Conon Properties Limited 05168927 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the letting of property and running of public houses Digita Accounts Production Advanced 6.30.9574.0 true true 05168927 2023-04-01 2024-03-31 05168927 2024-03-31 05168927 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-03-31 05168927 core:RetainedEarningsAccumulatedLosses 2024-03-31 05168927 core:ShareCapital 2024-03-31 05168927 core:CurrentFinancialInstruments 2024-03-31 05168927 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05168927 core:Non-currentFinancialInstruments 2024-03-31 05168927 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05168927 core:MoreThanFiveYears 1 2024-03-31 05168927 core:FurnitureFittingsToolsEquipment 2024-03-31 05168927 core:LandBuildings 2024-03-31 05168927 core:MotorVehicles 2024-03-31 05168927 bus:SmallEntities 2023-04-01 2024-03-31 05168927 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05168927 bus:FullAccounts 2023-04-01 2024-03-31 05168927 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05168927 bus:RegisteredOffice 2023-04-01 2024-03-31 05168927 bus:Director2 2023-04-01 2024-03-31 05168927 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-04-01 2024-03-31 05168927 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05168927 core:Buildings 2023-04-01 2024-03-31 05168927 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05168927 core:Land 2023-04-01 2024-03-31 05168927 core:LandBuildings 2023-04-01 2024-03-31 05168927 core:MotorVehicles 2023-04-01 2024-03-31 05168927 countries:EnglandWales 2023-04-01 2024-03-31 05168927 2023-03-31 05168927 core:FurnitureFittingsToolsEquipment 2023-03-31 05168927 core:LandBuildings 2023-03-31 05168927 core:MotorVehicles 2023-03-31 05168927 2022-04-01 2023-03-31 05168927 2023-03-31 05168927 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-03-31 05168927 core:RetainedEarningsAccumulatedLosses 2023-03-31 05168927 core:ShareCapital 2023-03-31 05168927 core:CurrentFinancialInstruments 2023-03-31 05168927 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05168927 core:Non-currentFinancialInstruments 2023-03-31 05168927 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05168927 core:MoreThanFiveYears 1 2023-03-31 05168927 core:FurnitureFittingsToolsEquipment 2023-03-31 05168927 core:LandBuildings 2023-03-31 05168927 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05168927

Conon Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Conon Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Conon Properties Limited

Company Information

Director

R G C Abbott

Registered office

The Old Glebe House
Welton le Wold
Louth
Lincolnshire
LN11 0QT

 

Conon Properties Limited

(Registration number: 05168927)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,571,945

1,592,388

Current assets

 

Stocks

5

29,990

33,099

Debtors

6

14,099

6,559

Cash at bank and in hand

 

49,808

24,300

 

93,897

63,958

Creditors: Amounts falling due within one year

7

(794,788)

(768,858)

Net current liabilities

 

(700,891)

(704,900)

Total assets less current liabilities

 

871,054

887,488

Creditors: Amounts falling due after more than one year

7

(450,924)

(543,557)

Provisions for liabilities

(40,739)

(33,622)

Net assets

 

379,391

310,309

Capital and reserves

 

Called up share capital

8

50

50

Retained earnings

379,341

310,259

Shareholders' funds

 

379,391

310,309

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 March 2025
 

.........................................
R G C Abbott
Director

   
     
 

Conon Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company, limited by share capital incorporated in England and Wales and the company registration number is 05168927.

The address of its registered office is:
The Old Glebe House
Welton le Wold
Louth
Lincolnshire
LN11 0QT

These financial statements cover the individual entity, Conon Properties Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

The company is currently financed by the director's loan and bank loans. The company is aware of its repayment obligations and considers that these will continue to be met. The director's loan is given under no formal agreed repayment terms. The director considers it appropriate to prepare the financial statements on the going concern basis as there is little possibility that these loans will be recalled at short notice. The financial statements, therefore, do not include any adjustments that would result from a withdrawal of the loans.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Conon Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances
that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

No depreciation is charged

Land and buildings leasehold

The lease is written off over its useful life of 20 years

Fixtures, fittings & equipment

15% - 25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Conon Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment and the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 48 (2023 - 58).

 

Conon Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,645,039

157,998

5,000

1,808,037

Additions

-

2,722

-

2,722

At 31 March 2024

1,645,039

160,720

5,000

1,810,759

Depreciation

At 1 April 2023

110,886

100,896

3,867

215,649

Charge for the year

13,800

9,082

283

23,165

At 31 March 2024

124,686

109,978

4,150

238,814

Carrying amount

At 31 March 2024

1,520,353

50,742

850

1,571,945

At 31 March 2023

1,534,153

57,102

1,133

1,592,388

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

29,990

33,099

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

-

Prepayments

14,099

6,559

 

14,099

6,559

 

Conon Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

501,722

528,935

Trade creditors

 

128,401

109,622

Taxation and social security

 

98,530

66,257

Accruals and deferred income

 

18,955

17,109

Other creditors

 

47,180

46,935

 

794,788

768,858

Bank loans and overdrafts include bank loans which are secured of £199,722 (2023 - £219,507).
Other creditors include other loans which are secured of £nil (2023 - £7,428).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

606,996

724,429

Loans and borrowings include bank loans which are secured of £294,852 (2023 - £349,131).
Loans and borrowings include other loans which are secured of £nil (2023 - £13,554).

2024
£

2023
£

Due after more than five years

After more than five years by instalments

140,258

144,983

-

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

50

50

50

50

         
 

Conon Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

294,852

349,131

Other borrowings

156,072

194,426

450,924

543,557

2024
£

2023
£

Current loans and borrowings

Bank borrowings

199,722

215,766

Bank overdrafts

-

3,741

Other borrowings

302,000

309,428

501,722

528,935

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £502,167 (2023 - £548,667). This represents the future rental commitments for the remainder of the lease of the building and equipment.