Company Registration No. 08954563 (England and Wales)
CONEGATE PROPERTY SERVICES (2014) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CONEGATE PROPERTY SERVICES (2014) LIMITED
COMPANY INFORMATION
Director
Mr. D. Sullivan
Company number
08954563
Registered office
Ramillies House
2 Ramillies Street
London
W1F 7LN
Accountants
F Winter & Co. LLP
Ramillies House
2 Ramillies Street
London
W1F 7LN
Business address
Birch Hall
Coppice Row
Theydon Bois
Essex
CM16 7DR
CONEGATE PROPERTY SERVICES (2014) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CONEGATE PROPERTY SERVICES (2014) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
5
1
1
Property, plant and equipment
6
1
1
Investments
7
1
35,190
3
35,192
Current assets
Trade and other receivables
8
347,068
78,570
Cash and cash equivalents
1,401,008
1,156,958
1,748,076
1,235,528
Current liabilities
9
(170,267)
(154,584)
Net current assets
1,577,809
1,080,944
Net assets
1,577,812
1,116,136
Equity
Called up share capital
100
100
Retained earnings
1,577,712
1,116,036
Total equity
1,577,812
1,116,136

As permitted by section 444 (5a) of the Companies Act 2006 the director has not delivered to the registrar a copy of the income statement within the financial statements.true

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

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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 including section 1A for small entities.

The financial statements were approved and signed by the director and authorised for issue on 13 March 2024
Mr. D. Sullivan
Director
Company registration number 08954563 (England and Wales)
CONEGATE PROPERTY SERVICES (2014) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2021
100
686,646
686,746
Year ended 31 March 2022:
Profit and total comprehensive income
-
429,390
429,390
Balance at 31 March 2022
100
1,116,036
1,116,136
Year ended 31 March 2023:
Profit and total comprehensive income
-
461,676
461,676
Balance at 31 March 2023
100
1,577,712
1,577,812
CONEGATE PROPERTY SERVICES (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Company information

Conegate Property Services (2014) Limited is a private company limited by shares incorporated in England and Wales with registration number 08954563. The registered office is Ramillies House, 2 Ramillies Street, London, W1F 7LN.

2
Compliance with the accounting standard

The financial statements have been prepared in accordance with the provision of FRS 102 including section 1A for small entities. There were no material departures from that standard.

3
Accounting policies
3.1
Accounting convention

The financial statements are prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 £.

3.2
Revenue

Turnover represents fees receivable net of VAT for the management services provided to commercial and residential landlords and are recognised on a receivable basis.

 

 

3.3
Intangible fixed assets - goodwill

During the period under review, acquired goodwill has been amortised completely. In prior years, it was written off in equal annual installments over its estimated useful economic life of 7 years. The reason for choosing useful economic life of 7 years for the acquired goodwill was because of its valuation that is based on the value of asset management agreement which has remaining term of 7 years since it's drawdown. The asset management agreement was prepared in year 2012 with maximum life of 10 years.

 

3.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, 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:

Motor vehicles
20% per annum on a straight line basis

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.

3.5
Non-current investments

Investments are included at cost less any impairment.

3.6
Impairment of non-current assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

CONEGATE PROPERTY SERVICES (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Accounting policies
(Continued)
- 4 -
3.7
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.

3.8
Financial instruments
Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

Changes in the fair value of derivates that are designated and qualify as fair value hedges are recognised in profit and loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

3.9
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

 

Tax deferred or accelerated is accounted for in respect of all timing differences.

 

During the year, no provision has been made for deferred tax as there were no such gains recognised for the year on any assets.

 

CONEGATE PROPERTY SERVICES (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
(Continued)
- 5 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
5,000,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
4,999,999
Carrying amount
At 31 March 2023
1
At 31 March 2022
1
6
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
66,154
Depreciation and impairment
At 1 April 2022 and 31 March 2023
66,153
Carrying amount
At 31 March 2023
1
At 31 March 2022
1
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1
35,190
CONEGATE PROPERTY SERVICES (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Other
£
Cost or valuation
At 1 April 2022 & 31 March 2023
35,190
Impairment
At 1 April 2022
-
Disposals
35,189
At 31 March 2023
35,189
Carrying amount
At 31 March 2023
1
At 31 March 2022
35,190
8
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
105,035
76,100
Other receivables
242,033
2,470
347,068
78,570

Other receivables include an amount of £165,000 (2022: £NIL) due from a company under common control.

9
Current liabilities
2023
2022
£
£
Corporation tax
109,020
101,922
Other taxation and social security
20,547
17,162
Other payables
40,700
35,500
170,267
154,584
10
Controlling party

The company is under control of its director, Mr David Sullivan by virtue of his shareholding.

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