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Conholt Park Estate Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 11410056

 

Conholt Park Estate Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

Accountants' Report

11

 

Conholt Park Estate Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,398,674

2,596,631

Current assets

 

Stocks

5

906,495

1,029,198

Debtors

6

88,511

259,893

Cash at bank and in hand

 

3,648,451

8,221,074

 

4,643,457

9,510,165

Creditors: Amounts falling due within one year

7

(26,250)

(4,831,177)

Net current assets

 

4,617,207

4,678,988

Net assets

 

7,015,881

7,275,619

Capital and reserves

 

Called up share capital

8

100

100

Share premium reserve

400

400

Other reserves

3,000,000

3,000,000

Profit and loss account

4,015,381

4,275,119

Shareholders' funds

 

7,015,881

7,275,619

 

Conholt Park Estate Limited

Balance Sheet

31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 January 2024
 

.........................................
M R Van Beek
Director

Company Registration Number: 11410056

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

These financial statements were authorised for issue by the director on 31 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is recognised on income and expenses from subsidiaries, associates, branches and interests in jointly controlled entities, that will be assessed to or allow for tax in a future period except where the company is able to control the reversal of the timing difference and it is probable that the timing difference will not reverse in the foreseeable future.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Land not depreciated/Buildings 2% straight line

Plant and equipment

20% straight line

Fixtures and fittings

10% straight line

Motor vehicles

20% straight line

Heritage assets

not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 8).

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

4

Tangible assets

Plant and machinery etc
£

Heritage assets
 £

Total
£

Cost or valuation

At 1 January 2023

1,115,690

1,806,276

2,921,966

Additions

7,973

-

7,973

Disposals

(43,703)

-

(43,703)

At 31 December 2023

1,079,960

1,806,276

2,886,236

Depreciation

At 1 January 2023

325,337

-

325,337

Charge for the year

169,377

-

169,377

Eliminated on disposal

(7,152)

-

(7,152)

At 31 December 2023

487,562

-

487,562

Carrying amount

At 31 December 2023

592,398

1,806,276

2,398,674

At 31 December 2022

790,355

1,806,276

2,596,631

Plant and machinery is made up of plant and equipment, fixtures and fittings, and motor vehicles.

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Arable

-

119,903

Wine

906,495

909,295

906,495

1,029,198

6

Debtors

2023
£

2022
£

Prepayments

-

1,439

Other debtors

88,511

258,454

88,511

259,893

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2

2,678

Corporation tax

-

4,714,962

Taxation and social security

1,798

2,155

Accruals and deferred income

24,450

111,382

26,250

4,831,177

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £100 each

1

100

1

100

         

On 24 February 2022, one ordinary share with a par value of £100 was issued by the company at a premium of £2,500,000.

On 4 October 2022, four ordinary shares with a par value of £100 were cancelled and extinguished for £58,500,000, resulting in a reduction in share premium of £58,499,600.

 

Conholt Park Estate Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

9

Related party transactions

There were no related party transactions in the year to 31 December 2023.

On 24 February 2022, Nasoris B.V subscribed for one ordinary share with a par value of £100 was issued by the company at a premium of £2,500,000.

On 4 October 2022, four ordinary shares with a par value of £100 were cancelled and extinguished for £58,500,000 which was repaid to Nasoris B.V. On this day a dividend of £14,500,000 was made to Nasoris B.V.

At the period end, there were no outstanding balances due to or from Nasoris B.V.

During the prior year, a loan was made to the son of an ultimate beneficiary owner of the parent entity.

At the period end, there was an outstanding balance of £29,430 due to the company.

 

10

Parent company

The ultimate parent undertaking of both the largest and smallest group for which group financial statements are drawn up is Nasoris B.V., which is incorporated in the Netherlands. Copies of the group financial statements are available from Langbroekerdijk A 97, 3947 Be Langbroek, Netherlands.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Conholt Park Estate Limited

Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Conholt Park Estate Limited for the year ended 31 December 2023 as set out on pages 1 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Conholt Park Estate Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of Conholt Park Estate Limited and state those matters that we have agreed to state to the Board of Directors of Conholt Park Estate 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 Conholt Park Estate Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Conholt Park Estate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Conholt Park Estate Limited. You consider that Conholt Park Estate 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 accounts of Conholt Park Estate 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 accounts.

......................................

Francis Clark LLP
Chartered Accountants
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

5 February 2024