Company registration number 02572928 (England and Wales)
CONDUIT STREET HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CONDUIT STREET HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CONDUIT STREET HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
33,450,000
29,615,000
Investments
4
60
60
33,450,060
29,615,060
Current assets
Debtors
6
1,296,807
1,723,376
Investments
7
2,328,559
2,100,774
Cash at bank and in hand
74,767
623,711
3,700,133
4,447,861
Creditors: amounts falling due within one year
8
(16,617,404)
(12,238,375)
Net current liabilities
(12,917,271)
(7,790,514)
Total assets less current liabilities
20,532,789
21,824,546
Creditors: amounts falling due after more than one year
9
(4,788,682)
(4,928,701)
Provisions for liabilities
10
(1,945,230)
(2,317,570)
Net assets
13,798,877
14,578,275
Capital and reserves
Called up share capital
11
500,000
500,000
Profit and loss reserves
13,298,877
14,078,275
Total equity
13,798,877
14,578,275
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the provisions of FRS 102 Section 1A - small entities.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Lady Bourne
Director
Company registration number 02572928 (England and Wales)
CONDUIT STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Conduit Street Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gardiner House, 6B Hemnall Street, Epping, Essex, CM16 4LW.
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 as applicable to companies subject to the small companies regime. 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 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 the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has a bank overdraft facility of £10.5M secured against certain assets of the company, which expires in December 2026. The bank have advised that the overdraft will only be repayable in the event of a default which the directors believe is unlikely to arise. In addition other creditors include an amount due to a related party and that party has confirmed the monies will not be requested if the company was not in a position make the payment. Thus although the company has net current liabilities the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus the going concern basis of accounting has been adopted in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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 profit or loss.
1.5
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.
CONDUIT STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
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.
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.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CONDUIT STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Current asset investments
Investments in listed investments held exclusively with a view to subsequent resale are measured at fair value. Changes in fair value are recognised in the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
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.
Valuation of investment property
The fair value of investment property is determined by the directors with advice from a property expert. The primary source of evidence for property valuations should be recent, comparable market transactions on an arms-length basis. However, the valuation of the property portfolio is inherently subjective, as it is made on the basis of assumptions made by the directors which may not prove to be accurate.
CONDUIT STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
60
60
5
Investment property
2024
£
Fair value
At 1 July 2023
29,615,000
Additions
4,369,405
Revaluations
(534,405)
At 30 June 2024
33,450,000
The fair value of the freehold investment properties owned by the company has been arrived at on the basis of a valuation by the directors, based on professional advice, using an open market value for existing use basis.
The historical cost of the revalued investment properties is £18,124,568 (2023: £13,757,622).
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
51,000
Amounts owed by group undertakings
94
Other debtors
1,245,807
1,723,282
1,296,807
1,723,376
CONDUIT STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Current asset investments
2024
2023
£
£
Listed investments at fair value
2,328,559
2,100,774
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,631,559
6,650,000
Taxation and social security
59,669
49,196
Other creditors
8,926,176
5,539,179
16,617,404
12,238,375
The bank loans and overdrafts are secured on certain investment properties.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Secured loan
588,682
778,701
Shares Classified as financial liabilities
4,000,000
4,000,000
Other creditors
200,000
150,000
4,788,682
4,928,701
The secured loan is secured on certain investment properties.
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,945,230
2,317,570
CONDUIT STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Authorised
500,000 Ordinary shares of £1 each
500,000
500,000
Issued and fully paid
500,000 Ordinary shares of £1 each
500,000
500,000
Preference share capital
Authorised, issued and fully paid
400,000 5% irredeemable cumulative shares of £1 each
4,000,000
4,000,000
12
Related party transactions
At the balance sheet date, included within creditors due within one year is £8,410,252 (2023: £5,145,713).owed to C J Bourne (Asset Management) Limited a company with common ownership,and directors. Interest of £208,539 (2023: 108,751) was charged on this balance. A management charge of £1,400,000 (2023: £830,000) was made by C J Bourne (Asset Management) Limited to the company.
During the year the company received a dividend of £Nil (2023: £426,915 from CSH (Nantwich) Limited a subsidiary that was struck off in the previous year.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Ahsan Miraj.
The auditor was Bright Grahame Murray.
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