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Abridged Unaudited Financial Statements |
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for the Year Ended 31 May 2018 |
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Castle Crown Properties Limited |
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REGISTERED NUMBER:
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Abridged Unaudited Financial Statements |
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for the Year Ended 31 May 2018 |
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for |
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Castle Crown Properties Limited |
Castle Crown Properties Limited (Registered number: 08857637) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2018 |
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Page |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Castle Crown Properties Limited |
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Company Information |
for the Year Ended 31 May 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
14 Rutland Square |
Edinburgh |
Midlothian |
EH1 2BD |
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BANKERS: |
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9 Rubislaw Terrace |
Aberdeen |
AB10 1YR |
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SOLICITORS: |
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Quartermile Two |
2 Lister Square |
Edinburgh |
EH3 9GL |
Castle Crown Properties Limited (Registered number: 08857637) |
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Abridged Statement of Financial Position |
31 May 2018 |
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31.5.18 | 31.5.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment properties | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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PROVISIONS FOR LIABILITIES | 6 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 7 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Castle Crown Properties Limited (Registered number: 08857637) |
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Abridged Statement of Financial Position - continued |
31 May 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Castle Crown Properties Limited (Registered number: 08857637) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2018 |
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1. | STATUTORY INFORMATION |
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Castle Crown Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. Turnover is attributable to the company's principal activity of purchase, |
development and rental of property. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly |
attributable to bringing the asset to its present location and into its present condition. After initial recognition, the |
assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of |
revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
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Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over |
its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
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Plant and machinery - 25% on reducing balance |
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Depreciation and impairment losses are charged to the Income Statement within administrative expenses. |
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The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each |
reporting period. The effect of any change is accounted for prospectively. |
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Investment properties |
Investment properties are properties held to earn rentals and/or for capital appreciation. |
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Investment properties are initially measured at cost, including transaction costs. Subsequently, investment |
properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are |
measured at fair value. Gains and losses arising from changes in the fair value of investment properties are |
included in the Income Statement in the period in which they arise. |
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Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going |
basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated |
impairment losses. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and payables, loans from banks and other third parties. |
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At the end of each reporting period, financial assets that are measured at cost are assessed for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the |
Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the |
impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been had the impairment not previously been recognised. |
The impairment reversal is recognised in the Income Statement. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire |
or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to |
another party, or (c) control of the asset has been transferred to another party. |
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Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities |
are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, |
cancelled or expires. |
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Castle Crown Properties Limited (Registered number: 08857637) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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5. | INVESTMENT PROPERTIES |
Total |
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FAIR VALUE |
At 1 June 2017 |
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Additions |
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Revaluations | 41,509 |
At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Castle Crown Properties Limited (Registered number: 08857637) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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5. | INVESTMENT PROPERTIES - continued |
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All investment properties have been revalued by J & E Shepherd who are an independent chartered surveying |
firm based in Edinburgh. |
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Fair value at 31 May 2018 is represented by: |
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£ |
Valuation in 2017 | 6,160,361 |
Valuation in 2018 | 41,509 |
Cost | 28,737,094 |
34,938,964 |
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6. | PROVISIONS FOR LIABILITIES |
31.5.18 | 31.5.17 |
£ | £ |
Deferred tax | 759,684 | 932,435 |
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Deferred |
tax |
£ |
Balance at 1 June 2017 |
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Adjustment to Deferred Tax |
Revaluation of property | (175,205 | ) |
Accelerated capital allowances | 2,454 |
Balance at 31 May 2018 |
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7. | RESERVES |
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Retained earnings are analysed as follows: |
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31.5.18 | 31.5.17 |
£ | £ |
Distributable | 4,279,899 | 2,882,434 |
Non-Distributable |
5,444,640 |
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5,227,926 |
Total | 9,724,539 | 8,110,360 |