Company Registration No. 04327746 (England and Wales)
CONEGATE (2003) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONEGATE (2003) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CONEGATE (2003) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
6
9,750,000
9,225,000
Current assets
Trade and other receivables
7
3,013,549
2,372,919
Cash at bank and in hand
459,995
347,748
3,473,544
2,720,667
Current liabilities
8
(996,133)
(939,359)
Net current assets
2,477,411
1,781,308
Total assets less current liabilities
12,227,411
11,006,308
Provisions for liabilities
(157,997)
(120,077)
Net assets
12,069,414
10,886,231
Equity
Called up share capital
100
100
Fair value reserve
1,094,268
607,188
Retained earnings
10,975,046
10,278,943
Total equity
12,069,414
10,886,231
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 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 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 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr David Sullivan
Director
Company Registration No. 04327746
CONEGATE (2003) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Fair value reserves
Retained earnings
Total
£
£
£
£
Balance at 1 December 2021
100
307,188
9,933,845
10,241,133
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
645,098
645,098
Unrealised profit for the period
-
300,000
(300,000)
-
Balance at 30 November 2022
100
607,188
10,278,943
10,886,231
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
1,183,183
1,183,183
Unrealised profit for the period
-
487,080
(487,080)
-
Balance at 30 November 2023
100
1,094,268
10,975,046
12,069,414
CONEGATE (2003) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Company information
Conegate (2003) Limited is a private company limited by shares incorporated in England and Wales with registration number 04327746. The registered office is Ramillies House, 2 Ramillies Street, London, W1F 7LN.
2
Compliance with accounting standard
The financial statements have been prepared in accordance with the provisions of FRS102 section 1A. There were no material departures from the standards.
3
Accounting policies
3.1
Accounting convention
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value.
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
Going concern
The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent upon the continued support of the director and parent company, who have indicated that they intend to provide the necessary facilities to enable the company to continue to trade for the forseeable future. If the company was unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilitiestrue.
3.3
Revenue
The company revenue comprises of rental income , service charges and other recoverables from tenants and is recognised on a receivable basis.
3.4
Investment properties
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. The surplus or deficit on revaluation is recognised in the income statement and deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net unrealised gains for the year are transferred to fair value reserve. When the gains are realised on disposal, the net realised gain is transferred to retained earnings.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
3.5
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.
CONEGATE (2003) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Accounting policies
(Continued)
- 4 -
3.6
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.
3.7
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 period. 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 material timing difference.
During the period, no provision has been made for deferred tax as there were no such gains recognised for the period on any assets.
4
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.
CONEGATE (2003) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
6
Investment property
2023
£
Fair value
At 1 December 2022
9,225,000
Revaluations
525,000
At 30 November 2023
9,750,000
As at 30th November 2023, the fair value of investment properties has been arrived at on the basis of an internal valuation carried out by Mr. Tim Cooper, a qualified chartered surveyor and a member of the RICS, on an open market basis and it is in agreement with the director of the company.
The fair value of the investment properties reflect among other things, rental income from current leases and assumptions about future rental lease income based on current market conditions and anticipated plans for the properties.
On a historical cost basis these would have been included at an original cost of £8,497,735 (2022: £8,497,735).
7
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
1,057
Corporation tax recoverable
188,137
Amounts owed by group undertakings
2,816,500
2,366,500
Other receivables
7,855
6,419
3,013,549
2,372,919
CONEGATE (2003) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
8
Current liabilities
2023
2022
£
£
Trade payables
48,142
46,140
Amounts due to group undertakings
902,078
812,119
Corporation tax
38,955
Other taxation and social security
19,466
16,413
Other payables
26,447
25,732
996,133
939,359
Amounts due to group undertakings amounting to £902,078 (2022: £812,119) are repayable on demand.
Other payables include debts amounting to £18,447 (2022: £15,556) due to a company under common control which is also repayable on demand.
CONEGATE (2003) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
9
Related party transactions
The company has taken advantage of the exemption in FRS102 35.1A not to disclose transactions between group members where the subsidiaries are wholly owned by the parent.
10
Parent company
As at 30th November 2023, the immediate parent company is Conegate Holdings Limited (Co. Reg. No. 05219027) and the ultimate parent company is Rosequake Investment Holdings Limited (Co. Reg. No. 11070538) which are both registered in England and Wales and whose registered office is located at Ramillies House, 2 Ramillies Street, London, W1F 7LN.
The director, Mr D Sullivan is the ultimate controlling party by virtue of his shareholding in Rosequake Investment Holdings Ltd.