Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30truefalse02022-12-01No description of principal activity0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11074489 2022-12-01 2023-11-30 11074489 2021-12-01 2022-11-30 11074489 2023-11-30 11074489 2022-11-30 11074489 c:Director2 2022-12-01 2023-11-30 11074489 d:FreeholdInvestmentProperty 2023-11-30 11074489 d:FreeholdInvestmentProperty 2022-11-30 11074489 d:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 11074489 d:CurrentFinancialInstruments 2023-11-30 11074489 d:CurrentFinancialInstruments 2022-11-30 11074489 d:Non-currentFinancialInstruments 2023-11-30 11074489 d:Non-currentFinancialInstruments 2022-11-30 11074489 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 11074489 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 11074489 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 11074489 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 11074489 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 11074489 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 11074489 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 11074489 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 11074489 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-11-30 11074489 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-11-30 11074489 d:ShareCapital 2023-11-30 11074489 d:ShareCapital 2022-11-30 11074489 d:RevaluationReserve 2023-11-30 11074489 d:RevaluationReserve 2022-11-30 11074489 d:RetainedEarningsAccumulatedLosses 2023-11-30 11074489 d:RetainedEarningsAccumulatedLosses 2022-11-30 11074489 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 11074489 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 11074489 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 11074489 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 11074489 d:OtherDeferredTax 2023-11-30 11074489 d:OtherDeferredTax 2022-11-30 11074489 c:FRS102 2022-12-01 2023-11-30 11074489 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 11074489 c:FullAccounts 2022-12-01 2023-11-30 11074489 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11074489 4 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 11074489









CONQUEST HOUSE DEVELOPMENT LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
CONQUEST HOUSE DEVELOPMENT LTD
REGISTERED NUMBER: 11074489

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
9,250,000
6,378,769

  
9,250,000
6,378,769

Current assets
  

Debtors
 6 
703,924
279,372

Cash at bank and in hand
 7 
8,835
1,411,308

  
712,759
1,690,680

Creditors: amounts falling due within one year
 8 
(551,087)
(1,582,591)

Net current assets
  
 
 
161,672
 
 
108,089

Total assets less current liabilities
  
9,411,672
6,486,858

Creditors: amounts falling due after more than one year
 9 
(6,062,356)
(5,955,316)

Provisions for liabilities
  

Deferred tax
 11 
(1,065,297)
(295,035)

  
 
 
(1,065,297)
 
 
(295,035)

Net assets
  
2,284,019
236,507


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
3,038,529
885,107

Profit and loss account
  
(754,610)
(648,700)

  
2,284,019
236,507


Page 1

 
CONQUEST HOUSE DEVELOPMENT LTD
REGISTERED NUMBER: 11074489
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Elad Farkash
Director

Date: 30 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Conquest House Development Ltd (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 2a Fortis Green, London, England, N2 9EL.

2.Accounting policies

  
2.1

Summary of significant accounting policies

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

 
2.2

Basis of preparation of financial statements

The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

 
2.4

Going concern

The directors accept that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company to continue as a going concern, as is the case with all companies; the directors consider the uncertainty to be sufficiently insignificant, given the Company's net asset position as at the balance sheet date, hope value of the investment property the Company holds and reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence for the foreseeable future such that the application of going concern basis in preparing the Company's financial statements remains appropriate. In turn the directors have prepared the Company's financial statements under the going concern basis.

Page 3

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue represents amounts receivable, measured at fair value exclusive of value added taxation, during the reporting period from the rental of properties recognised in accordance with the terms of the underlying rental arrangement on a straight line basis.

 
2.6

Exceptional items

Exceptional items are items that are unusual because of their size, nature or incidence and which the directors consider should be disclosed separately to enable a full understanding of the Company's results.

 
2.7

Finance costs

Interest payable is charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
All borrowing costs are recognised in profit or loss in the year in which they are incurred unless where considered, in the opinion of the directors, to be material with respect to the value of the associated capital instrument upon which the respective borrowing costs on issue are initially recognised as a reduction against the proceeds of the associated capital instrument.

 
2.8

Taxation

Taxation for the Company comprises of current (i.e. corporation) and deferred taxation with respect to operations undertaken solely in the UK and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date. The directors of the Company will periodically evaluate positions taken in tax returns with respect to situations in which tax regulation is subject to interpretation and in turn will establish a provision, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled. 
As part of the Finance Act 2020, which received Royal Assent on 22 July 2020, the change to the main rate of UK corporation tax enacted by Finance (No.2) Act 2015 from 19% to 18% and effective as of 1 April 2020 was withdrawn. The main rate of UK corporation tax therefore remained at 19%, as it has been since 1 April 2017 and is expected to remain as such until 1 April 2023 when the main rate of UK corporation tax is expected to increase from 19% to 25% as outlined in the 2020 Budget to Parliament delivered by the Chancellor of the Exchequer on 11 March 2020.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

Page 4

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. After initial recognition, investment properties are carried at fair value.
No depreciation is provided against investment properties. Changes in fair value are recognised through profit or loss.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the underlying obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.11 to 2.14 of the financial statements.

 
2.11

Debtors

Debtors excluding deferred tax assets (see note 2.8) are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.

