Company registration number 12443522 (England and Wales)
CONREN LAND INDIGO DARTRIVER LIMITED
Financial statements
For the year ended 31 March 2024
Pages for filing with registrar
CONREN LAND INDIGO DARTRIVER LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
CONREN LAND INDIGO DARTRIVER LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
30,341
49,214
Investments
5
2,557,836
700,005
2,588,177
749,219
Current assets
Trade and other receivables
6
771,094
532,144
Investments
7
1,670,982
1,970,982
Cash and cash equivalents
686,359
1,361,185
3,128,435
3,864,311
Current liabilities
8
(4,628,444)
(3,637,083)
Net current (liabilities)/assets
(1,500,009)
227,228
Total assets less current liabilities
1,088,168
976,447
Provisions for liabilities
9
(7,586)
(12,304)
Net assets
1,080,582
964,143
Equity
Called up share capital
10
150
150
Retained earnings
1,080,432
963,993
Total equity
1,080,582
964,143
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
Mr N Thompson
Mr B J Chambers
Director
Director
Company Registration No. 12443522
CONREN LAND INDIGO DARTRIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
Conren Land Indigo Dartriver Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY. The business address is 5 Welbeck Street London W1G 9YQ.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have undertaken an assessment of the adequacy of the resources available to the company and the financial support available from the corporate shareholders.true
The directors are satisfied the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, the going concern basis of accounting is appropriate in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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 and fittings
33% on a straight line basis
Computers
33% on a 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.
1.5
Non-current investments
Interests in other entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
CONREN LAND INDIGO DARTRIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8
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 statement of financial position 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 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.
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 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 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.
1.9
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.
CONREN LAND INDIGO DARTRIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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 year. 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 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 income statement, 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
CONREN LAND INDIGO DARTRIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 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
11
10
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
97,491
Additions
13,517
At 31 March 2024
111,008
Depreciation and impairment
At 1 April 2023
48,277
Depreciation charged in the year
32,390
At 31 March 2024
80,667
Carrying amount
At 31 March 2024
30,341
At 31 March 2023
49,214
5
Fixed asset investments
2024
2023
£
£
Shares in participating interests
2,557,836
700,005
CONREN LAND INDIGO DARTRIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 April 2023
700,005
Additions
1,936,200
Impairments
(78,369)
At 31 March 2024
2,557,836
Carrying amount
At 31 March 2024
2,557,836
At 31 March 2023
700,005
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
465,127
397,993
Other receivables
73,082
73,082
Prepayments and accrued income
232,885
61,069
771,094
532,144
7
Current asset investments
2024
2023
£
£
Loans to unlisted entities
1,670,982
1,970,982
CONREN LAND INDIGO DARTRIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 7 -
8
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
11,122
4,035
Trade payables
113,696
19,711
Corporation tax
94,247
232,304
Other taxation and social security
294,605
398,969
Other payables
4,114,774
2,982,064
4,628,444
3,637,083
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7,586
12,304
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150
150
150
150
11
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.
Senior Statutory Auditor:
Simon Marsh FCA
Statutory Auditor:
WSM Advisors Limited
Date of audit report:
24 March 2025
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
48,154
298,518
CONREN LAND INDIGO DARTRIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 8 -
13
Related party transactions
Included in other payables at the balance sheet date are loans from the Company’s corporate shareholders, who each hold a participating interest in the Company. The loans total £3,269,033 (2023: £2,112,834). The loans are non-interest bearing and are repayable on demand.
Included in current asset investments are loans to companies in which the Company holds a participating interest. The loans total £1,670,982 (2023: £1,970,982). The loan of £1,670,982 is non-interest bearing and repayable on demand and was brought forward from the prior year.
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