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Registered number: 01641349










CONRAD PHOENIX (LONDON) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
CONRAD PHOENIX (LONDON) LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10


 
CONRAD PHOENIX (LONDON) LIMITED
REGISTERED NUMBER: 01641349

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
4,800,000
4,800,000

  
4,800,000
4,800,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,899,314
1,953,840

Cash at bank and in hand
 6 
82,937
144,102

  
1,982,251
2,097,942

Creditors: amounts falling due within one year
 7 
(238,989)
(195,575)

Net current assets
  
 
 
1,743,262
 
 
1,902,367

Total assets less current liabilities
  
6,543,262
6,702,367

Creditors: amounts falling due after more than one year
 8 
(1,380,761)
(1,546,045)

Provisions for liabilities
  

Deferred tax
 10 
(309,653)
(309,653)

  
 
 
(309,653)
 
 
(309,653)

Net assets
  
4,852,848
4,846,669


Capital and reserves
  

Called up share capital 
  
200
200

Other reserves
  
1,878,845
1,878,845

Profit and loss account
  
2,973,803
2,967,624

Shareholders' funds
  
4,852,848
4,846,669


Page 1

 
CONRAD PHOENIX (LONDON) LIMITED
REGISTERED NUMBER: 01641349
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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 profit and loss account 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 on 4 February 2025.




C N Phoenix
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
CONRAD PHOENIX (LONDON) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
200
1,878,845
2,967,624
4,846,669



Profit for the year
-
-
6,179
6,179


At 30 June 2024
200
1,878,845
2,973,803
4,852,848



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
200
1,728,845
2,921,462
4,650,507



Profit for the year
-
-
196,162
196,162

Transfer between reserves
-
150,000
(150,000)
-


At 30 June 2023
200
1,878,845
2,967,624
4,846,669


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
CONRAD PHOENIX (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales (01641349). The address of its registered office is 24 Fitzroy Square, London, W1T 6EP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue represents rent receivable net of VAT and is recognised in the period to which it relates. 

 
2.3

Going concern

The directors have prepared the accounts on a going concern basis taking into account the current market position and prospects of the company and also the continued working capital support provided by the parent company.

  
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and periodically by external valuers. These are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
CONRAD PHOENIX (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 5

 
CONRAD PHOENIX (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
CONRAD PHOENIX (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 4).

Page 7

 
CONRAD PHOENIX (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 July 2023
4,800,000



At 30 June 2024
4,800,000

The fair value of the investment properties have been arrived on the basis of a valuation which was carried out on 30 June 2024 by the directors of the company for the amount of £4,800,000. 

The 2024 valuations were made by the director, on an open market value basis from current market rents for similar properties, adjusted if necessary for any difference in nature, location or condition of the specific asset.
The cost of the investment properties is £2,611,502.





5.


Debtors

2024
2023
£
£


Trade debtors
11,527
8,770

Amounts owed by group undertakings
1,868,694
1,908,694

Other debtors
4,500
19,993

Prepayments and accrued income
14,593
16,383

1,899,314
1,953,840



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
82,937
144,102


Page 8

 
CONRAD PHOENIX (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
135,866
88,969

Trade creditors
7,258
8,896

Other taxation and social security
1,216
431

Other creditors
3,808
3,928

Accruals and deferred income
90,841
93,351

238,989
195,575



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,380,761
1,546,045



Secured loans

The bank loan is secured by a first legal charge over the company's investment properties. Interest is charged at 3.6% above the Bank of England base rate. It is repayable in monthly instalments and is due to be repaid by 2027. 


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
135,866
88,969


Amounts falling due 2-5 years

Bank loans
1,380,761
1,546,045


1,516,627
1,635,014


Page 9

 
CONRAD PHOENIX (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Deferred taxation




2024


£






At beginning of year
(309,653)



At end of year
(309,653)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revalued investment property
(309,653)
(309,653)


11.


Related party transactions

At the balance sheet date £3,808 (2023: £3,928) was due to companies under common control.
At the balance sheet date £4,500 (2023: £4,500) was due from companies in which the directors have a participating interest.
No interest is charged on this balance.
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ not to disclose related party transactions between two or more wholly owned members of a group.

 
Page 10