Company registration number 07719167 (England and Wales)
CASTLEHAVEN PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CASTLEHAVEN PROPERTIES LIMITED
COMPANY INFORMATION
Directors
I F Barry
R Barry
Company number
07719167
Registered office
77a Boston Manor Road
Brentford
Middlesex
TW8 9JQ
Accountants
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
Business address
77a Boston Manor Road
Brentford
Middlesex
TW8 9JQ
CASTLEHAVEN PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 7
CASTLEHAVEN PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The company has not traded during the year or the preceding financial year. During these years, the company has
received no income and incurred no expenditure and therefore made neither a profit nor loss.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
I F Barry
R Barry
On behalf of the board
R Barry
Director
22 December 2023
CASTLEHAVEN PROPERTIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CASTLEHAVEN PROPERTIES LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Castlehaven Properties Limited for the year ended 31 March 2023 which comprise, 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Castlehaven Properties Limited, as a body, in accordance with the terms of our engagement letter dated 17 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Castlehaven Properties Limited and state those matters that we have agreed to state to the board of directors of Castlehaven Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Castlehaven Properties Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Castlehaven Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Castlehaven Properties Limited. You consider that Castlehaven Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Castlehaven Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Mercer & Hole LLP
22 December 2023
Chartered Accountants
Trinity Court
Church Street
Rickmansworth
WD3 1RT
CASTLEHAVEN PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
122,205
122,205
Current assets
Stocks
4
50,251
50,251
Debtors
5
45
Cash at bank and in hand
4,839
4,917
55,090
55,213
Creditors: amounts falling due within one year
6
(181,877)
(182,000)
Net current liabilities
(126,787)
(126,787)
Net liabilities
(4,582)
(4,582)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(5,582)
(5,582)
Total equity
(4,582)
(4,582)
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2023 and are signed on its behalf by:
R Barry
Director
Company Registration No. 07719167
CASTLEHAVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Castlehaven Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77a Boston Manor Road, Brentford, Middlesex, TW8 9JQ.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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
Profit and loss account
he company has not traded during the year or the preceding financial period. During this time, the company
received no income and incurred no expenditure and therefore no Profit and loss account is presented in
these financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
nil
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
CASTLEHAVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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 cost and replacement 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.
1.6
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.
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, amounts due from parent undertaking and cash and bank balances, 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.
CASTLEHAVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
There were no employees because the company is dormant.
3
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
122,205
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
122,205
At 31 March 2022
122,205
4
Stocks
2023
2022
£
£
Finished goods and goods for resale
50,251
50,251
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
45
CASTLEHAVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
181,877
182,000
7
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordianary shares of £1 each
1,000
1,000
1,000
1,000
8
Related party transactions
The company has taken the exemption conferred by FRS 102 Section 33.1A not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
9
Ultimate controlling party
The parent of the largest group in which these financial statements are consolidated is Castlehaven Holdings
Limited, incorporated in England.
The address of Castlehaven Holdings Limited is:
77a Boston Manor Road, Brentford, Middlesex, TW8 9JQ.
These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff,
CF14 3UZ.
The parent of the smallest group in which these financial statements are consolidated is Castlehaven
Holdings Limited, incorporated in England.
The address of Castlehaven Holdings Limited is:
77a Boston Manor Road, Brentford, Middlesex, TW8 9JQ
The largest and smallest group the results are consolidated in, which are publicly available, is that headed by Castlehaven Holdings Limited.