Company registration number 02904116 (England and Wales)
CONSOLIDATED DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONSOLIDATED DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Mr L G Kirschel
Company number
02904116
Registered office
3rd Floor
114a Cromwell Road
London
SW7 4AG
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
Business address
26 Soho Square
London
W1D 5NU
CONSOLIDATED DEVELOPMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
CONSOLIDATED DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents the strategic report for the year ended 31 December 2023.
Principal Activity and Review of Business
The principal activities of the group are property investment. The main tenant on site is a media enterprise called Outernet, specialising in content creation and digital advertisement, which opened in 2022.
Business Model
The group holds a combination of both freehold and leasehold properties which are in Central London. These properties comprise of commercial properties. The group’s main objective for the property investment side of the business is to hold the investment properties to earn rental income and achieve capital appreciation.
The group continues to evaluate its property portfolio enabling it to maintain high occupancy levels and strong rental yields.
The Group is also on course to be a key player in London’s content creation and digital advertisement field through its Outernet division based in the West End of London. Named as "London's most visited tourist attraction" by The Times newspaper in 2023, it is the largest digital exhibition space in Europe with the "world's largest LED screen”.
Financial Key Performance Indicators
In the fiscal year ending 31 December 2023, the Group achieved solid revenue growth, with most of its revenue still being generated from the media business, the hotel and underground venue, which were still in start-up phase, having launched in late 2022.
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The entity’s loss before tax was £(104)m in 2023, as opposed to a £23m profit in 2022.
This movement is driven in part by a £15m loss (2022: £30m gain) in the fair value of interest rate swaps held by the group.
The other main key performance indicator is the fair value of the property portfolio at the end of each year.
The fair value of the investment property portfolio has been arrived at based on a valuation carried out on 24 October 2023 by Cushman and Wakefield. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
CONSOLIDATED DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The revaluation of the group’s investment properties at the year-end resulted in a deficit of £80m million (2022: £6 million surplus) after accounting for additions in the year. The investment property market is currently operating within a challenging economic climate due to high inflation and interest rates. In the short term, this has led to increased uncertainty amongst businesses causing downward pressure on valuations. However, demand for commercial property within Central London remains high and there is confidence that the market valuations will recover in the future.
The fair value of the property portfolio over the last two years are:
Going Concern assessment by management
The Director, along with the senior management of the “group of companies” or “Group” (Consolidated Holdings Limited inclusive of all subsidiaries) have reviewed forecasts and budgets for the coming year, which have been drawn up with appropriate regard for the current economic environment and the circumstances in which the Group operates. These were prepared with reference to historical and current industry knowledge, considering future strategy of the Group.
The Group continues to make use of appropriate banking sources for the financing of its portfolio. The Group also does not operate an overdraft facility but borrows on a site-specific basis from various bankers, with support from the Director. The Board is comfortable with the existing structure of its bank finance.
The existing operations have been generating increasing funds to contribute to the short-term operating cash requirements as well as asset realisations from within other areas of the group. Management is confident that future sales (revenue and asset realisations) will allow the Group to meet loan repayments due within the next twelve months or that the loans will be refinanced to maintain the Group.
As a result of these considerations, at the time of approving the financial statements, the Director considers that the Company and the Group have sufficient resources and plans to continue in operational existence for the foreseeable future, despite the degree of uncertainty that exists with executing the strategy. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
.............................................
Mr L G Kirschel
Director
Date: .............................................
CONSOLIDATED DEVELOPMENTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of property investment.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr L G Kirschel
Financial instruments
Liquidity risk
Liquidity risk is the risk that an entity will have difficulties in paying its financial liabilities.
Cash balances have decreased significantly during the year, worsening the liquidity of the company. However, negotiations are underway with the loan providers in order to gain an injection of liquidity by gaining an interest holiday, which is by far the most significant cost. This additional liquidity will result in us being able to pay the remainder of our financial liabilities.
Interest rate risk
Interest rate risk is the risk of losing money due to changes in interest rate.
Interest rate risk is significant due to the £445m loans that have been entered into. This has been mitigated by purchasing interest rate caps split between a cap of SONIA + 1% and SONIA + 2%. As such, the risk has been effectively mitigated.
Foreign currency risk
Foreign currency risk is the potential for large movements in FX causing significant deterioration in both the competitiveness of the price of services provided and the cost of expenditure on any imported goods paid in foreign currency.
