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Registered number: 11074489
CONQUEST HOUSE DEVELOPMENT LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2024
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CONQUEST HOUSE DEVELOPMENT LTD
REGISTERED NUMBER: 11074489
BALANCE SHEET
AS AT 30 NOVEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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CONQUEST HOUSE DEVELOPMENT LTD
REGISTERED NUMBER: 11074489
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 statement of comprehensive income 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 by:
The notes on pages 3 to 9 form part of these financial statements.
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CONQUEST HOUSE DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Conquest House Development Ltd (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 2a Fortis Green, London, England, N2 9EL.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
The directors accept that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company to continue as a going concern, as is the case with all companies; the directors consider the uncertainty to be sufficiently insignificant, given the Company's net asset position as at the balance sheet date, hope value of the investment property the Company holds and reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence for the foreseeable future such that the application of going concern basis in preparing the Company's financial statements remains appropriate. In turn the directors have prepared the Company's financial statements under the going concern basis.
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CONQUEST HOUSE DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
Revenue represents amounts receivable, measured at fair value exclusive of value added taxation, during the reporting period from the rental of properties recognised in accordance with the terms of the underlying rental arrangement on a straight line basis.
Exceptional items are items that are unusual because of their size, nature or incidence and which the directors consider should be disclosed separately to enable a full understanding of the Company's results.
Interest payable is 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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred unless where considered, in the opinion of the directors, to be material with respect to the value of the associated capital instrument upon which the respective borrowing costs on issue are initially recognised as a reduction against the proceeds of the associated capital instrument.
Taxation for the Company comprises of current (i.e. corporation) and deferred taxation with respect to operations undertaken solely in the UK and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date. The directors of the Company will periodically evaluate positions taken in tax returns with respect to situations in which tax regulation is subject to interpretation and in turn will establish a provision, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. After initial recognition, investment properties are carried at fair value.
No depreciation is provided against investment properties. Changes in fair value are recognised through profit or loss.
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CONQUEST HOUSE DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the underlying obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.11 to 2.14 of the financial statements.
Debtors excluding deferred tax assets (see note 2.8) are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.
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Cash and cash equivalents
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Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors are initially measured and subsequently held at transaction price.
Bank loans issued at commercial market rates are initially measured at transaction price net of transaction costs, where relevant (see note 2.7), and subsequently measured at amortised cost using the effective interest method with interest recognised on an effective yield basis.
Other loans, comprising of shareholder loans, are non-interest bearing and repayable upon the Company holding cash reserves in excess of its working capital requirements; the date of which is currently indeterminable. For this reason, said loans are initially measured and subsequently held at transaction price as part of creditors falling due within one year.
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Non-distributable revaluation reserves comprise of the cumulative fair value movement on investment properties originally recognised through profit or loss (see note 2.9) net of deferred taxation (see note 2.8).
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CONQUEST HOUSE DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually re-evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
The valuation of investment properties involves the application, and therefore significant judgment, of unobservable inputs.
Critical accounting estimates and assumptions
The estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Investment properties
The fair value of investment properties is determined annually by the directors on an open market value basis by reference to specific advice from third party experts and available market evidence. In determining the fair value, a number of estimates and assumptions are required based on the property market as a whole and rental yields, nature, location and condition of the specific investment property.
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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Due after more than one year
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CONQUEST HOUSE DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
6.Debtors (continued)
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Trade and other debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2023: £nil).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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CONQUEST HOUSE DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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Creditors: Amounts falling due after more than one year
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Bank loans falling due after more than one year amounting to £6,089,378 (2023: £6,062,356) are secured by a fixed charge including a first legal charge over the freehold investment property held by the Company.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Repayable other than by instalments
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Amounts falling due after more than 5 years incur interest at 2.80% (2023: 2.80%) above the Bank base rate where, for the purposes of the facility, the base rate will be a minimum of 0.75% and are repayable by way of a single lump sum payment 10 years following the drawdown date with the option for early repayment at the Company's discretion.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due after more than 5 years
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CONQUEST HOUSE DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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Charged to profit or loss
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The net deferred taxation asset/(liability) carried forward is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Fair value movements on investment properties
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Asset - due after one year
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In the opinion of the directors, net deferred taxation assets of £25,000 are expected to reverse in the following financial reporting period.
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Related party transactions
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During the reporting period, the Company maintained unsecured, interest-free loan accounts with companies connected by virtue of common control. At the balance sheet date, £147,652 (2023: £133,099) was owed to the Company with amounts being repayable on demand and with no fixed date of repayment.
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