 
2.12

Cash and cash equivalents

Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.13

Creditors

Creditors are initially measured and subsequently held at transaction price.
Bank loans issued at commercial market rates are initially measured at transaction price net of transaction costs, where relevant (see note 2.7), and subsequently measured at amortised cost using the effective interest method with interest recognised on an effective yield basis.
Other loans, comprising of shareholder loans, are non-interest bearing and repayable upon the Company holding cash reserves in excess of its working capital requirements; the date of which is currently indeterminable. For this reason, said loans are initially measured and subsequently held at transaction price as part of creditors falling due within one year.

Page 5

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

Equity

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Non-distributable revaluation reserves comprise of the cumulative fair value movement on investment properties originally recognised through profit or loss (see note 2.9) net of deferred taxation (see note 2.8).


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually re-evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
The valuation of investment properties involves the application, and therefore significant judgment, of unobservable inputs.
Critical accounting estimates and assumptions
The estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Investment properties
The fair value of investment properties is determined annually by the directors on an open market value basis by reference to specific advice from third party experts and available market evidence. In determining the fair value, a number of estimates and assumptions are required based on the property market as a whole and rental yields, nature, location and condition of the specific investment property.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.

Page 6

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
6,378,769


Surplus on revaluation
2,871,231



At 30 November 2023
9,250,000

The 2023 valuations were made by Savills plc on 13 July 2023, on an open market value for existing use basis.
The directors are of the opinion that the movement in fair value as at 30 November 2023 from that determined by Savills plc on 13 July 2023 is immaterial and does not warrant an adjustment for re-valuation to be recognised as at the balance sheet date.





6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
555,537
264,744

555,537
264,744

Due within one year

Trade debtors
1,686
5,628

Other debtors
146,701
9,000

703,924
279,372


Trade and other debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil.

Page 7

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,835
1,411,308



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,430
79,930

Other loans
270,384
1,146,559

Trade creditors
165,748
101,241

Other taxation and social security
2,183
13,022

Other creditors
39,986
240,839

Accruals and deferred income
70,356
1,000

551,087
1,582,591


The following liabilities were secured:

2023
2022
£
£



Bank loans
-
77,500

Details of security provided:

Bank loans falling due within one year are secured by a fixed and floating charge over all present and future assets of the Company including a first legal charge over the freehold investment property held by the Company and a joint personal guarantee from the directors and certain shareholders limited to £nil (2022: £1,209,000) plus any interest and related costs.

Page 8

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,062,356
5,955,316


Bank loans falling due after more than one year amounting to £6,062,356 (2022: £nil) are secured by a fixed charge including a first legal charge over the freehold investment property held by the Company.
Bank loans falling due after more than one year amounting to £nil (2022: £5,955,316)  are secured by a fixed and floating charge over all present and future assets of the Company including a first legal charge over the freehold investment property held by the Company and a joint personal guarantee from the directors and certain shareholders limited to £nil (2022: £1,209,000) plus any interest and related costs.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
-
58,125

Repayable other than by instalments
6,062,356
5,580,000

6,062,356
5,638,125

Amounts falling due after more than 5 years incur interest at 2.80% (2022: 2.70%) above the Bank base rate where, for the purposes of the facility, the base rate will be a minimum of 0.75% and are repayable by way of a single lump sum payment 10 years following the drawdown date (2022: in quarterly instalments of £19,375 followed by a single lump sum payment 6 years following the drawdown date) with the option for early repayment at the Company's discretion.

Page 9

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,430
79,930

Other loans
270,384
1,146,559


272,814
1,226,489

Amounts falling due 1-2 years

Bank loans
4,762
84,691

Amounts falling due 2-5 years

Bank loans
-
232,500

Amounts falling due after more than 5 years

Bank loans
6,057,594
5,638,125

6,335,170
7,181,805



11.


Deferred taxation




2023


£






At beginning of year
(30,291)


Charged to profit or loss
(479,469)



At end of year
(509,760)

Page 10

 
CONQUEST HOUSE DEVELOPMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
11.Deferred taxation (continued)

The net deferred taxation asset/(liability) carried forward is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(52,455)
-

Tax losses carried forward
555,537
264,744

Fair value movements on investment properties
(1,012,842)
(295,035)

(509,760)
(30,291)

Comprising:

Asset - due after one year
555,537
264,744

Liability
(1,065,297)
(295,035)

(509,760)
(30,291)



In the opinion of the directors, net deferred taxation assets of £25,000 are expected to reverse in the following financial reporting period.


12.


Related party transactions

During the reporting period, the Company maintained unsecured, interest-free loan accounts with the following companies connected by virtue of common control. 
At the balance sheet date, amounts owed to/(owed by) the Company towards the respective loan accounts were as follows with amounts being repayable on demand and with no fixed date of repayment.


2023
2022
£
£

Equitable Properties Limited
(6,338)
(2,000)
My Casa Apartments Ltd
16,604
6,120
Arklow Astra Limited
2,880
2,880
Morphuse Construction Limited
(7,203)
(7,408)
Thame House Limited
107,489
(209,949)
Arcola Development Ltd
4,760
(240)
Morphuse Group Limited
14,968
(238,807)

 
Page 11