There are very few transactions that occur using any foreign currency and as such, the risk is minimal.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a loss for the other party be failing to for its obligation.
Prospective tenants are reviewed on their ability to make regular rental payments rigorously before agreeing a tenancy contract. All tenants are also constantly monitored and deposits appropriated if necessary to pay down outstanding debts.
Auditor
In accordance with the company's articles, a resolution proposing that Bright Grahame Murray be reappointed as auditor of the company will be put at a General Meeting.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
CONSOLIDATED DEVELOPMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr L G Kirschel
Director
13 November 2024
CONSOLIDATED DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONSOLIDATED DEVELOPMENTS LIMITED
- 5 -
Opinion
We have audited the financial statements of Consolidated Developments Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty relating to going concern
We draw attention to the going concern section in the notes to the financial statements. The Company and the Group’s ability to generate funds to meet short term operating cash requirements and loan interest is reliant on its ability to improve Group liquidity and to work constructively with the senior bank lender or to obtain alternative financing. As a result, the Group is currently reliant on support from the senior bank lender for the foreseeable future.
Notwithstanding the disclosure in the going concern note in the notes to the accounts and the directors' belief that it is appropriate to produce these accounts on a going concern basis, we consider there to be factors that indicate that a material uncertainty exists that may cast doubt on the ability of the Company and the Group to continue as a going concern. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
CONSOLIDATED DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED DEVELOPMENTS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and landlord and tenant regulations.
We enquired of the director, reviewed correspondence with HMRC and reviewed director meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the director has in place to ensure compliance.
We gained an understanding of the controls that the director has in place to prevent and detect fraud. We enquired of the director about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, misappropriation of cash and other assets and compliance with debt covenants.
We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
We enquired of the director about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
CONSOLIDATED DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED DEVELOPMENTS LIMITED
- 7 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Matthew Eade (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray
Chartered Accountants
Statutory Auditor
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
18 November 2024
CONSOLIDATED DEVELOPMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
36,469,498
30,018,182
Cost of sales
(1,844,260)
(4,079,684)
Gross profit
34,625,238
25,938,498
Administrative expenses
(15,251,098)
(10,945,480)
Other operating income
93,760
Operating profit
4
19,374,140
15,086,778
Interest receivable and similar income
6
3,538,203
2,053,061
Interest payable and similar expenses
7
(30,514,410)
(30,454,472)
Fair value gains and losses on derivative financial instruments
9
(15,313,240)
30,567,088
Fair Value gains and losses on investment properties
12
(80,131,583)
5,756,911
(Loss)/profit before taxation
(103,046,890)
23,009,366
Tax on (loss)/profit
8
14,534,842
14,832,800
(Loss)/profit for the financial year
(88,512,048)
37,842,166
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CONSOLIDATED DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
655,398
797,036
Tangible assets
11
18,773,280
25,044,491
Investment property
12
582,600,000
660,000,000
602,028,678
685,841,527
Current assets
Debtors
13
131,690,621
121,177,996
Cash at bank and in hand
1,760,938
13,696,300
133,451,559
134,874,296
Creditors: amounts falling due within one year
14
(37,060,817)
(22,472,237)
Net current assets
96,390,742
112,402,059
Total assets less current liabilities
698,419,420
798,243,586
Creditors: amounts falling due after more than one year
15
(438,810,604)
(435,587,880)
Provisions for liabilities
Deferred tax liability
17
64,878,473
79,413,315
(64,878,473)
(79,413,315)
Net assets
194,730,343
283,242,391
Capital and reserves
Called up share capital
19
2
2
Profit and loss reserves
20
194,730,341
283,242,389
Total equity
194,730,343
283,242,391
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2024
Mr L G Kirschel
Director
Company registration number 02904116 (England and Wales)
CONSOLIDATED DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2
245,400,223
245,400,225
Year ended 31 December 2022:
Profit and total comprehensive income
-
37,842,166
37,842,166
Balance at 31 December 2022
2
283,242,389
283,242,391
Year ended 31 December 2023:
Loss and total comprehensive income
-
(88,512,048)
(88,512,048)
Balance at 31 December 2023
2
194,730,341
194,730,343
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information
Consolidated Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 114a Cromwell Road, London, SW7 4AG.
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
Section 26 ‘Share based Payment’ Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Consolidated Holdings Limited. These consolidated financial statements are available from its registered office, 3rd Floor, 114a Cromwell Road, London, United Kingdom, SW7 4AG.
