
Called up share capital
8
468,755
100
Profit and loss reserves
(172,260)
(425,703)
Total equity
296,495
(425,603)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 period 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.
CASTLEGATE 535 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2018
31 October 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2018 and are signed on its behalf by:
Mr M A Diamandis
Director
Company Registration No. 06705076
CASTLEGATE 535 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2017
100
-
100
Period ended 31 December 2017:
Loss and total comprehensive income for the period
-
(425,703)
(425,703)
Balance at 31 December 2017
100
(425,703)
(425,603)
Period ended 31 October 2018:
Loss and total comprehensive income for the period
-
(162,561)
(162,561)
Issue of share capital
8
468,655
-
468,655
Revaluation
-
416,004
416,004
Balance at 31 October 2018
468,755
(172,260)
296,495
CASTLEGATE 535 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 4 -
1
Accounting policies
Company information
Castlegate 535 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.
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. The principal accounting policies adopted are set out below.
1.2
Reporting period
The reporting period is shorter than one year and therefore the comparative amounts presented in these financial statements are not entirely comparable. The reporting period changed for commercial reasons.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the manufacture of other plastic products is recognised when, and to the extent that, the company obtains the right to consideration in exchange for goods and services provided.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
Computer equipment
33% straight line
CASTLEGATE 535 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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 profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
CASTLEGATE 535 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 23 (2017 - 0).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2018
147,485
Additions - separately acquired
114,343
At 31 October 2018
261,828
Amortisation and impairment
At 1 January 2018
14,749
Amortisation charged for the period
20,412
At 31 October 2018
35,161
Carrying amount
At 31 October 2018
226,667
At 31 December 2017
132,736
CASTLEGATE 535 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 7 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 January 2018
-
-
-
Additions
437,284
14,896
452,180
At 31 October 2018
437,284
14,896
452,180
Depreciation and impairment
At 1 January 2018
-
-
-
Depreciation charged in the period
40,001
2,457
42,458
At 31 October 2018
40,001
2,457
42,458
Carrying amount
At 31 October 2018
397,283
12,439
409,722
At 31 December 2017
-
-
-
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
10,376
-
Corporation tax recoverable
45,269
-
Other debtors
64,785
-
120,430
-
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
61,655
65,486
Taxation and social security
21,793
-
Other creditors
221,511
493,353
304,959
558,839
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
210,527
-
CASTLEGATE 535 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
7
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Included in other creditors is an amount of £26,025 secured over fixed assets.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2,500 ordinary of 10p each
250
100
250
100
Preference share capital
Issued and fully paid
468,505 preference of £1 each
468,505
-
468,505
-
During the year 1,500 ordinary shares of £0.10 each and 468,505 preference shares of £1 each were issued and fully paid.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
293,222
-
10
Directors' transactions
The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the directors was £15,000 (2017 - £493,353); this amount being included in creditors: amounts falling due within one year.