Company Registration No. 04341622 (England and Wales)
CONEGATE (2006) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONEGATE (2006) LIMITED
COMPANY INFORMATION
Director
Mr David Sullivan
Secretary
Mr David Sullivan
Company number
04341622
Registered office
Ramillies House
2 Ramillies Street
London
W1F 7LN
Accountants
F Winter & Co. LLP
Ramillies House
2 Ramillies Street
London
W1F 7LN
CONEGATE (2006) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CONEGATE (2006) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
6
29,701
36,132
Investment properties
7
15,100,000
13,250,000
15,129,701
13,286,132
Current assets
Trade and other receivables
8
16,670
43,433
Cash at bank and in hand
61,322
232,884
77,992
276,317
Current liabilities
9
(10,451,959)
(8,968,173)
Net current liabilities
(10,373,967)
(8,691,856)
Total assets less current liabilities
4,755,734
4,594,276
Non-current liabilities
10
(29,449,836)
(30,842,536)
Net liabilities
(24,694,102)
(26,248,260)
Equity
Called up share capital
100
100
Fair value reserve
(23,542,414)
(25,292,414)
Retained earnings
(1,151,788)
(955,946)
Total equity
(24,694,102)
(26,248,260)
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. 04341622
CONEGATE (2006) 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
(25,292,414)
(461,593)
(25,753,907)
Year ended 30 November 2022:
Loss and total comprehensive income for the year
-
-
(494,353)
(494,353)
Balance at 30 November 2022
100
(25,292,414)
(955,946)
(26,248,260)
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
1,554,157
1,554,157
Fair value adjustment on investment property
-
1,750,000
(1,750,000)
-
Balance at 30 November 2023
100
(23,542,414)
(1,151,789)
(24,694,103)
CONEGATE (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Company information
Conegate (2006) Limited is a private company limited by shares incorporated in England and Wales with registration number 04341622. 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 provision of FRS102 including section 1A for small entities. There were no material departures from the standard.
3
Accounting policies
3.1
Accounting convention
The financial statements have been prepared under the historical cost convention, modified to include the investment properties at fair value.
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
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
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:
Fixtures, fittings & equipment
10% per annum on 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.
CONEGATE (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Accounting policies
(Continued)
- 4 -
3.5
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. 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.
3.6
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.
3.7
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.
3.8
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.
CONEGATE (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Accounting policies
(Continued)
- 5 -
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 differences.
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.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022:1).
6
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
64,382
Depreciation and impairment
At 1 December 2022
28,250
Depreciation charged in the year
6,431
At 30 November 2023
34,681
Carrying amount
At 30 November 2023
29,701
At 30 November 2022
36,132
CONEGATE (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Investment property
2023
£
Fair value
At 1 December 2022
13,250,000
Additions
100,000
Revaluations
1,750,000
At 30 November 2023
15,100,000
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 £38,517,414 (2022: £38,417,414).
8
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
10,759
27,870
Other receivables
5,911
15,563
16,670
43,433
9
Current liabilities
2023
2022
£
£
Bank loans
1,161,488
1,225,713
Trade payables
90,760
146,693
Amounts owed to group undertakings
9,015,337
7,437,806
Taxation and social security
50,358
51,386
Other payables
134,016
106,575
10,451,959
8,968,173
Amounts due to group undertakings amounting to £9,015,337 (2022: £7,437,806) are repayable on demand.
Other payables include debts amounting to £31,887 (2022: £32,384) due to a company under common control which is also repayable on demand.
CONEGATE (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
10
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
14,759,236
15,867,074
Other payables
14,690,600
14,975,462
29,449,836
30,842,536
Other payables include debts amounting to £14,690,600 (2022: £14,975,462) due to a company under common control.
The long term bank loans are secured by fixed charges over the investment property.
11
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.
12
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.
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