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern
The Director, along with the senior management of the “Group” (being Consolidated Developments Limited, Outernet London Limited and all its subsidiaries) have reviewed forecasts and budgets for the coming year, which have been drawn up with appropriate regard for the current economic environment and the circumstances in which the Group operates. These were prepared with reference to historical and current industry knowledge and considering the future strategy of the Group.
2023 was a challenging year for the Group, with rising interest rates and companies in their first full year of trade, using up significant cash reserves. Despite equity injections early in the year, in December 2023, Consolidated Developments Limited defaulted on the quarterly interest payment on its loan and continues to do so at the date of approval of these financial statements.
As a result, there is a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern.
In response to these matters, the Group has taken the following actions:
Since the date of default on the loan, we continue to work constructively with the senior bank lender, St Giles Issuer S.a r.l., to find appropriate next steps for the St Giles estate . It is the bank’s present intention to work supportively with the business with the expectation that both entities continue to trade and generate revenue.
The existing operations have been generating increasing funds in 2024 to contribute to the short-term operating cash requirements. Management is confident that incremental sales revenue over the next twelve months will improve group liquidity yet further. Despite the improving cashflow, we do not expect to fully pay the bank interest due on the loan advanced by St Giles Issuer S.a r.l., to Consolidated Developments Limited over the next twelve months.
As a result of these considerations, at the time of approving the financial statements, the Director considers that the Group will have sufficient resources to continue in operational existence for the foreseeable future, despite the degree of uncertainty that exists. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover consists of rents receivable, surrender premiums and licence income, exclusive of value added tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Software
20% on a straight line basis
Brand Development
Not amortised but rather annually reviewed for impairment
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
All fixed assets are initially recorded at cost.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
Useful life of 7 years
Fixtures, fittings & equipment
20% p.a. on a straight line basis
Computer equipment
20% p.a. 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.
Land and building leaseholds, private number plates and antiques are not depreciated.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
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.
1.8
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.
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
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 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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 profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 profit and loss account 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.
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
Interest Rate Risk Management
Interest rate swaps/caps are used to hedge the company's exposure to interest rate movements. The amount payable or receivable on such hedging instruments is accrued in the same way as interest arising on borrowings.
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of investment properties
The company uses internal and external professional valuers to determine the relevant amounts. The primary source of evidence for property valuations should be recent, comparable market transactions on an arm’s length basis. However, the valuation of the company’s property portfolio is inherently subjective, as it is based upon valuer assumptions and estimations that form part of the key unobservable inputs of the valuation, which may prove to be inaccurate.
Recognition of deferred tax assets
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Provisions
The amount recognised as a provision, including tax, legal, contractual and other exposures or obligations, is the best estimate of the consideration required to settle the related liability, including any related interest charges, taking into account the risks and uncertainties surrounding the obligation. The company assesses its liabilities and contingencies based upon the best information available, relevant tax laws and other appropriate requirements.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Determining the useful economic lives of property, plant and equipment
The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation and product life cycles.
Establishing recoverable values of impaired assets
Loans receivables and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. If an asset’s recoverable amount is less than the asset’s carrying amount, an impairment loss is recognised. Loans and receivables are evaluated based on collectability. Changes in estimates could impact recoverable values of these assets.
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Rental income
11,684,309
7,822,145
Service charge income
4,071,832
-
Other income
8,176
(976)
Licence fee income
20,192,816
22,197,013
Business rates refund
512,365
-
36,469,498
30,018,182
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
36,469,498
30,018,182
2023
2022
£
£
Other revenue
Interest income
3,538,203
2,053,061
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(3,565)
69,070
Fees payable to the company's auditor for the audit of the company's financial statements
21,500
18,540
Depreciation of owned tangible fixed assets
6,391,532
6,343,133
Amortisation of intangible assets
142,261
143,270
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration
2
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
54,906
Social security costs
7,240
-
Pension costs
500
62,646
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,154
Interest receivable from group companies
3,533,049
2,053,061
Total income
3,538,203
2,053,061
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
30,514,410
30,454,472
8
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(15,738,430)
8,422,319
Changes in tax rates
1,203,588
(23,255,119)
Total deferred tax
(14,534,842)
(14,832,800)
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 20 -
The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(103,046,890)
23,009,366
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(24,236,629)
4,371,780
Tax effect of expenses that are not deductible in determining taxable profit
7,324,970
6,362,770
Group relief
(6,262,931)
(3,418,861)
Deferred tax adjustments in respect of prior years
1,203,588
(23,255,119)
Adjust closing deferred tax to average rate of 19%
3,840,806
19,348,057
Adjust opening deferred tax to average rate of 19%
(4,772,521)
(17,037,839)
Deferred tax asset not recognised
8,367,875
(1,203,588)
Taxation credit for the year
(14,534,842)
(14,832,800)
9
Fair value gains/(losses) on financial instruments
2023
2022
£
£
(Loss)/gain on hedged item in a fair value hedge
(15,313,240)
30,567,088
10
Intangible fixed assets
Software
Brand Development
Total
£
£
£
Cost
At 1 January 2023
716,351
223,955
940,306
Additions
38,847
5,668
44,515
Disposals
(43,892)
(43,892)
At 31 December 2023
711,306
229,623
940,929
Amortisation and impairment
At 1 January 2023
143,270
143,270
Amortisation charged for the year
142,261
142,261
At 31 December 2023
285,531
285,531
Carrying amount
At 31 December 2023
425,775
229,623
655,398
At 31 December 2022
573,081
223,955
797,036
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
37,759
31,104,360
2,054,829
36,396
33,233,344
Additions
77,884
42,437
120,321
At 31 December 2023
37,759
31,182,244
2,097,266
36,396
33,353,665
Depreciation and impairment
At 1 January 2023
1,712
6,695,699
1,462,220
29,222
8,188,853
Depreciation charged in the year
302
6,236,449
148,401
6,380
6,391,532
At 31 December 2023
2,014
12,932,148
1,610,621
35,602
14,580,385
Carrying amount
At 31 December 2023
35,745
18,250,096
486,645
794
18,773,280
At 31 December 2022
36,047
24,408,661
592,609
7,174
25,044,491
12
Investment property
2023
£
Fair value
At 1 January 2023
660,000,000
Additions
2,731,583
Net gains or losses through fair value adjustments
(80,131,583)
At 31 December 2023
582,600,000
Investment properties owned by the company have been valued at 31 December 2023 by the director. The historical cost of the investment properties is £285,178,359 (2022: £282,446,776).
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
979,808
719,946
Amounts owed by group undertakings
74,107,804
56,573,889
Amounts owed by undertakings in which the company has a participating interest
16,791,043
13,057,913
Derivative financial instruments
22,270,233
37,583,473
Other debtors
10,432,131
11,513,424
Prepayments and accrued income
7,109,602
1,729,351
131,690,621
121,177,996
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,584,581
2,233,764
Amounts owed to group undertakings
17,973,924
7,415,714
Taxation and social security
23,082
1,166,670
Other creditors
14,642,412
5,025,750
Accruals and deferred income
2,836,818
6,630,339
37,060,817
22,472,237
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
438,810,604
435,587,880
16
Loans and overdrafts
2023
2022
£
£
Bank loans
438,810,604
435,587,880
Payable after one year
438,810,604
435,587,880
The bank loans of £438,810,604 (2022: £435,587,880) are secured by first legal charges over the assets of the company, the parent company, the shareholders and a fellow group undertaking's property.
17
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
620,257
1,438,318
Tax losses
-
(2,894,425)
Brought forward interest to be reactivated
(15,250,000)
(22,500,000)
Unpaid interest
(24,322)
(24,322)
Investment property
75,708,730
95,741,626
Financial instrument
3,823,808
7,652,118
64,878,473
79,413,315
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 23 -
2023
Movements in the year:
£
Liability at 1 January 2023
79,413,315
Credit to profit or loss
(14,534,842)
Liability at 31 December 2023
64,878,473
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
500
-
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
20
Profit and loss reserves
The profit and loss reserve of £194,730,341 (2022:£283,242,389) includes all current and prior period profits and losses. £233,183,336 (2022: £304,767,953) of the profit and loss reserve is non distributable. The non distributable element of the profit and loss reserve relates to investment property revaluation gains, net of related deferred taxation.
21
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
387,773
387,723
Between two and five years
569,479
957,252
957,252
1,344,975
22
Ultimate controlling party
The company's parent undertaking is Consolidated Developments Holdings Limited, a company registered in England and Wales.
CONSOLIDATED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Ultimate controlling party
(Continued)
- 24 -
The ultimate parent undertaking is Consolidated Holdings Limited, a company registered in England and Wales.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Consolidated Holdings Limited
Smallest group
Consolidated Holdings Limited
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